The previous trends for Doro with stronger EBIT and negative underlying sales growth continued in Q3. We have lately become a lot more optimistic towards the future market prospects for Care, most notably related to the GreatCall bid. However, we see a risk that the traditional phones business could continue to weigh on the total.
While we view today’s news about Sivers IMA’s SEK 43m capital injection positively, we leave our estimates and valuation unchanged at this point. The move secures the necessary financing for following through on the recent trend of new larger customers and orders.
AVTECH reported net sales of SEK 3.1 million (estimate SEK 3.8 million) in Q3 2018. YoY growth was 15%. EBITDA of SEK 0.9 million was however in line with our estimates of SEK 0.7 million. Our estimated revenue growth from Easyjet continues to be slower than expected. AVTECH’s potential pipeline in signing new contracts, however, looks bright.
We initiate coverage of Acconeer, a fabless semiconductor company that develops and sells radar sensors. The characteristics of the product and the business model imply scalability and a good case for high margins. Thus, we argue that Acconeer should be on investors' radars.
Anoto’s offering was almost fully subscribed for (92 %), meaning that Anoto has raised SEK 24m from the rights issue and that it could later raise another SEK 32m if all warrants are exercised. We are especially pleased to see that the main owner and insiders have over-subscribed for more than their pro rata shares.
Ericsson annonserade nu på morgonen sin Q3-rapport som innehöll i huvudsak positiva nyheter. Det mest positiva i rapporten var att bolaget visade på en bra försäljning, stabil justerad bruttomarginal och bra resultat (framförallt inom Networks). Det negativa i rapporten var kommentarer runt SEC/DOJ, ökade kostnader framöver och lägre säsongseffekt i Q4.