Kapsch TrafficCom Q3 21/22 - Mixed set of results, guidance cut as expected
Q3 results: negative revenue momentum, EBIT weaker than expected thanks to one-offsFY 21/22 revenue guidance cut to more than EUR 505 mn (EUR 550 mn) as expected, EBIT margin target reduced to below 3% on higher one-offs
No more cost cuts possible without limiting growth prospects
Our take is overall neutral, underlying profitability in the mid-single digits, but new business activity still slow
Kapsch TrafficCom is an international supplier of superior intelligent transportation systems (ITS). Co. subdivided into the following three segments: Road Solution Projects; Services, System Extensions, Components Sales; and Others. The segment Road Solution Projects relates to the installation of ITS solutions. The segment Services, System Extensions, Components Sales relates to the sale of services and components in the area of ITS solutions. The segment Others relates to non-core business activities conducted by Kapsch Components KG. In this segment, Co. offers engineering solutions, electronic manufacturing and logistics services to affiliated entities and third parties.
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