Risk-reward still not compelling

Strong Consumer growth, but pressure on GM

IT Norway Q4e: growth at reasonable prices

Eyes on 2025 turnaround

Airthings (Buy, TP: NOK2.80) - Channel checks suggest continued Consum...

We are positive ahead of the Q4 results, expecting still-strong momentum in the Consumer segment given supportive channel checks. We have raised our Q4e top line by 7%, putting us ~10% above consensus. However, we are ~3%-points below on the gross margin due to campaign activity, broadened channel mix, and reduced inventory. We believe continued momentum in Consumer would be well received by the market, and reiterate our BUY and NOK2.8 target price.

Post-Q3 drop gives buying opportunity in Link and Pexip

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...

On track for positive EBITDA in 2025

Strong Consumer growth, but GM down

Accelerating path towards profitability

Airthings (Buy, TP: NOK2.80) - Headwinds set to persist near-term

Ahead of the Q3 report, we believe persistent US macro headwinds could weigh on near-term momentum. While we expect top-line growth in consumer, there are some signs of weakness in ecommerce data, and macro challenges for business seem to be persisting. While we have cut our estimates and target price to NOK2.8 (4.0), we remain confident in the medium-term outlook, with strong underlying demand in consumer, and management executing well on cost reduction towards profitability. We reiterate our B...

Will cut FTE's by 20%

Norway: Rebound to continue

Positive or neutral estimate revisions for most companies. Best risk/reward over Q2 in Crayon, Link, NOD. Top picks: Atea, Crayon, Link, Pexip.

Better growth, but cautious on profitability

Q2e: 18% growth in Consumer, EBITDA in-line with cons. Cautious on short-term profitability. Reiterate HOLD, TP of NOK 3.0 (3.1).

22% growth in Consumer

Airthings (Buy, TP: NOK4.00) - Impressive performance in light of macr...

Relief is the best way to describe Airthings’ Q2 report, in our view, with YOY top-line growth, a gross margin gain, and a smaller OPFCF loss, despite the challenging macroeconomic backdrop. Furthermore, the Q3 guidance was above our expectations, and execution on cost optimisation YTD has given us greater confidence in its ability to accelerate EBITDA breakeven to H2 2023. We reiterate our BUY and NOK4 target price.

Airthings (Buy, TP: NOK4.00) - Near-term headwinds, but our underlying...

While we remain firmly confident in the underlying market trends and Airthings’ positioning, we see no choice but to lower our expectations on continued bearish reads on consumer spending. We have therefore cut our top-line estimates by 30–35%, and in turn our target price to NOK4 (8), which equals the invested capital, while our DCF still suggests ample upside potential. We reiterate our BUY.

Airthings (Buy, TP: NOK8.00) - Decent report, but estimates cut

While the Q3 results were impressive in themselves, with sales above our estimate and Airthings appearing to have made a decent effort to optimise costs, we have lowered our 2022–2024e top line due to the macro environment. Therefore, we have reduced our target price to NOK8 (8.6), but reiterate our BUY.

Airthings - EBITDA beat, demand still holding up

Organic growth of 10% y-o-y vs. -10% in Q2 Strong AfB growth. Consumer device registrations +26% … but cons may lower 2023 estimates on softer macro

Airthings - AfB stepping up in challenging times

Q3 revenue likely in high end of USD 7-11m guidance… …as AfB somewhat outweighs neg. consumer sentiment Consumer uncertainty remains, we stick to HOLD