Edison Investment Research - Kongsberg Automotive ASA (KOA) Initiation: Driving growth through innovation

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Edison Investment Research

Initiation: Driving growth through innovation

Kongsberg Automotive has evolved from a small Scandinavian player focused on truck components to an international provider of automotive equipment to global OEMs. While recent efforts were focused on rebuilding the balance sheet following the pre-financial crisis acquisition of GMS, the group is now in a position to drive a strategy of innovation, BRIC expansion and increasing electrification to deliver top- and bottom-line growth and reduce net debt. With net debt:EBITDA closer to target levels, the company can now invest in R&D at c 5% of revenue to deliver new technologies to capture market share gains and improved margins.

23/06/2014 16 EN

Underlying

Kongsberg Automotive ASA

Kongsberg Automotive develops, manufactures and sells products to the automotive industry worldwide. The product portfolio includes seat comfort systems, driveline related systems, fluid assemblies, and industrial driver-interface products developed for vehicle manufacturers. Co.'s business area focus on interior, which provides safety and comfort related products; driveline, which provides gear shift systems for light duty vehicles; fluid transfer, which provides fluid handling systems for commercial vehicles and passenger cars; and driver control, which provides driver control systems and chassis related products to commercial vehicles, outdoor power equipment and recreational products.

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NO0003033102 Oslo Bors Norway

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Kongsberg Automotiveâ€™s (KA) Q1 results demonstrated that the group continues to make progress in new order wins, with annualised contract wins of â‚¬53m in Q1 equating to a 12-month rolling run rate of â‚¬293m, which supports managementâ€™s target of 3-5% organic growth within three years. Revenues were c 6% ahead of Q114 due to currency effects and the R&D costs were in line with expectations. We therefore maintain our forecasts and anticipate progressively improving margins over the course of the year to achieve the 6% level required to hit the 13% ROCE target.

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Initiation: Driving growth through innovation

Kongsberg Automotive ASA: 1 director

Ford Equity International Rating and Forecast Report

Update: Q1 shows good order wins

Intralot - Focus on business development in FY24

Headlam Group - Strategy for growth in tougher market

Lithium Power International - Termination of coverage

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