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SEB - Analyse af Asetek


93108 Helge Larsen/PI-redaktør 25/4 2021 13:25
1
Oversigt

An impressive quarter, but more to come

Despite the extensive shortage in the semiconductor market, Asetek has executed well to exploit the explosive demand from global gaming market. We think customer demand will remain highand the company is on track to deliver the high end of its 2021 guidance. Our EBIT estimates are increased by 2-3% for 2021-23 and our midpoint DCF value is unchanged at NOK 160 per share.

Stronger than our upbeat expectation

Based on the better-than-expected Q1 results, we have increased our 2021-23 sales estimates by 3%. It is positive that the strong sales of G&E products in Q1 werenot only driven by additional demand caused by extended country lockdowns, but also driven by new product launches and market share gains. The company has delivered four types of new G&E product to its customers in Q1 and plansto deliver another six types of new product in Q2. We think the company has higher-than-normal visibility for its order book and revenue in 2021. We now expect 30% organic growth for 2021, at the high end of its guidance range of 20-30%.

Datacenter remains lumpy, but long-term growth outlook is unchanged

The main disappointment in Q1 was that thesoft order bookof USD 0.9min Datacenter business, much less than USD 3m in Q4 2020 (USD 0.5m in Q1 2020). However, we acknowledge the lumpiness in this business. Despite the short-term weakness in the order book, our sales estimates remain unchanged for Datacenter.

Mid-point DCF valuation remains unchanged at NOK 160

As we fine-tune our assumptions for gross margin and opex, our EBIT estimates increase by 3% for 2021 and 2% for 2020 and beyond. Our mid-point DCF value remains unchanged at NOK 160 per share, which is67% above the current share price.

Læs hele analysen på link:

pdfSEB___Asetek_analyse_.pdf



25/4 2021 19:30 Slyng1 193112



Meget fin analyse (dog sponsoreret af Asetek).

Dertil kan tilføjes:
- medarbejder aktierne, blev fastsat til 100,15 i fredags.
Så er den usikkerhed væk, og hvis nogen skulle havde haft en interesse
I at holde kursen nede, er den nu væk.
- Biden taler "grøn" og reducering af CO2
- EU ser også på den grønne omstilling.
- Teknisk ser den også OK ud

Der kan findes en del information på Asetek's hjemme side, eller på CEO Andre S. Eriksen's private Facebook side.

Ps har selv aktien, har været med længe. Aktien tager sine ture.

Pss, Asetek laver vandkøling til Gaming PC'er og til Datacenter samt på
vej ind i Simsport. Vandkøling giver hurtigere PC'er, vigtigt element i Gaming.
MEN vigtigst, vandkøling bruger mindre energi end luftkølig ved nedkølingen af PC'erne.



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