Har ca 50/50 fun/kit. Kitron er den trygge og Fun om er den mer spennende uforutsigbare. Men tenker kitron er et fint sted å ha en stor post over tid.
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Hver måned kårer jeg det jeg kaller Teksperter™ for noen av de mest populære investeringene våre 
Det er de 3 medlemmene som har fått flest likes på innleggene sine de siste 90 dagene. Teksperter™ får også en unikt merke på profilen sin og et trofé-ikon ved siden av navnet sitt. Du kan bli Tekspert™ i flere aksjer/investeringer, og troféet vil bare vises i tråder der du er Tekspert™.
Her er denne månedens Teksperter™ og det mest likte innlegget deres fra de siste 90 dagene:
- @nofun (17 likes)
- @Christian (10 likes)
- @Evilfreud (7 likes)
Resten av topp 10:
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@Halling (5 likes)
-
@Morti (4 likes)
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@AlexanderSVG (2 likes)
Gratulerer!
Rappet denne fra et annet forum:
KIT: We initiate coverage of KIT with Buy and NOK11.5 tp (SP1M)
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Hvor er dette fra?
SP1M som det står i linken 
Ok, jeg er ikke kjent med SP1M 
Sparebank 1 markets
Takk
Jeg bruker SB1 Markets, fikke denne fra dem.
Recommendation Buy
Target price 11.50
Share price 9.56
Kitron ASA KIT NO
Look forward to “The Three Musketeers”!
Conclusion
Following a site visit to Kitron’s (“KIT”) and competitor Embron’s production facilities, we initiate coverage of KIT with Buy and NOK11.5 tp. Through targeting complex niche sectors with low-medium volume, KIT has 1) averaged double-digit sales growth while delivering both 2) margin expansion and 3) accretive ROE over the last four years. We argue KIT will be able to continue this profitable growth trend, driven by solid prospects in defence and industry, and recovery within offshore. Moreover, we argue KIT is in a pole position to reach its ‘20e guidance of ~7% EBIT margin in ‘19e, with ramp-up of missile electronics in Norway, which operates at ~65% utilisation. In addition, with the current investment cycle behind us, KIT’s target to return 50% of EPS (~3.5-4% yield) to shareholders seems sustainable. Thus, we believe in equity IRR through “The Three Musketeers” with a combination of i) profitable revenue growth, 2) margin expansion and 3) dividends. Our Buy rec. and NOK11.5 target is based on a mid-cycle EBIT margin and EV/EBIT of 6% and 12x, respectively.
Our analysis
· Impressive turnaround after current CEO and CFO came on board
There has been an impressing turnaround of Kitron since CEO and CFO joined the company in ‘14A. Indeed, sales have increased at a CAGR of 10.5%, while expanding margins, dividends are growing rapidly and ROCE has improved significantly (+20%). The profitable growth is particularly impressing, as the offshore sector went from 20% of sales in ‘12A to virtually zero in ‘17A, proving that the business model is resilient.
· Attractive risk/reward in key triggers lining up
Key triggers include 1) CMD in ‘2H18, where we argue there is attractive risk/reward on growth guidance beyond ‘20e driven by defense and recovery in oil service, and 2) increased utilization in Norway in ‘19e (~65% currently) with volume ramp-up from KOG, which we argue will boost EBIT margins close to 7% in ‘19e (vs. guidance of ‘20e).
· Buy rec. and NOK11.5 tp. based on an over the cycle EBIT margin of 6%
Arguments supporting our story are 1) higher share of revenue from verticals with longer lead-times, 2) broader diversification on both sectors and customers, 3) increased exposure to low-cost countries and 4) focus on margin/complexity manufacturing vs. volume. In addition, 5) ~10% and increasing share of revenues from services (with 17-18% EBIT margin, according to our understanding), 6) proven ~9% EBIT margin in Lithuania and 7) resistance showed during ’07-’09, are also arguments supporting our take on 6% over the cycle margin (vs. guidance of 7% and ~6% current)
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Får innnoen kroner imorra, de går rett inn i Kitron. Resten er i Fun.
Samme scenario her. Synd det tar så lang tid å overføre fra DNB til Nordnet!!
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Åpner ned i dag. Noen formeninger om hvorfor denne går så dårlig for tiden? Dårlig Q3?
Litauen forsetter å ansette i Litauen: Antall ansatte i Litauen har økt fra 732 ved nyttår til 809 i midten av oktober. Det er ihvertfall ingen tvil att ledelsen rigger Kitron for fremtidig vekst. Vi må jo ikke glemme att selv om antall ansatte øker tildels kraftig, er det også i følge ledelsen ett sterkt fokus på automasjon hos Kitron for tiden.
