SSC order offsets soft US sales

Q1 sales hurt by lower US sales, but other regions contributed well. Fine-tuned sales estimates, but we lift our GM assumptions. Ovzon-3 sales to gradually ramp-up in H2e, 10% FCF yield in '25e.

Positive order announcement

Ovzon-3 launched, time for improved orders

Few order announcements, but still a solid Q3e

Few order announcements put some risk on Q3e sales, but sales should still improve in H2e. Share is now trading at 7x '25e EV/EBIT.

Small steps forward

Sequential improvements, but Q2 was below ABGSCe. We lower our Ovzon-3 utilisation assumptions for '25e. Ovzon-3 launch window of Q4'23-Q1'24 reiterated.

Lowered estimates following the Ovzon-3 delay

We cut '24e-'25e sales by 32-8% due to the Ovzon-3 delay. We now expect Ovzon-3 to generate sales as of Q3'24e. Q2e preview: sequential progress on the back of new orders.

Soft start to 2023, but Q2 should be better

-46% org. growth due to recent bad debt provision. We lift '23e sales by 3% on recent order announcement. Share is now trading at 6x '25e EV/EBIT.

Q1e headache to ease in Q2e

Another bad debt provision likely to hurt Q1e before easing in Q2e. We cut '23e sales by 8%, and '24-'25e by 2%. Share is now trading at 5x '25e EV/EBIT

Inconvenient, but not a catastrophe