Diskusjon Triggere Porteføljer Aksjonærlister

Kitron (KIT)

Elektronikk
#2672

Norne:

Time to release ’19 dividends, as stellar 3Q expected

We keep our Buy recommendation and raise our TP to NOK 23/sh (20) ahead of Kitron’s 3Q report this week. The figures should be very strong and dividend for 2019 are expected to be released, which we believe will support the stock further after the recent rally.

Very strong 3Q expected

Kitron (KIT) will release its 3Q20 report on October 21st. At the time of 2Q20 report in July, the management said 3Q is going to be very strong followed by a more regular 4Q. We expect revenues of NOK 960m, down from the record NOK 1.0bn in 2Q20, but a massive 30% growth YoY. We estimate EBIT margin of 7.8% and EBIT of NOK 74m, which is down QoQ but significantly up YoY.

USD 50m order for Medical Devices segment

Kitron signed one big new contract since our last update in July. The order is from MedAvail Technologies and Kitron will produce automated medication dispensing equipment for pharmacies and hospitals. The potential size of the order is USD 50m over the next three years with an extension option.

Time for 2019 dividend release

Earlier this year, Kitron decided to withhold dividends for 2019 in light of the heightened uncertainty. We believe that after the very strong performance in 1H20, still very high order backlog (+45% YoY) and expected very strong 3Q followed by a regular 4Q there should be little reason if any to still withhold dividends for last year of NOK 0.50/sh (2.5% yield). It is up to the board to release the dividends and 3Q report seems like a good opportunity to do so, as results for the year are mostly known by now.

Reiterating Buy at a higher TP of NOK 23/sh

Ahead of 3Q report we keep our Buy recommendation at a higher TP of NOK 23/sh (20 previously) after raising our estimates somewhat. The stock has been strong and kept a steady pace towards our target since the pandemic-related bottom in March. However, we still see some upside left, as stellar 3Q and 2019 dividend release should be an additional support for the stock. Kitron also talks of M&A and this could add to the positive sentiment anytime. Valuation also does not seem stretched with P/E of 16 for next year dropping to 14 on 2022 estimates.

8 Likes
#2673

Kitron: Vedtatt betaling av utbytte

#2674

KIT - Key information relating to the cash dividend to be paid by Kitron ASA

1 Like
#2675

Time to release ’19 dividends, as stellar 3Q expected

We keep our Buy recommendation and raise our TP to NOK 23/sh (20) ahead of Kitron’s 3Q report this week. The figures should be very strong and dividend for 2019 are expected to be released, which we believe will support the stock further after the recent rally.

Very strong 3Q expected

Kitron (KIT) will release its 3Q20 report on October 21st. At the time of 2Q20 report in July, the management said 3Q is going to be very strong followed by a more regular 4Q. We expect revenues of NOK 960m, down from the record NOK 1.0bn in 2Q20, but a massive 30% growth YoY. We estimate EBIT margin of 7.8% and EBIT of NOK 74m, which is down QoQ but significantly up YoY.

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USD 50m order for Medical Devices segment

Kitron signed one big new contract since our last update in July. The order is from MedAvail Technologies and Kitron will produce automated medication dispensing equipment for pharmacies and hospitals. The potential size of the order is USD 50m over the next three years with an extension option.

Time for 2019 dividend release

Earlier this year, Kitron decided to withhold dividends for 2019 in light of the heightened uncertainty. We believe that after the very strong performance in 1H20, still very high order backlog (+45% YoY) and expected very strong 3Q followed by a regular 4Q there should be little reason if any to still withhold dividends for last year of NOK 0.50/sh (2.5% yield). It is up to the board to release the dividends and 3Q report seems like a good opportunity to do so, as results for the year are mostly known by now.

Reiterating Buy at a higher TP of NOK 23/sh

Ahead of 3Q report we keep our Buy recommendation at a higher TP of NOK 23/sh (20 previously) after raising our estimates somewhat. The stock has been strong and kept a steady pace towards our target since the pandemic-related bottom in March. However, we still see some upside left, as stellar 3Q and 2019 dividend release should be an additional support for the stock. Kitron also talks of M&A and this could add to the positive sentiment anytime. Valuation also does not seem stretched with P/E of 16 for next year dropping to 14 on 2022 estimates.

