Terminating coverage

Due to the end of the contractual period with the company, ABG Sundal Collier has ceased coverage of Precise Biometrics.

Better conditions appear to be ahead

Seemingly leaving the trough behind. '24e-'25e sales up 2%. '24e EV/EBITDA of 5x.

Report in line with expectations

Algo growth delayed but macro is improving

Moderating growth rebound expectations for Algo. '23e-'25e sales down 7-1%. '24e EV/EBITDA of 7x.

Algo should find a trough in the near term

Algo could potentially start to rebound in the coming quarters. '23e-'25e sales down 9-15%. '24e EV/EBITDA of 6x.

Tough conditions for Algo persist

Path to sustainable profitability clearer

Algo likely to start recovery by the end of '23e. '23e-'25e sales down 12-6%. '23e-'24e EV/EBITDA of 30-5x.

Algo increasingly closer to its trough

Phone shipment comps becoming easier

We lower '23e-'25e sales by 5-8%. Algo rebound as early as H2'23. '23e-'24e EV/EBITDA of 27x-5x.

Firmly on the path to Algo recovery

Q1'23 came in slightly below our expectations on sales but in line with our expectations with respect to EBITDA, as the company continued to exert solid cost control.

Algo recovery on the horizon

Smartphone OEM inventories not so mobile

We lower '23-25e sales by 8-10% and expect Algo to rebound no earlier than H2'23.

Rights issue on the way