Avtech Sweden

Research update


AVTECH: Lowered base case

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).

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