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Dave Nicoski ... (+2)
  • Dave Nicoski
  • Ross LaDuke

Vital Signs: Actionable charts

In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.

Daniel Vårdal Haugland ... (+2)
  • Daniel Vårdal Haugland
  • Petter Nystrøm

StrongPoint - Expanding ESL offering to new markets

Signs distribution rights for Pricer ESLs in UK & Ireland Also expands current agreement in Spain Significant potential, supports 2025 targets

Daniel Vårdal Haugland ... (+2)
  • Daniel Vårdal Haugland
  • Petter Nystrøm

StrongPoint - Margin headwinds, but resilient demand

Q3: revenues above, offset by lower margins E-com investments set to level off Resilient customer base – ‘23e adj P/E ~12x

Daniel Vårdal Haugland ... (+2)
  • Daniel Vårdal Haugland
  • Petter Nystrøm

StrongPoint - Q3: margins lower, opex outlook better

Q3: EBITDA NOK 21m vs our NOK 24m E-com investment levels to come down from here Estimates likely lowered on slightly weaker margins

Daniel Vårdal Haugland ... (+2)
  • Daniel Vårdal Haugland
  • Petter Nystrøm

StrongPoint - Another AutoStore contract win

Will install world’s first AutoStore with frozen zone Second win since becoming an AutoStore partner Smaller estimate effect, but proves position

Daniel Vårdal Haugland ... (+2)
  • Daniel Vårdal Haugland
  • Petter Nystrøm

StrongPoint - Q3: good growth, better margins

Q3e: back to organic EBITDA growth Investments in e-com continue ‘23e adj. P/E of ~10.4x, DCF points to NOK 33-92/share

Daniel Vårdal Haugland ... (+2)
  • Daniel Vårdal Haugland
  • Petter Nystrøm

StrongPoint - Short-term pain, long-term gain

Q2: weaker profitability on lower GM and higher opex Continues to ramp up e-com investments Double-digit estimate cuts – ’23e adj. P/E of ~12x

Daniel Vårdal Haugland ... (+2)
  • Daniel Vårdal Haugland
  • Petter Nystrøm

StrongPoint - Q2 first take: weaker profitability

Q2: EBITDA excl ALS ~NOK 7m vs our NOK 18m Continues ramping up e-com investments Estimates likely to be cut on lower GM and higher opex

Daniel Vårdal Haugland ... (+2)
  • Daniel Vårdal Haugland
  • Petter Nystrøm

StrongPoint - Q2: sequential improvement expected

We keep our estimates unchanged ahead of Q2 Higher uncertainty for retailers, but long-term case intact ’23e adj P/E of ~10x

Daniel Vårdal Haugland ... (+2)
  • Daniel Vårdal Haugland
  • Petter Nystrøm

StrongPoint - Accretive UK expansion

Air Link acquired for GBP 9.5m (~NOK 115m) 2021 numbers imply EV/EBITDA of ~4x EPS estimate up 11% for ‘23e

Daniel Vårdal Haugland ... (+2)
  • Daniel Vårdal Haugland
  • Petter Nystrøm

StrongPoint - Preparing for future growth

Q1: solid sales momentum, offset by costs near-term ALS acquisition not closed yet 2025 ambitions imply a P/E of ~4.2x

Daniel Vårdal Haugland ... (+2)
  • Daniel Vårdal Haugland
  • Petter Nystrøm

StrongPoint - Q1: Strong sales but also higher costs

Good sales momentum, +21% y-o-y Acquisition of Air Link still in DD phase - not closed ’22 adj EBITDA estimates likely down 5-15%

Daniel Vårdal Haugland ... (+2)
  • Daniel Vårdal Haugland
  • Petter Nystrøm

StrongPoint - Back to growth

Q4: back in business following a weak Q3 Expanding its footprint in the UK 2025 ambitions imply P/E ~4.3x

Øystein Elton Lodgaard ... (+2)
  • Øystein Elton Lodgaard
  • Petter Nystrøm

StrongPoint - Back in business

Product sales back from Q3 low Acquiring UK based retail solutions player Strategic update: reiterating 2025 ambitions

Øystein Elton Lodgaard ... (+2)
  • Øystein Elton Lodgaard
  • Petter Nystrøm

StrongPoint - Soft numbers on lower sales

Weak report, sales down 9% y-o-y Numbers hit by component shortage and slower roll-out ’21 EBIT down +40%, 5-10% negative revisions for ‘22

Øystein Elton Lodgaard ... (+2)
  • Øystein Elton Lodgaard
  • Petter Nystrøm

StrongPoint - Buckle up: headed for a strong H2

NOK 400-500m order intake points to strong H2’21 17% organic growth and plenty of M&A firepower 12x 2022e EV/EBITA, DCF points to NOK 35-50/share

Øystein Elton Lodgaard ... (+2)
  • Øystein Elton Lodgaard
  • Petter Nystrøm

StrongPoint - Adjusted EBITDA 44% above ABGSC

Adjusted EBITDA 44% above ABGSCe NOK 300 in orders announced in Q2 EV/EBIT will be 11x if it reaches break-even in Spain

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