Uddrag af Commissioned research fra Danske Bank:
Heading for market normalisation in 2025/26
We believe 2025/26 will be the first year with normal market conditions. Enterprise clients reordering is returning to normal, and Philips’ push for new hospital solutions is set to fuel Healthcare growth. ProAudio remains in transition to a more module-based business. We look for growth and increased profitability next year.
• Q3 confirming trends. Revenue rose 3.5% y/y (10% CC) to DKK147m, beating our estimates by 3%. Enterprise (+10% CC) and Healthcare (+91% CC) delivered better sales than expected and confirmed improved traction. Enterprise reported a continuously strong orderbook from several long-term customers, with especially the retail segment (Vocovo) performing well.
The order horizon remains short at 3-6 months. Healthcare benefits from partner Philips ramping up activities for its next-generation centralised monitoring platform. Philips at its Q2 conference call reported six larger wins in the US late Q2. Finally, ProAudio (-28% CC) remains challenged as key customers had lower volumes. The BU is focusing on selling modules and has entered the defence segment but with limited short-term impact.
• Improved profitability. Scale and product mix (more Healthcare) lift the gross margin by 4pp y/y to 51.7%. Efficiency improvements and more R&D capitalisation lift the EBITDA margin by 3.6pp to 10.2%. While Enterprise lifts the margin to 10.7% and Healthcare to 45%, ProAudio continues to be loss making. During summer the new CEO confirmed ambition for DKK1bn in revenue potential (no timing), and metrics for sustainable profitability at
DKK600m in revenue (DBER: next FY). Drivers are market normalisation for Enterprise, completed transformation for ProAudio and strong Philips (and peers) led growth in highmargin Healthcare. A sign of confidence is that RTX is hiring again – number of FTEs rose 7% y/y in Q3.
• Share buyback. As the cash position improved to DKK119m (no debt), RTX initiates a DKK20m share buyback running for the next 12 months.
