AVTECH: Lowered base case2017-02-13 09:45, Edited at: 2017-02-13 11:31
AVTECH reported a Q4-result in line with our expectations. Total revenue was SEK 3.4 million vs our estimates of SEK 2.8 million. EBIT was SEK -2.1 million (our estimates were SEK -1.7 million).
We have changed our Redeye rating with 1 point regarding “execution” due to the management has not delivered on its own estimates.
Our estimates is lowered with a break-even expected first in Q3-Q4 2017. Our financial projections for 2018 and forward is also changed. This indicates a value range of SEK 2 – 11 with a base case of SEK 4.5 (prior SEK 7).