Airthings (Buy, TP: NOK2.80) - Still-upbeat despite Q3 misses
Q3 was on the weak side, with misses on sales, the gross margin and EBITDA. On a more positive note, the Q4 sales guidance of USD9.5m–12m was in line with consensus at the mid-point, although it could potentially include a one-off product recall headwind of USD1.2m. We thus remain on the optimistic side as radon and air quality awareness seems to be continuing to grow, at the same time as the execution of cost initiatives appears to be leaving Airthings on track for profitability in H2 2025e. We reiterate our BUY and NOK2.8 target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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