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Kitron (KIT)

Elektronikk
#1888

30/04-2019 07:00:06: (KIT) Kitron: Q1 2019 - Very strong growth and earnings improvement

#1889

30/04-2019 07:00:08: (KIT) Kitron: Q1 2019 - Svært sterk vekst og resultatforbedring

#1890

Min første intrykk er : Fy pokker så bra. Må se mere på dette når jeg kommer hjem. :clap:

#1891

Jeg tenkte det samme, LITT kjedelig at jeg er stuck i møter med ledelsen frem til lunch merker jeg.

#1892

Ting ble faktisk en del bedre enn forventet :smiley:

3 Likes
#1893

Flere enn meg som ikke får opp webcasten?

#1894

Den er ferdig :wink:

1 Like
#1895

Det ser jo veldig bra ut. Ja, gjeld øker jo en del som det måtte gjøre, men selv med økt gjeld så er inntekter økt kraftig, og enda viktigere så har profittmarginen på rullerende 4 kvartaler økt mer enn jeg hadde trodd (gjelder alle marginene, ebit %, profit %, net profit %, EPS). Og det gjelder jo til tross for at selskapet har guidet at oppkjøpet ikke vil bidra netto første året til overskudd så vidt jeg har forstått det.

Må lese litt mer i rapporten, men kan vel ikke si annet enn at jeg er positivt overrasket.

1 Like
#1896

Organisation
The Kitron workforce corresponded to 1 740 full-time employees
(FTE) on 31 March 2019. This is an increase of 211 FTE since the
first quarter of 2018. There is an increase of 51 FTE related to the
operations in Norway, an increase of 16 FTE in Sweden, and an
increase of the workforce in Lithuania and China of 27 FTE and
25 FTE respectively. The acquisition of API added 87 FTEs to the
workforce per 31 March. The number of FTE in lower-cost regions
now accounts for 73 per cent of the total

Så, hva girer de opp for å håndtere i Norge? :stuck_out_tongue:

2 Likes
#1897

Hvis man ser på backlog så ville jeg tippet Offshore/marine og defence/aerospace .

EDIT: ville nok tippet det uten å se på backlog og :stuck_out_tongue_winking_eye:

2 Likes
#1898

Kongsberg fikk vel en kontrakt med forsvaret om luftvern? Kan vel antas at det vil dryppe på Kitron der?

#1899

Note 6 Business combinations
On 15 February 2019 the US subsidiary Kitron Inc completed the acquisition of the EMS division of API Technologies Corp. The acquisition
marks a substantial strengthening of Kitron’s position in the US market.
The operations of the EMS division are highly complementary to Kitron’s existing operations and are expected to provide added value
to current operations, in particular in the United States. The division’s main focus is on defence, aerospace, medical/industrial, and
communications/consumer, and it is well aligned with Kitron’s overall strategy. The business is located in Windber, Pennsylvania, close to
Kitron’s current US facility in Johnstown, Pennsylvania, with approximately 100 employees operating a total of six production lines and a
facility of approximately 10 000 square meters. Total revenues in 2018 amounted to approximately USD 23.5 million.
The purchase price to be paid, after certain post-signing adjustments, is NOK 135.6 million (USD 15.6 million), subject to post-closing
adjustments, if any

Revenue and profit contribution
The acquired business contributed revenues of NOK 34.4 million and net profit of NOK 1.1 million to the group for the period from 15
February 2019 to 31 March 2019. If the acquisition had occurred on 1 January 2019, consolidated pro-forma revenue and profit for the
period ended 31 March 2019 would have been NOK 833.2 million and NOK 38.8 million respectively

3 Likes
#1900

SB1M mener dette er bunnsolid.

https://www.hegnar.no/Nyheter/Boers-finans/2019/04/Bunnsolid-utvikling-ta-aksjen-inn-i-portefoeljen

4 Likes
#1901

30/04-2019 11:20:09: (KIT) Kitron: Minutes from Annual General Meeting 2019

#1902

02/05-2019 08:00:19: (KIT) Kitron: Ex dividend NOK 0.40 today

#1903

02/05-2019 08:00:20: (KIT) Kitron: Eks utbytte NOK 0,40 i dag

#1904

Strong quarter supports our positive stance

Kitron presented its 1Q19 report on April 30th . The company reported stronger-than-expected figures and reiterated guidance for 2019 . In addition to the impact from the newly acquired EMS division of API technologies, the company showed a solid organic growth. Also, Kitron indicated that component shortage should be less challenging in 2019 and expects to see a gradual reduction of working capital, releasing cash that was tied in. We have lifted our estimates for 2019 towards the upper side of the guidance and reiterate BUY recommendation at a higher TP of NOK 12/sh (NOK 11/sh previously) .

