reports
- ABGSC Capital Goods Research
- Njål Kleiven
- Simon Brun
- Emilie Krutnes Engen
Kitron (Buy, TP: NOK37.00) - Margin recovery in sight
While revenues were broadly in line, EBIT significantly beat our estimate and consensus, as the company demonstrated its ability to adjust operations for lower demand. We expect the company to continue improving profitability and believe there is still upside potential as inventory levels continue to stabilise, which could prompt us to raise 2025e EPS. Thus, we reiterate our BUY and NOK37 target price.
Kitron: Q3 2024 - Adapting to global market shifts
Kitron: Q3 2024 - Adapting to global market shifts (2024-10-24) Kitron today reported quarterly figures that are impacted by challenging markets but also demonstrate actions taken to adapt to market shifts by leveraging the group’s global capabilities. Kitron's revenue for the third quarter was EUR 145.1 million, compared to 179.2 million last year. There was growth within the Defence/Aerospace and Medical devices market sectors, while other market sectors declined. Operating profit (EBIT) was EUR 10.7 million, compared to 16.2 million last year. EBITDA was EUR 15.3 million, compared to...
- Emilie Krutnes Engen
Kitron (Buy, TP: NOK37.00) - Set for improved margins near-term
While we have cut our 2024–2026e EBIT by 12–11% following the recent profit warning, we are still 2–6% above consensus, reflecting our expectation of near-term margin improvements as the company restores profitability at its CEE sites on additional cost-cutting measures and the process of moving customers to free up capacity for defence being finalised. Thus, we reiterate our BUY, but have cut our target price to NOK37 (42).
Kitron revises outlook for second half 2024
Kitron revises outlook for second half 2024 (2024-09-22) Reference is made to the outlook given in Kitron’s second-quarter report. The outlook for Central and Eastern Europe (CEE) sites has not picked up as expected. Several major customers within the market sectors Electrification and Industry have continued to reduce and postpone demand for the third and fourth quarters of 2024 as destocking continues and end markets have not developed as expected. To facilitate further growth for the Nordic sites, where demand is strong, and stabilize the load for the CEE sites, several product tr...
Kitron justerer utsiktene for andre halvår 2024
Kitron justerer utsiktene for andre halvår 2024 (2024-09-22) Det vises til utsiktene som ble presentert i Kitrons rapport for andre kvartal. Utsiktene for Sentral- og Øst-Europa (CEE) har ikke bedret seg som forventet. Flere store kunder innen markedssektorene Elektrifisering og Industri har fortsatt å redusere og utsette etterspørselen for tredje og fjerde kvartal 2024 på grunn av fortsatt lagernedbygging og sluttmarkeder som ikke har utviklet seg som forventet. For å legge til rette for ytterligere vekst for de nordiske anleggene, hvor etterspørselen er sterk, og stabilisere aktivi...
- Emilie Krutnes Engen
Kitron (Buy, TP: NOK42.00) - Recovery still in the early innings
While Q2 revenue was slightly below our estimate and consensus, EBIT significantly beat consensus, as Kitron demonstrated its ability to adjust operations for lower demand. Despite the recent re-rating of the stock, we argue there is still upside potential from a normalisation of downstream inventory levels and a more broad-based market recovery, which could prompt our 2025 estimates to move higher. Thus, we reiterate our BUY and have raised our target price to NOK42 (37).
Kitron: Q2 2024 - Robust profitability and positive outlook despite se...
Kitron: Q2 2024 - Robust profitability and positive outlook despite sector challenges (2024-07-11) Kitron today reported quarterly figures that reflect the company's ability to maintain operating margins in line with the company's strategic target despite sector challenges. Kitron's revenue for the second quarter was EUR 167.6 million, compared to 206.3 million last year. There was strong growth within the Defence/Aerospace market sector, while other market sectors declined. Second-quarter operating profit (EBIT) was EUR 15.0 million, compared to 19.2 million last year. EBITDA was EUR 1...
- Emilie Krutnes Engen
Kitron (Buy, TP: NOK37.00) - Limited margin pressure in Q2e
While we have trimmed our 2024–2026e EBIT by 1%, we are 14% above consensus on operating profit for Q2e, as we forecast the EBIT margin to be in line with Q1 (adjusted for non-recurring items). In our view, the muted outlook for 2024 is priced in and we expect the stock to re-rate as channel inventory levels normalise, driving improvements in order intake. Thus, we reiterate our BUY and NOK37 target price.
KONGSBERG awards electronics order for Naval Strike Missile to Kitron
KONGSBERG awards electronics order for Naval Strike Missile to Kitron (2024-06-28) Kitron has received orders with a value of over NOK 500 million from Kongsberg Defence & Aerospace (KONGSBERG). The order is for electronics for the Naval Strike Missile (NSM) supplied by KONGSBERG. "We are very pleased to announce this continuation of our long-term collaboration with KONGSBERG, which confirms Kitron’s previous communication about increased demand in the Defence and Aerospace sectors, which particularly affect our Norwegian operations,” said Hans Petter Thomassen, VP Nordics & North America...
