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ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Adrian Gilani
  • Karl Bokvist
CTT CTT SYSTEMS AB

Strong profitability, OEM ramp-up awaits

Slowdown in Q2 before acceleration occurs in H2'24, 23% adj. EBIT CAGR '23-'26e on >30% margins, 27-18x EBIT '24e-'26e, 40-55% ROCE, net cash

04/29/24 April 29, 2024 1 EN
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Adrian Gilani
  • Karl Bokvist
04/26/24 April 26, 2024 1 EN
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CTT CTT SYSTEMS AB

CTT Systems AB: 1 director

A director at CTT Systems AB bought 46,664 shares at 265.000SEK and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...

03/07/24 March 7, 2024 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Karl Bokvist
CTT CTT SYSTEMS AB

CTT Systems - Tailwinds continue, and not just from FX

12% EBIT beat, ~45% FX-adjusted EBIT margin ‘22e EBIT +5%, ‘23e-‘24e down 7-2% (FX +10%) 28-16x EBIT ‘22e-‘24e on 29% EBIT CAGR ‘22e-‘24e

10/30/22 October 30, 2022 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Karl Bokvist
CTT CTT SYSTEMS AB

CTT Systems - 12% EBIT beat on strong aftermarket sales

Sales +5%, EBIT +12% vs. ABGSC, 34% organic sales Solid end to 2022, some cautious remarks on 2023 29-16x EBIT ‘22e-‘24e, has been strong into numbers

10/28/22 October 28, 2022 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Karl Bokvist
CTT CTT SYSTEMS AB

CTT Systems - Up, up and away

Aftermarket drives organic recovery and 40% margins FX offsets slower organic ramp-up; EBIT up 2-0% 27-15x EBIT ‘22e-‘24e on 34% EBIT CAGR ‘22e-‘24e

07/22/22 July 22, 2022 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Karl Bokvist
CTT CTT SYSTEMS AB

CTT Systems - Solid Q2, 36% org growth and 40% margins

EBIT SEK 24m vs. ABGSCe 15m, 40% margins FactSet 2022e EBIT to come up by 1-3%, excl. FX Solid, despite slower than expected Q3 ramp-up

07/22/22 July 22, 2022 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Karl Bokvist
CTT CTT SYSTEMS AB

CTT Systems - Go West

Strong aftermarket recovery behind >40% org. growth Russian sales offset by stronger aftermarket; EBIT intact 14x 2024e EV/EBIT, >20% EBIT growth, >35% ROCE

05/01/22 May 1, 2022 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Karl Bokvist
CTT CTT SYSTEMS AB

CTT Systems - A very good start to the year

Sales above CTT guidance and ABGSCe (+13%) Q2 mid-point guidance also 4% above ABGSCe Strong report and good margins, positive reaction

04/29/22 April 29, 2022 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Karl Bokvist
CTT CTT SYSTEMS AB

CTT Systems - Heading in the right direction, at a slower pace

Continued recovery, AM held back by the pandemic ‘22e EBIT -16%, ‘23e EBIT -5%; ~30% CAGR ‘22e-‘25e 13x EV/EBIT 2025e, >20% EBIT growth, >40% ROCE

02/08/22 February 8, 2022 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Karl Bokvist
CTT CTT SYSTEMS AB

CTT Systems - 2022 outlook still held back by the pandemic

20% org growth, in-line with guidance and ABGSCe FY’22 guidance implies downside risk to ABGSCe EBIT Has outperformed into numbers, 25-19x EBIT ‘22e-‘23e

02/08/22 February 8, 2022 1 EN
Christer Linde
  • Christer Linde
PREMIUM
BTS B BTS GROUP AB B
GIG Gaming Innovati... ... (+48)

Strategy Fast Comment - Summary of ABGSC Investor Days, 7-8 Dec.

