In the turnaround lane

Kongsberg Automotive ASA: 1 director

A director at Kongsberg Automotive ASA bought 400,000 shares at 1.570NOK and the significance rating of the trade was 64/100. 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 ye...

Softer revenue outlook, as expected

Gearing down, for now

No time to cruise – cutting costs fast & furious

Challenges remain

More bumps in the road

Slow lane ahead

Q4 below and outlook weak

EBIT EUR 1.1m vs. cons 6.7m (ABG EUR 1.5m). Both core segments below. Outlook weak, but EBIT expected up y-o-y driven by cost cuts.

Transition in motion, but slow road ahead

Moving forward on targets, but still a way to go

~80% of '28 revenue secured, up vs. ~70% previously. Targets still seem ambitious, but moving in the right direction. Adj. P/E could drop to 2.5-3.0x at targets vs. '25e at ~13.6x-

Look beyond 2024

Headline EBIT below, above adj. for one-offs

PW and negative guidance revision

'24e reported EBIT estimates down 35-40% (clean -15%) on lower sales. Clearly disappointing that KOA needs to lower its guidance again (also lowered in Q2).

Standing firm against headwinds

Getting the engine started

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Update: Q1 shows good order wins

Kongsberg Automotive’s (KA) Q1 results demonstrated that the group continues to make progress in new order wins, with annualised contract wins of €53m in Q1 equating to a 12-month rolling run rate of €293m, which supports management’s target of 3-5% organic growth within three years. Revenues were c 6% ahead of Q114 due to currency effects and the R&D costs were in line with expectations. We therefore maintain our forecasts and anticipate progressively improving margins over the course o...

Update: 2014 investment headwind, but technology wins

Kongsberg Automotive’s (KA) results showed an accelerated investment headwind in Q4 which, while not unexpected, held back EBIT below our forecasts. Revenue was in line, although early December shutdowns at certain customers also affected margins in the group’s Fluid Transfer division. Despite this, the group continued to generate strong cash flow allowing further debt reduction, with gearing down to 2.2x net debt: EBITDA. While market conditions deteriorated towards year end, the group’s ...

Institutional Comment: Daily comment