AVTECH: Brighter times ahead

Research Update

2016-05-19

10:06

AVTECH reported a quarter in line with revenue expectations at MSEK 2,9 (Estimated MSEK 3,1), EBIT MSEK -4,3. An expected minor revenue boost combined with a cost reduction program will give us a smoother EBIT-landing next quarter. With a share price close to our bear case and some potential catalysts this year we see an interesting opportunity for the long-term investor. Our fair value range indicates a value of SEK 4-15 per share with a fair value of SEK 7 in our base case. Due to inertia in the industry we will continue to be conservative in our financial projections.

TO

Tomas Otterbeck

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