Sales +2% vs. ABGSCe, usage sales grew 64% y-o-y We cut ’20e-’22e sales by 1-6% on the Q3 order intake Short-term funding secured, new management in place
Sales beat, but weaker order intake than expected We raise ‘20e sales by 7%, but reduce ’20e-‘22e by 4-5% 11x ‘21e EV/sales, 51% ’19-‘22e sales CAGR
Q4 financials hurt by delay to anticipated order Reduced ’20-‘21 estimates, but raised ‘22 forecasts Share up 21% YTD, now trading at 4x ‘22e EV/sales
ESG issues apply to Artificial Solutions just as for any other company. The company has established several policies that, for example, relate to gender equality, anti-discrimination, anti-corruption, and data security. ESG profile