With another NLAW order to Saab from Finland of SEK 400m, KebNi is now targeting a production capacity of 10,000 IMUs by 2025 and expect follow-on volume orders as the lead time limit is approaching. See our interview with CEO Torbjörn Saxmo after the Q4 2022 report.
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KEBNI: Great NLAW backdrop yet to translate to the KebNi share
With another NLAW order, from Finland of SEK 400m, Saab’s delivery timeline support a revenue scenario for KebNi that exceeds its own revenue targets for 2024. Simultaneously, we find that capacity build-up has been costlier and near term SatCom momentum has been slower than we expected, weighing heavy on EBIT in Q4’22. Interestingly, Saab indicates an extremely bullish long term outlook for NLAW while the past year’s revaluation of Saab has yet to translate to the KebNi share. Now financed throughout 2023, we find support for a hike of our fair value to SEK 1.9-2.9 (1.7-2.8) per share in 12-24m.
Johan Widmark | 2023-02-27 08:00
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