ABG har mod betaling udarbejdet denne analyse af GOMspace:
- Unimpressive Q3’21, heavy on low-margin projects
- Supply constraints likely to delay margin acceleration
- Fair value range lowered to SEK 8-47 (9-50)
Unimpressive Q3’21, hurting liquidity
Q3’21 saw decent revenues of SEK 50m (ABGSCe 39m, FactSet cons. 68m), but due to ongoing supply chain issues (lack of components and employees) the converted projects were largely engineering-heavy, leading to a lower margin vs. projects that are product-heavy. We therefore saw a gross profit margin of 20.3% (ABGSCe 25%, cons. 25.9%). The order backlog trend was, furthermore, unimpressive, standing stable q-o-q at SEK 331m, with an estimated engineering/product split of 70/30, which is a negative compared to last year’s split, which we estimate was around 60/40.
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.