59 companies presented at the seminar Mostly Swedish small caps attending See links to all company recordings

BTS B BTS GROUP AB B
GIG GAMING INNOVATION GROUP
ELTEL ELTEL AB
ELAN B ELANDERS AB SERIES B
PRIC B PRICER AB B
CAT B TEST
SEMC SEMCON AB
CTT CTT SYSTEMS AB
FSKRS FISKARS OYJ ABP
POOL B POOLIA AB SERIES B
MSON B MIDSONA AB SERIES B
BRE2 BREDBAND2 I SKANDINAVIEN AB
NETI B NET INSIGHT AB SERIES B
DIOS DIOS FASTIGHETER AB
CRAD B C-RAD AB
EAST EASTNINE AB
DIST DISTIT AB
ENZY ENZYMATICA AB
NAPA NAPATECH
ORGANOCLICK AB
SVIK STUDSVIK
SINT SINTERCAST AB
IVSO INVISIO
G5EN G5 ENTERTAINMENT AB
FNOX FORTNOX AB
EOLU B EOLUS VIND AB
ALCA ALCADON GROUP
BIOVIC B BIOVICA INTERNATIONAL AB
BNORDIK BANKNORDIK P/F
FNM FERRONORDIC AB
STRO STRONGPOINT ASA
FLEXM FLEXION MOBILE
LITI LITIUM
BRIXMTF BRIOX
EURO EUROCON CONSULTING AB
OVZON OVZON AB
AWRD AWARDIT AB
QLINEA Q LINEA AB
OSSD OSSDSIGN
FASTAT FASTATOR
PMG PLAY MAGNUS AS
SYNACT SYNACT PHARMA
NANEXA NANEXA AB
GARO GARO AKTIEBOLAG
TETY TETHYS OIL AB
FLUO FLUOGUIDE AS
CARE CAREIUM AB A
PACT PROACT IT GROUP
12/17/21 December 17, 2021 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Karl Bokvist
CTT CTT SYSTEMS AB

CTT Systems - Retrofit and VIP orders improve visibility

SEK 14m order secures our 2022e Retrofit forecast Recent VIP/private jet orders also bode well for the future 13x EV/EBIT 2025e, >20% EBIT growth, >40% ROCE

12/15/21 December 15, 2021 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Karl Bokvist
CTT CTT SYSTEMS AB

CTT Systems - ABGSC Investor Days feedback

Improving conditions, but Omicron could slow recovery Business/VIP jet potential turning increasingly tangible 19-13x EBIT ‘23e-‘25e, >20% EBIT growth, >50% ROIC

12/08/21 December 8, 2021 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Karl Bokvist
CTT CTT SYSTEMS AB

CTT Systems - Aftermarket recovery continues

5% sales growth (ABGSC +2%), 29% EBIT margin (35%) ‘22e-‘23e EBIT down 6-2% on slightly lower AM sales 12x EV/EBIT 2025e, >20% EBIT growth, 60% ROIC

10/29/21 October 29, 2021 18 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Karl Bokvist
CTT CTT SYSTEMS AB

CTT Systems - Continued sequential improvement

10% organic growth y-o-y, +7% q-o-q, 29% margin FY’21 guidance implies adj. EBIT 10% below ABGSCe Positive 2022 outlook, has underperformed into numbers

10/28/21 October 28, 2021 5 EN
Karl Bokvist
  • Karl Bokvist
CTT CTT SYSTEMS AB

CTT Systems - >20% growth, >30% margins set to come back

Ability to grow EBIT >20% beyond 2022e Trading at 12x EV/EBIT 2025e, while yielding 60% ROIC Air traffic continues to improve in the near term

07/30/21 July 30, 2021 22 EN
Karl Bokvist
  • Karl Bokvist
CTT CTT SYSTEMS AB

CTT Systems - ABGSC Investor Day: the recovery continues

Feedback from ABGSC Investor Day… …presented by CEO Torbjörn Johansson 18-14x EV/EBIT ’22-‘23e vs. L5Y avg. of 24x

05/26/21 May 26, 2021 5 EN
Karl Bokvist
  • Karl Bokvist
CTT CTT SYSTEMS AB

CTT Systems - Passing the trough

54% organic sales decline, EBIT stays above break-even Minor estimate changes ’22e-’23e, AM to drive recovery 15x EBIT ’23e, >10% LT EBIT CAGR, >40% ROCE

05/02/21 May 2, 2021 18 EN
Karl Bokvist
  • Karl Bokvist
CTT CTT SYSTEMS AB

CTT Systems - EBIT stays positive despite >50% sales decline

Sales declined 54% (vs. ABGSCe -52%), positive EBIT Q2 guidance SEK 35-40m vs. ABGSCe 42m Q1’21 marked the trough, according to the company

04/30/21 April 30, 2021 4 EN
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