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

Kongsberg Automotive ASA: 1 director

A director at Kongsberg Automotive ASA bought 582,087 shares at 1.411NOK and the significance rating of the trade was 40/100. 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...

Ford Equity International Rating and Forecast Report

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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

Institutional Comment: Daily comment

Update: Investment beginning to show through in orders

We attended Kongsberg Automotive’s (KA) 2014 capital markets day (CMD) in Oslo and, as expected, the group gave its updated views on the market, progress towards 2015 targets and indicated the direction of travel beyond that period. The group’s focus remains on investment in R&D to ensure it becomes the global leader in its core areas of expertise in interiors and driver controls, where the offering plays to several global automotive megatrends such as comfort and efficiency. While the group...

Institutional Comment: Daily comment

Update: Q3 wins highlight strategy

Kongsberg Automotive’s (KA) Q3 results highlighted that the business is resilient in the face of market uncertainty and is successful in gaining technologically-driven wins. The focus remains on delivering improved returns through higher-margin contracts and improved asset utilisation. An example of this is KA’s downscaling of production at its Rollag, Norway, facility by 2018, outsourcing production of high manual content forgings and focusing on higher value-added machining. The group is a...

Institutional Comment: Daily comment

Update: Making steady progress

Kongsberg Automotive (KA) has delivered a set of Q2 results that demonstrates the ongoing progress in operational efficiency, good new order flow and a focus on driving top-line growth through innovation. While there remain regional differences in global production growth across both light and commercial vehicles, we believe KA is positioning itself through its R&D programme to capitalise on structural changes. We expect a slower H2, as is traditional due to summer shutdowns, and maintain full y...

Institutional Comment: Daily comment

Initiation: Driving growth through innovation

Kongsberg Automotive has evolved from a small Scandinavian player focused on truck components to an international provider of automotive equipment to global OEMs. While recent efforts were focused on rebuilding the balance sheet following the pre-financial crisis acquisition of GMS, the group is now in a position to drive a strategy of innovation, BRIC expansion and increasing electrification to deliver top- and bottom-line growth and reduce net debt. With net debt:EBITDA closer to target levels...