Analyst

Tomas Skeivys, CFA

+47 55 55 91 35

tomas.skeivys@norne.no

4 Likes
#2676

Blir reinvestert de der gitt

1 Like
#2677

Kitron: Q3 2020 - Record performance continues

4 Likes
#2678

:pig_nose:

#2680

klapper meg selv litt på skuldra for denne

3 Likes
#2681

Ned 6% på disse nyhetene. Noen som forstår den?

#2682

Var gått vanvittig i det siste, folk sikrer gevinst.

1 Like
#2683

Order backlog og kontantstrøm er vel også nøkkelord som har blitt nevnt. Ingen tvil om at forventningene var skyhøye på forhånd, og at en del velger å sikre gevinst da de ikke ser noen klare triggere i nær fremtid. De neste dagene kan vi nok forvente oppdaterte kursmål fra meglerhus som kan bidra til å løfte kursen igjen :blush:

#2684

Kommer nok kursmål på 22-24 kroner,

#2685

Som det ble nevnt flere ganger under presentasjonen har Q3 tradisjonelt sett vært det dårligste kvartalet. Det er jo smått utrolig at de greier å levere disse tallene nå, og hvordan de har greid å få fullt utbytte innen medical segmentet. Det må være noen meget kloke hoder internt med stålkontroll på produksjonsledelse for å få til den omsetning med ferier, reisebegrensninger, smittevernstiltak på fabrikk etc. For ikke å snakke om tilgang til deler fra leverandører som fort kunne blitt en hodepine.

De har så mange bein å stå på at bortfall av oljeservice og reduksjon i medical segmentet vil være et mindre problem. Deilig å se at de setter Kepler Cheuvreux på plass.

Ceo så ikke bort ifra at q4 ble nok et kvartal med en milliard i omsetning. Kit er mildt sagt ikke overpriset slik jeg ser det per nå. Tabbe å selge seg ut.

1 Like
#2686

Enig i at det de presterer er veldig imponerende, spesielt under en situasjon som denne hvor mange konkurrenter sliter. Det er et klart styrketegn. En kan jo bare tenke seg hvordan det vil bli når offshore/marine og energy/telecom (som jo har vært ganske svake) kommer sterkere tilbake, samt at defence/aerospace fortsetter å vokse. Da tåler vi en liten nedgang i medical-segmentet.

Synes ledelsen virker veldig oppriktige og edruelige når det gjelder videre utsikter, så må si at den oppjusterte guidingen for 2020 ser veldig positivt ut.

#2687

Nedgangen kommer nok av guidingen for medical, litt ned i Q4 og så tilbake til rundt 160mnok i kvartalet vs 395 mnok sist kvartal. Det er klart det merkes når de omsetter for rundt 1000mnok i kvartalet.

Det blir interessant å se om de klarer å levere 20%+ økning yoy på forsvar /industri framover også.

Veldig solid selskap som nå, når jeg er helt ute endelig har blitt skikkelig repriset.

Q3 er typisk det svakeste kvartalet, så at inntektene fra forsvar ikke går ned er et styrketegn. Fallet i industri kan godt være rent sesongbasert.

1 Like
#2688

Ceo sa vel nettopp at de forventet at forsvar og industri ville kompansere for medical fremover. Ser jo ikke helsvart ut for medical heller med den siste kontrakten på 500 mill + opsjon som starter på nyåret en gang.

Ceo virker jo forøvrig veldig edrulig i sine prognoser.

#2689

For å være helt ærlig så tror jeg ikke vi skal forvente for mye av offshore/marine i årene som kommer :slight_smile:

#2690

Godt mulig, men det trengs elektronikk til offshore vindparker også. Med Kitron sin tilpasningsevne kan vi ikke se bort ifra at også de ser muligheter i det grønne skiftet.

#2691

Jeg er superimponert over hva de leverer

1 Like
#2692

De har jo allerede fått sin første kontrakt på dette området. Spørsmålet er om det defineres som energi/telekom eller offshore/marine…

Kitron awarded energy orders

(2019-12-23) Kitron has received orders with a value of more than NOK 75 million for development of test systems and production of electronics modules that are part of control systems for high-voltage direct current (HVDC) technology used for offshore wind power.

1 Like