SEB har mod betaling udarbejdet denne analyse af Asetek:
Asetek will report its Q3 results on 28 October. Our estimates are unchanged ahead of the report and we continue to forecast -31% sales growth for Q3 (+10% growth for 2021). The G&E business is impacted by short-term disruptions such as supply-chain issues and component shortages. However, as reflected in Asetek’s recent product launches, we believe underlying demand remains strong. Our mid-point DCF valuation is unchanged at NOK 70 (fair value range of NOK 46-105).
Q3 2021: a soft quarter due to tough comparisons and short-term disruptions
We forecast USD 15m of revenue for Q3, a 31% sales decline from USD 22m in Q3 2020. We think the sales decline is mainly driven by tough comparisons in Q3 2020 (where the company grew 108%) and short-term disruptions such as supply-chain issues and component shortages (primarily with its customers). Despite the short-term uncertainties, Asetek has continued to launch several new products (all-in-one liquid coolers) with its customers over recent months. This, in our view, indicates the underlying customer demand for its Gaming & Enthusiast products remains solid. We continue to forecast 10%, 5% and 9% for its G&E business for 2021-23.
Generalt om Commissioned Research: Bemærk, at man bør se bort fra eventuelle kursestimater i såkaldt commissioned research, og den underliggende analyse skal også tolkes med forsigtighed, da negative aspekter ikke nødvendigvis fremhæves.