Legger ut denne fra Vennlig Hilsen på HO :
I fjor hadde Kitron en omsetning på 535,4 millioner kroner i tredje kvartal. Dette ga en topplinjevekst på 15,7 prosent sammenlignet med samme periode 2016. Det er ikke sikkert at de får like sterk vekst på topplinjen i år, men på bunnlinjen kan det være svært mye mer å hente.
Marginen i tredje kvartal 2017 ble påvirket av høye materialkostnader både i Norge, Sverige og delvis også i Litauen. Marginen ble også negativt påvirket av restruktureringer i Norge. Marginen i kvartalet ble 5,5 prosent, mens resultat per aksje ble 0,09 øre i kvartalet. Dette var meget skuffende etter å ha levert en driftsmargin på 7 prosent og en EPS på 0.18 øre i forutgående kvartal.
Hvis vi forutsetter en gunstigere produktmiks, uten alvorlige driftsforstyrrelser og med moderat vekst på topplinjen, så går det mot et mye bedre drifts resultat i tredje kvartal i år. Det er mye som taler for at årets kvartalsresultat blir vesentlig bedre og det er flere indikatorer som underbygger dette.
Nedgangen innen Forsvar og Luftfart har trolig flatet ut. Justert for nedgangen i forsvarssektoren ville Kitron hatt en vekst på mer enn 20 prosent i andre kvartal.
Industrisektoren har vært meget sterk i hele år og ordrereserven økte med nesten 40 prosent i andre kvartal. Veksten i denne sektoren kompenserte for nedgangen i forsvarssektoren i kvartalet.
Offshore/Marine viser klare tegn til bedring og vil kunne overaske på oppsiden i tredje kvartal.
Medisinsk utstyr har også hatt en positiv utvikling så langt i år, med en vekst på 24,7 prosent i andre kvartal. Medisinsk sektor tenderer til å gå bedre i andre halvår enn i første halvår så det lover jo bra for resten av året, men det er selvsagt ingen automatikk i dette.
Energy/Telecom har hatt en svakere utvikling så langt i år og viste en nedgang på -4,0 prosent i andre kvartal. Ordrereserven hadde en nedgang på -9,0 prosent. I denne sektoren er det Telecom som drar ned resultatet, mens det er forventet vekst for energi i tiden som kommer.
Det blir også spennende og se om den sterke veksten i Kina videreføres i tredje kvartal. I 2017 doblet Kitron kapasiteten ved den kinesiske virksomheten. Det bidro til at omsetningen i Kina økte med mer enn 50 prosent i andre kvartal.
Marginene vil naturlig være lavere i Q3 pga ferieavvikling og dermed lavere omsetning å fordele faste kostnader på.
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Kitron signs contract with Magseis
(2018-10-17) Kitron and Magseis ASA has entered into an agreement to manufacture Magseis’ MASS (Marine Autonomous Seismic System) nodes to support their growth.
Magseis is a Norwegian geophysical company founded in 2009, specialising in OBS - Ocean Bottom Seismic - acquisition. Magseis has developed their proprietary, autonomous MASS nodes and fully automated handling system, which is used to acquire high quality seismic data for clients. The OBS market is in steady growth and the demand for OBS nodes is increasing.
Based on Kitron’s experience and capacity, Magseis has awarded Kitron a contract to supply electronics, high-level assembly and system testing of the MASS nodes. Production will take place at Kitron’s plant in Arendal, Norway, and the contract is valid for 3 years with an option to extend.
“This contract provides renewed growth in Kitron’s Offshore/Maritime market sector. There are several opportunities between our two companies beyond the agreement that has just been signed, and the cooperation will strengthen Kitron’s position as one of Scandinavia’s leading EMS companies,” said Israel Losada Salvador, COO and Sales Director of Kitron.
For further information please contact:
Peter Nilsson, President and CEO, tel. +47 94 84 08 50
Israel Losada Salvador, COO & Sales Director, tel. +47 99 15 91 38
E-mail: [email protected]Kitron is one of Scandinavia’s leading electronics manufacturing services companies for the Energy/Telecoms, Industry, Defence, Medical devices and Offshore/Marine sectors. The company is located in Norway, Sweden, Lithuania, Germany, China and the United States. Kitron had revenues of about NOK 2,4 billion in 2017 and has about 1,450 employees. www.kitron.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act).
This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kitron ASA via GlobenewswireNyheten er levert av GlobeNewswire.
http://www.netfonds.no/quotes/release.php?id=20181017.GlobeNewswire.HUG2220701
Kjekt med ny kontrakt og ekstra kjekt at det er innenfor o/m
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Blir interessant å se hvordan Kitron gjør det i Q3 i forhold til Note som kom med tall i dag. Får de samme vekst i revenue så er jeg fornøyd
Financial performance July–September
Sales increased by 22% to SEK 323.6 (265.2) million.
Operating profit amounted to SEK 15.5 (20.1) million, adjusted for the change of CEO, the operating profit increased to SEK 22.5 (20.1) million.
