Ikke-uafhængig analyse: RTX – Q4 20/21 results preview – Sourcing in focus

Danske Bank har mod betaling udarbejdet denne analyse af RTX: 

Ahead of the Q4 report, we remain positive about the longer-term investment case. Near term, sourcing uncertainty because of the pandemic is likely to have an impact on performance. Looking into FY22, we expect a strong recovery. We continue to see fair value in the range of DKK245-285 per share. Q4 results are due on 30 November.

•  Q4 recovery, but uncertainty lingers. Several markets have started to open up again, which should support the Enterprise segment as people come back to work. However, timing and strength are hard to predict, as is the inventory impact as and when orders for equipment return. At the end of Q3, the order backlog was at an all-time high at group level. Within ProAudio, we expect demand for event-related products to remain limited due to large channel inventories, while the ramp-up of a frame agreement should support revenues. We see continued strong demand for products within content creation. Event-driven demand should continue to improve going into 2022E. Within Healthcare, Philips reported a 33% decline for Q3 from a strong base in Connected Care. Guidance for the FY and hence Q4 is dependent on sourcing and the backlog development, with the high/low of the guided Q4
  revenue at DKK180m/230m – we look for DKK196m. Previous quarters have postponed deliveries worth DKK40m into Q4.

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.