KONGSBERG tildeler Kitron elektronikkordre på Naval Strike Missile
KONGSBERG tildeler Kitron elektronikkordre på Naval Strike Missile (2024-28-06) Kitron har mottatt ordrer til en verdi av over 500 millioner kroner fra Kongsberg Defence & Aerospace (KONGSBERG). Ordren gjelder elektronikk til Naval Strike Missile (NSM) levert av KONGSBERG. - Vi er svært glade for å melde om denne videreføringen av det langsiktige samarbeidet med KONGSBERG. Det bekrefter Kitrons tidligere kommunikasjon om økt etterspørsel innen forsvars- og luftfartssektoren, noe som særlig påvirker vår norske virksomhet, sier Hans Petter Thomassen, konserndirektør for Norden & Nord-Amerik...
Arendals Fossekompani bygger nytt produksjonsanlegg for Kitron Arendal
Arendals Fossekompani bygger nytt produksjonsanlegg for Kitron Arendal (2024-06-20) Det nye næringsbygget vil ha en størrelse på ca. 7500 kvadratmeter og vil stå ferdig i løpet av første halvår 2026. - For AFK Eiendom er dette et utrolig spennende partnerskap som kan bidra til attraktiv vekst i vår region. Vi er glade for å utvikle prosjektet for Kitron på en viktig lokasjon for produksjon og industri, sier Tom Krusche Pedersen, eiendomssjef for AFK Eiendom. Bygget vil ligge på Longum, nær E18 nord for Arendal, hvor Arendals Fossekompani har en eiendom på 170 mål. Byggearbeidene s...
Kitron: New share capital registered
Kitron: New share capital registered (2024-06-05) Reference is made to the stock exchange announcement from Kitron ASA on 3 June 2024 regarding issuance of 700,027 new shares under the Company's share incentive program. The share capital increase in connection with the share incentive program has been registered in the Norwegian Register of Business Enterprises today. Registered share capital in Kitron ASA following the registration is NOK 19,891,716.10 divided on 198,917,161 shares, each with a par value of NOK 0.10. Each share gives one vote at the company's general meeting. Kitron is ...
Kitron: Issue of shares under share incentive program
Kitron: Issue of shares under share incentive program (2024-06-03) Reference is made to Kitron ASA's previous disclosures regarding its share incentive program. Kitron has received exercise notices from the participants in the share incentive program and Kitron's board of directors has consequently resolved to issue 700,027 new shares. The shares are issued to the option holders at a strike price of NOK 0.10 per share pursuant to the board authorisation resolved in Kitron's general meeting held 25 April 2024. In total, 1,250,000 options were exercised. In addition, Kitron has decided to c...
Kitron: Utstedelse av aksjer under aksjeincentivprogram
Kitron: Utstedelse av aksjer under aksjeincentivprogram (2024-06-03) Det vises til Kitron ASAs tidligere offentliggjøringer knyttet til aksjeincentivprogrammet i selskapet. Kitron har mottatt meldinger om utøvelse av opsjoner fra deltakere i aksjeincentivprogrammet og Kitrons styre har vedtatt å utstede 700 027 nye aksjer. Aksjene utstedes til opsjonshaverne til en tegningskurs på NOK 0,10 per aksje i henhold til styrefullmakten vedtatt av Kitrons generalforsamling avholdt 25. april 2024. Totalt 1,250,000 opsjoner har blitt utøvet. Kitron har også vedtatt å konvertere 549 973 utøvde o...
Kitron ASA - Notification of Primary insider transaction
Kitron ASA - Notification of Primary insider transaction (2024-05-30) The primary insider Maalfrid Brath, board member of Kitron ASA, has today acquired 2,344 shares at a price of NOK 32.76. Primary insider notification pursuant to the market abuse regulation article 19 is attached.For further information, please contact: Cathrin Nylander, CFO, tel.: 284 E-mail: This information is made public by the Company pursuant to the EU Market Abuse Regulation article 5, as supplemented by Commission Delegated Regulation (EU) 2016/1052, and is subject to the disclosure requirements pursuant to Sect...
Kitron ASA: 1 director
A director at Kitron ASA bought 10,765 shares at 31.740NOK and the significance rating of the trade was 53/100. 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 clearly sh...
Kitron ASA - Notification of Primary insider transaction
Kitron ASA - Notification of Primary insider transaction (2024-05-21) The primary insider Gyrid Skalleberg Ingerø, board member of Kitron ASA, has today acquired 10,765 shares at a price of NOK 31.74. Primary insider notification pursuant to the market abuse regulation article 19 is attached. For further information, please contact: Cathrin Nylander, CFO, tel.: 284 E-mail: This information is made public by the Company pursuant to the EU Market Abuse Regulation article 5, as supplemented by Commission Delegated Regulation (EU) 2016/1052, and is subject to the disclosure requirements...
- Emilie Krutnes Engen
Kitron (Buy, TP: NOK37.00) - Muted outlook priced in
We have cut our 2024e revenues by 9% due to the company’s material guidance cut, largely driven by slower growth in Defence & Aerospace (D&A) and Electrification on a weaker outlook and temporary capacity constraints for its D&A customers. We believe the muted outlook for 2024 is priced in and therefore reiterate our BUY, but have cut our target price to NOK37 (40) on lower estimates.
Kitron: Completed share buyback in connection with remuneration to the...
Kitron: Completed share buyback in connection with remuneration to the board members 2024-05-13) Kitron ASA has completed share buyback in connection with remuneration to the board members. Reference is made to the stock exchange release by Kitron ASA ("Kitron" or the "Company") published on 13. May 2024 regarding initiation of a share buyback program. The Company has completed its share buyback program. Norne Securities AS has been engaged to carry out the buybacks on behalf of the Company pursuant to the EU Market Abuse Regulation article 5. The Company has acquired a total of 27,275 o...
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