Clavister: Positive momentum

Research Update

2017-11-01

01:01

Clavister reported an operating loss of SEK -16,4m (exp. SEK -18m) and sales amounted to SEK 23.9m (exp. SEK 23m) – corresponding to a year over year growth of 52 percent. Overall the numbers was in line with our expectations. The up-sell orders from several telecom customers and the reported solid growth in all main markets within enterprise were some of the highlights. Also, the second part of funding is in progress and funds will be available early Q1’18. This event will solve for the financial risk in the investment case. Most importantly: the long-term investment case are continuing to develop in the right direction and our unchanged DCF-valuation indicates a value range of SEK 12-89 with a base case of SEK 41 per share.

HH

VW

Havan Hanna

Viktor Westman

Disclosures and disclaimers

Premium Plan required to unlock

Unlock companies to access

more high quality research.