Strong revenue growth in 1Q reported

Kitron delivered strong 1Q19 figures: NOK 813m in revenues were 12% better than we expected and EBIT of NOK 51m exceeded our projections by 7%. Adjusted EBIT margin of 6.6% for the quarter was in-line with our expectation and was stronger YoY (6.0% in 1Q18). The deviation went down to the bottom line and EPS of NOK 0.21/sh was significantly better than our NOK 0.18/sh estimate.

Guidance for 2019 reiterated

Kitron continues to guide 2019 revenues to land in the range of NOK 2,900-3,200m (our estimate stands at NOK 3,100m) with an EBIT margin of 6.2-6.6% (6.4% predicted by us). Goals from CMD for 2025 were not mentioned but we believe that the company is well on track to reach them. Growth is primarily driven by the acquisition of the EMS division of API Technologies and by the growth in Industry and Offshore/marine sectors’ customers.

Component availability issues expected to be less challenging in 2019

2018 was a challenging year for companies involved in the EMS business as the market has been experiencing a shortage of electronic components. Although interests of Kitron’s customers were protected by a temporary build-up of component inventory, this has led to reduced efficiency metrics. In the 1Q report it was commented that the situation is expected to be less challenging throughout 2019 and Kitron expects a gradual reduction of working capital, both in absolute numbers and as a percentage of revenues.

Buy recommendation reiterated at a higher TP

We to see Kitron well positioned in the EMS market and believe that the company will continue to improve its operations and will reach its long term goals. Notably, the short term growth is supported by ever growing order backlog - in 1Q19 Kitron recorded a strong order intake of NOK 788m which led to a 43% YoY growth in order backlog. Following the report, we lifted our short term estimates and maintained long term expectations. We still see solid upside for the stock and reiterate BUY recommendation at a higher TP of NOK 12/sh (NOK 11/sh previously).KIT_2019-05-02.pdf (1,2 MB)

1 Like
#1905

Datoen på dokumentet tilsier at den er fra i dag?

#1906

Du har helt rett, jeg blandet 2 mailer!.

Det kom en mail 30mai, og en idag. Så da er dokumentet fra idag :wink:

1 Like
#1907

Her var den jeg tenkte å poste fra 30 April.

Stronger than expected 1Q figures

Kitron delivered solid 1Q report this morning with higher-than-expected figures and reiterated guidance for 2019. In addition, the company reported strong order intake and indicated that component shortage is expected to be less challenging in 2019, supporting our positive stance towards the stock. This may lead to some upward adjustments to our estimates.

Strong revenue growth in 1Q reported

Kitron delivered strong 1Q19 figures this morning. NOK 813m in revenues were 12% better than we expected and EBIT of NOK 51m exceeded our projections by 7%. Although 1Q EBIT margin of 6.3% was lower than our expectation of 6.6%, it was stronger YoY (6.0% in 1Q18). The deviation went down to the bottom line and EPS of NOK 0.21/sh was significantly better than our NOK 0.18/sh estimate.

Guidance for 2019 reiterated

Kitron continues to guide 2019 revenues to land in the range of NOK 2,900-3,200m (our estimate stands at NOK 3,100m) with an EBIT margin of 6.2-6.6% (6.4% predicted by us). Goals from CMD for 2025 were not mentioned but we believe that the company is well on track to reach them. Growth is primarily driven by the acquisition of the EMS division of API Technologies and by the growth in Industry and Offshore/marine sectors’ customers.

Component availability issues expected to be less challenging in 2019

2018 was a challenging year for companies involved in the EMS business as the market has been experiencing a shortage of electronic components. Although interests of Kitron’s customers were protected by a temporary build-up of component inventory, this has led to reduced efficiency metrics. In the 1Q report it was commented that the situation is expected to be less challenging throughout 2019 and Kitron expects a gradual reduction of working capital, both in absolute numbers and as a percentage of revenues.

Long term estimates likely to be kept

Following the strong 1Q report, we are likely adjust our short term expectations, but annual figures will most likely be kept. The report supports our positive stance towards the case and BUY recommendation is likely to be reiterated.KIT_2019-04-30_IC.pdf (1,0 MB)

2 Likes