Danske Bank har mod betaling udarbejdet denne analyse af RTX:
RTX continues its transformation from an engineering services business to a product-based ODM model. Utilising its deep understanding of wireless digital transmission technologies, it has been able to expand and prolong existing partnerships while at the same time adding new clients and product categories. In our view, this builds the base for sustained double-digit sales growth and solid profitability.
- Recurring ODM model. For years, RTX has been transitioning from an NRE (non-recurring engineering) business model to a recurring product-based ODM business model, helping OEMs to optimise their value chain and delivering competitive wireless products to end clients – mainly in B2B markets. Recurring revenue now accounts for 85% of group revenue and looks set to increase further in the coming years as recent in-house development investments result in new products. Over the last eight years, the company has reported a 14% revenue CAGR; we forecast a further 10% (13% in constant FX) to 2022/23.
- Larger share of OEM wallet. In recent years, RTX has expanded and prolonged a number of large frame agreements with major global OEM clients. RTX has included more products in the agreements and in some cases extended its involvement in the client’s value chain – as was the case with Philips within specific healthcare products.
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.