Operating margin amounted to 4.8% (7.6%), adjusted for non-recurring items of this quarter, the operating margin amounted to 7.0% (7.6%).
Profit after financial items amounted to SEK 15.0 (18.8) million. Adjusted for non-recurring items of this quarter, the profit after financial items rose to SEK 22.0 (18.8) million.
Profit after tax amounted to SEK 10.9 (15.8) million, corresponding to SEK 0.38 (0.55) per share.
Cash flow after investments amounted to SEK 9.4 (-11.2) million, or SEK 0.33 (-0.39) per share.
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Kitron: Q3 2018 - Strong order growth, including oil and gas
(2018-10-19) Kitron today reported quarterly figures that show continued growth and improved earnings per share despite challenges on the component market
Kitron’s revenue for the third quarter was NOK 563 million, an increase of 5 per cent compared to last year. The order backlog increased by 27 per cent on a comparable basis.
Profitability expressed as EBIT margin was 5.3 per cent in the third quarter.
Peter Nilsson, Kitron’s CEO, comments:
“We continued on our growth path in the third quarter, delivering the highest third quarter revenue in the company’s history. I am especially pleased that we were able to do this in the face of industry-wide problems with component availability and some postponed customer programs. The excellent order intake during the quarter strengthens our confidence in the coming months and quarters. We maintain our 2018 outlook and our strategic targets for 2020.”Continued revenue growth
Kitron’s revenue in the third quarter amounted to NOK 563 million, compared to 535 million in the same quarter last year. Revenue growth compared to the same quarter last year was particularly strong in the Industry market sector. Marine/Offshore is now growing, albeit from a very low level. Defence/Aerospace declined. As previously reported, Defence/Aerospace will fluctuate, and growth is expected to resume in 2019. Excluding the Defence/Aerospace market sector, revenue growth in the third quarter was 18 per cent compared to last year.Strong order intake and backlog
The order backlog is noticeably affected by the implementation of the new accounting standard IFRS 15. Without the effect from implementation of IFRS 15, the backlog would have been NOK 1 279 million, which equals a growth of 27 per cent. Due to the IFRS 15 implementation, the booked order backlog ended at NOK 1 123 million.Early signs of increasing activity among customers in the oil and gas industry have led to a substantial backlog increase in the Marine/Offshore market sector, although the absolute numbers are still low.
Improved earnings per share
Third quarter operating profit (EBIT) was NOK 30.0 million, compared to 29.2 million last year. EBITDA was NOK 42.7 million, compared to 42.6 million last year.Net profit amounted to NOK 21.8 million, an increase of 33 per cent. This corresponds to earnings per share of NOK 0.12, compared to NOK 0.09 last year.
Inventory build-up to secure deliveries and future growth
Net working capital increased by 35 per cent compared to the same quarter last year to NOK 605 million. Operating cash flow was negative NOK 41.0 million, compared to positive 22.4 million in the third quarter 2017.The increase in working capital is partly related to postponed production programs and partly to a deliberate and temporary inventory build-up to avoid supply disruptions in the face of previously reported electronic components shortages. Component shortages have been an ongoing issue for the Electronics Manufacturing Services business since last year. The situation has not improved, and it is expected to be challenging throughout the year and into 2019.
Expansion in Poland
In July, Kitron announced plans to expand its Eastern European presence through a facility in northern Poland. Production at the 8,000 square meter facility is now scheduled to begin in the fourth quarter 2019.Outlook
For 2018, Kitron expects revenue to grow to between NOK 2 500 and 2 700 million. The EBIT margin is expected to be between 6.1 and 6.5 per cent. Growth is primarily driven by customers in the Industry and Energy sectors. Profitability is driven by cost reduction activities and improved efficiency.Enclosed in PDF are the quarterly report and the presentation.
The interim report is presented today at 8:30 a.m. CEST. The presentation will be given in English by CEO Peter Nilsson and CFO Cathrin Nylander, and will be webcast at the following link: http://webtv.hegnar.no/presentation.php?webcastId=97451313
For further information, please contact:
Peter Nilsson, CEO, tel: +47 948 40 850
Cathrin Nylander, CFO, tel: +47 900 43 284
E-mail: [email protected]Kitron is one of Scandinavia’s leading electronics manufacturing services companies for the Defence/Aerospace, Energy/Telecoms, Industry, Medical devices and Offshore/Marine sectors. The company is located in Norway, Sweden, Lithuania, Germany, China and the United States. Kitron had revenues of about NOK 2.4 billion in 2017 and has about 1 450 employees. www.kitron.com
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
Kitron Report Q3 2018
Kitron Presentation Q3 2018
This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kitron ASA via GlobenewswireNyheten er levert av GlobeNewswire.
http://www.netfonds.no/quotes/release.php?id=20181019.GlobeNewswire.HUG2221204
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