At SEB’s Nordic Seminar, CEO André Sloth Eriksen and CFO Peter Dam Madsen provided a comforting outlook for G&E and upbeat comments about the sales potential of Simsports. Our impression is that the G&E franchise has sustained strong momentum in gaining share with existing customers and winning new customers. Although continued supply-chain challenges are likely to impact Asetek in 2022, we argue that the long-term growth case remains intact.
A lot of focus on Simsports, which could potentially provide upside to our current estimates
The main investor focus in the Q&A session at our seminar was Simsports. The company has launched its first product, the Invicta sim racing pedals, and has received positive feedback from product reviews. The company expects to gradually roll out entire sim racing systems (consisting of steering wheels, wheel bases, seats, etc.) during 2022 and the products will be offered at different price points to customers (e.g. premium, mainstream and low-end categories). Our current estimates take a cautious approach by not factoring in its sales potential at this early stage. However, we see upside to our estimates if the sales potential starts to materialise, which in our view could happen when the entire system is launched towards the end of 2022.
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