Presentasjonen startet kl 12, aksjen “bunnet ut” for dagen kl 11:30, siden da har den gått opp 
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Jeg synes ikke det. De opprettholder guidingen for 2020 ( som i teorien 
vil si 3300 mill i omsetning ) og guider grei vekst fram mot 2025.
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Infoen kom uansett kl 10 
Yikes… Brutal dag, kun markedsstyrt, eller noe jeg ikke har fått med meg?
Det er noen som skal ut og færre kjøpere på en rød dag, så da går det sånn. 
Satser på å se 10 kr før sommeren og et jo fristet til å øke igjen.
New goals for 2025 set in CMD
Kitron held Capital Markets Day (CMD) on March 21st. CMD presentation confirmed that the company is well on track to reach its targets for 2020 and provided new information about goals for 2025. The new ambition is to achieve revenues of NOK 5 billion with an EBIT margin of 7% by 2025. The goal implies stronger growth than previously expected by us and we believe that it is achievable, therefore we raised our estimates. We keep our BUY recommendation at a higher TP of NOK 11/sh (NOK 10/sh previously) as we believe that the current share price does not reflect the strong earnings growth potential .
Strong top line growth guided, efficiency metrics targets to be maintained
The new guidance suggests that Kitron should reach revenues of NOK 5bn by 2025 (implying CAGR of around 10%, with possible upside from M&A) with an EBIT margin of 7% (same as guided for 2020). Efficiency metrics are expected to be maintained at 2020 guidance levels: cash conversion cycle target of 50 days, ROOC of 25% and net working capital to revenue ratio of 20%. The management has a structured path to achieve these targets: acquisition in the U.S., plans for a new facility in Poland and expansion in China ought to improve the capacity, while investments in automation and digitalization along with other systematic improvements are expected to ensure above-industry-average margins. This, however, comes at a cost of increased CAPEX guidance of approximately 3% of annual revenue (a range of 2-3% guided previously and 2.5% assumed by us). In general, the most significant efficiency improvements are expected to be implemented by 2020, while the focus in the later years will be more on the expansion and refinement of the built strategy.
Ongoing EMS industry consolidation creates M&A opportunities
It was indicated that there is an ongoing consolidation in the Electronics Manufacturing Services (EMS) industry, where smaller players are being acquired to achieve economies of scale or drop out of the business, as production requirements are becoming more demanding. This, however, is positive for Kitron, because the more complex production gets, the more likely it is to win orders. Also, this situation creates more M&A opportunities for Kitron, which may add to the upside of the guided figures.
Component availability issues may ease soon
2018 continued to be a challenging year for many companies involved in the Electronics Manufacturing Services business as the market has been experiencing a shortage of electronic components. Nevertheless, interests of Kitron’s customers were protected by a temporary build-up of component inventory. In the CMD presentation it was commented that Kitron has ended exceptional procurement of components, except for specific products, as the allocation issues are stabilizing and the number of shortages is decreasing. This reduces the risk of lower efficiency going forward and solidifies 2020 goals.
Buy recommendation reiterated at a higher TP
We see Kitron being well positioned in the EMS market in the face of industry trends and we believe that the company will continue to successfully improve its operations and should achieve the stated goals. Following the CMD, we lifted our long term top line estimates and maintain EBIT margin expectations. We continue to see the stock being undervalued and reiterate BUY recommendation at a higher TP of NOK 11/sh (NOK 10/sh previously).
Analyst
Rytis Mikelionis
+47 21 96 61 02
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Nok en rød dag for Kitron. Noen som vet hvorfor? Annual report for 2018 skal vel presenteres i dag, men når?
29/03-2019 18:35:13: (KIT) Kitron: Publishing of Annual Report for 2018
29/03-2019 18:35:14: (KIT) Kitron: Publisering av årsrapport for 2018
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03/04-2019 09:15:56: (KIT) Kitron signs contract with Efore Group
03/04-2019 09:15:58: (KIT) Kitron inngår avtale med Efore Group:
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Kjøpt Kitron på 8.8
Regner med stigning fram mot utbytte 
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09/04-2019 09:15:31: (KIT) Kitron: Notice of Annual General Meeting on 30 April 2019 at 10 a.m.
09/04-2019 09:15:32: (KIT) Kitron: Innkalling til ordinær generalforsamling 30. april 2019 kl. 10.00
Da var jeg tilbake på det høyeste antall aksjer jeg har hatt i Kitron. 30. april er siste dag inkludert 40 øre utbytte, så etter det skal kursen egentlig falle til rundt 8,38 utfra dagens kurs. Har ikke troen på at det er tilfelle mange dagene. 
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23/04-2019 10:49:58: (KIT) Kongsberg awards orders to Kitron
En uke til den går ex-utbytte.
Billig kvalitet for dem som ønsker lav PE, bra direkteavkastning og vekst.
Den blir nok tradet opp endel i forkant av utbytte, så kjøpstidspunktet er NÅ.
Note kom med tall i dag og blir interessant å se om kitron leverer tilsvarende vekst 
Financial performance January – March
• Sales increased with 32% to SEK 405 (308) million.
• Operating profit increased with 58% to SEK 27 (17) million.
• Operating margin expanded by 1.1 percentage points to 6.6% (5.5%).
• Profit after financial items increased by 64% to SEK 25 (15) million.
• Profit after tax improved with 64% to SEK 20 (12) million, corresponding to SEK 0.70 (0.43) per share.
• Cash flow after investments amounted to SEK 2 (13) million, or SEK 0.06 (0.46) per share.
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