Kursgraf: Hvis 100 dages glidende gennemsnit holder i denne uge, ser vi en markant positiv vending herfra
Uddrag fra Danske Bank analyse (commissioned research) om RTX efter Q3 regnskab:
Q3 was affected by component shortage and supply constraints. With a historically high
order backlog into Q4, these factors will also decide the strength of the year-end rally.
Demand is back and building up. We leave our revenue and EBITDA outlook unchanged
for Q4 and the subsequent years and continue to see a fair value of DKK235-275.
Q3 with constraints. Q3 revenue of DKK120m (down 17% y/y in local FX) versus expected
DKK140m was affected by e.g. component shortage and supply constraints. Revenues were
down across all segments, Enterprise (-19% in local FX), ProAudio (-9%) and Health (-22%),
but more importantly, revenues in all segments were up sequentially for the second quarter
as demand returns, inventories have to be rebuilt and new frame agreements continue to
ramp up. At the end of Q3, the order backlog was at an all-time high. In Q3 RTX returned to
EBITDA and EBIT profitability with 8% and 3% margins, respectively.
