Herlig trade aksje, har doblet mitt innhav på 2 år bare ved og selge ut, kjøpe opp krona under… Men nå kommer jeg sitte trygt og rolig fremover mot utbytte på krona i Mai 
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Oppdatert fra Norne.
EUR 1bn company by 2027, but much priced in
We have adjusted our estimates upwards slightly following Kitron’s CMD presentation today and our new TP stands at NOK 27/sh (25 previously). The midpoint of 2023 guiding did not bring significant surprise, albeit the wide range indicates uncertainty, leaving the company room to both outperform if the recession has milder effects, and underperform in case of a more severe downturn in the global economy. 2027 goals seem ambitious (we started seeing EUR 1bn revenue goal possibility a year ago), but not unrealistic. Still, this leaves little room for an upside surprise. Seeing the strong share price lately, much positive news out and uncertainty over the next 12-month period, we stick to our Hold recommendation on the share.
Ambitious, yet not unexpected 2027 targets:
· NOK 10bn in revenues coming from organic growth of 10% on average. M&A activity will come on top. Our 2027 estimate was NOK 9.0bn and we increase that to NOK 9.3bn post the CMD.
· EBIT margin is targeted to exceed 8% (long-term goal used to be 8%). We are at 8.0% in our estimates and do not change it following the CMD.
· ROOC target of >25% and cash flow at 80% of EBITDA (new goal).
Rather wide range of guidance for 2023:
Revenues of NOK 6.7-7.3bn compared to our NOK 6.9bn projection (midpoint of the guidance 1% above our estimate). Our new estimate is in line with the midpoint.
EBIT is guided for a range of NOK 450-550m implying a midpoint margin of 7.1%. Our estimate before the CMD was at NOK 484m (midpoint of the guidance 3% above estimates) implying a margin of 7.0%. Our new estimate stands at NOK 508m.
· Bloomberg consensus stood at NOK 6.9bn and NOK 479m respectively for revenues and EBIT (7.0% margin) before the CMD.
2022 ends with a great 4Q
The company updated the market on the 2022 last week with revenue guidance upped from NOK 6.2-6.4bn to NOK 6.45-6.55bn vs our estimate of NOK 6.4bn (upped to NOK 6.55bn now). EBIT guidance was upped from NOK 390-430m to NOK 440-470m vs our estimate of NOK 433 (upped to NOK 463m now)
The company’s focus is on building recession-proof growth strategy. A special attention is given to the opportunities within the defence industry. No new production plants were announced, but capacity expansions continue organically, and M&A is always on the horizon. 2023 investments should lead to a 15% increased capacity. No change in dividend policy with 20-60% pay-out ratio.
KIT_2022-12-13.pdf (518,5 KB)
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Forventes det utbytte i denne aksjen i forbindelse med Rapport den 15 Februar?
utbytte våren har vel pleid å være i dagene rundt GF (slutten av april) i denne.
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" Easy Aerial signs production agreement with Kitron
(2023-01-30) Kitron has entered into a production agreement with Easy Aerial Inc, a rapidly growing US company that develops autonomous UAV (unmanned aerial vehicle) solutions.
The multi-year, multimillion-dollar manufacturing partnership will be supported at Kitron’s Windber, Pennsylvania, facility.
“Easy Aerial continues to expand its operations through collaborations with strategic partners. We are delighted to have signed an agreement with Kitron, which has a leading position in electronic manufacturing services, has the capacity to produce large volumes and offers advanced front-end services,” says Ivan Stamatovski, CTO of Easy Aerial."
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Litt spent på utbytteforslaget. Det bør vel reflektere året!
60% av EPS er vel rimelig standard 
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Må jo være en kjemperapport dette? Nå har jeg ikke helt kunnskapen til å rive regnskapet fra hverandre på hvor mye oppkjøpet alene påvirket tallene på ene kvartalet. Men de er jo optimistiske på å fortsette utviklingen og det er moro å lese.
Muligens dyr inngang på dagens oppgang, men kan ikke se noe annet enn at det må komme noen oppjusterte kursmål av meglerhusene etterhvert?
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Jeg har tatt litt gevinst på 26- og 31-tallet.
Ble ikke overbegeistret over 0,5kr utbytte, men det gir vel rom for flere oppkjøp, kanskje?
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Hvor mye hadde du forventet at utbytte skulle være ?
Mtp at vi får fått mer for flere år siden, hadde jeg håpet på en økning:)
Edit: nå har jeg ikke fått med meg om dette er halvårlig utbytte eller om dette er alt vi får i 2023.
Jeg hadde i hvertfall forventet mer enn 1,7% yield!
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Direkte avkastningen er helt klart lavere enn den har vært men kursen har jo gått opp en del siden den var under 8kr for nesten 3 år siden . Policyen til Kitron er så vidt jeg husker å betale ut 30-60% av overskudd i utbytte så vil jo variere en del fra år til år.
EDIT :
“Kitron’s dividend policy is to pay out an annual dividend of 20 to 60 per cent of the company’s consolidated net profit before non-recurring items. When deciding on the annual dividend the company will take into account the company’s financial position, investment plans as well as the needed financial flexibility to provide for sustainable growth.”
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