ASTROCAST: Hiber’s acquisition securing the group’s growth trajectory | BUY | NOK60 VS. NOK85
ASTROCAST - BUY | NOK60 VS. NOK85 (+436%)Hiber’s acquisition securing the group’s growth trajectory
We are updating our Astrocast estimates after the acquisition of Hiber. This acquisition secures the group’s growth outlook and its ambition for leadership in space IoT connectivity. The competitive landscape has consolidated, validating Astrocast’s strategic and technological bets. We now view top line acceleration to start from 2023, vs 2022. The shares have been sold off as part of a wider sell-off in the sector, which we believe is not justified. Our updated TP is NOK 60 (from NOK 85), leaving significant upside from the depressed current levels. We confirm our Buy recommendation.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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