* Softer Q4 numbers due to FX and tough comps * We raise EBITDA by 6% for '27e * Trading at 13-9x EV/EBITDA for '26e-'27e, ~30% below peers ...
* Sales of SEK 61m (-5% vs. ABGSCe), a 3% y-o-y growth * ARR continues to grow, up 5%, and defence up 66% y-o-y * More a scaling story than ...
* Softer Q4 numbers due to postponed orders... * ..
* Wins a SEK 280m contract, starting in Q1'26 * Pure software delivery, supporting a stronger margin profile * Significant, positive mechani...
* We hosted CEO John Vestberg at Investor Days * Strong shift towards stable recurring revenue model * Trading at ~18-13x '26e-'27e EV/EBITD...
Will lower financial expenses by SEK 2m per year We estimate ND/EBITDA of ~1.
* ~SEK 26m defence order announced earlier today * Backlog of ~SEK 390m * Provides additional visibility New defence order worth ~SEK 26m Cl...
* Q3: EBITDA of SEK 13m and a margin of 25% * We cut EBITDA by 5-2% for '26e-'27e * Currently trading at 37x EV/EBITDA Cost control and impr...
* Reports Q3 in line with pre-announced figures * Seasonally weaker quarter, but 17% organic growth * Est's to come down mid-single-digits o...
* Q2 sales +3% and EBITDA +4% vs. ABGSCe * We raise EBITDA by 1-4% and EBIT by 4-8% for '26e-'27e * 22-17x EV/EBITDA on '26e-'27e (61-32x EB...
- New secure communication product launched new Saab - Targets armed forces via retrofits; expanding customers and margins - Not in estimate...
Margin upside building into H2 We cut EBITDA by 9-4% for '25e-'27e Trading at ~22x '26e EV/EBITDA Firewall strength continues, defence set ...
- Investments in sales held back margins in Q1... - .
Sales 2% higher than expected; 24% y-o-y FX adjusted But higher investments increased lead to miss on EBITDA Estimates to come down 5-3%, bu...
Received new order from BAE Systems worth SEK 68m We add contribution from new unnamed defence partner.
New partnership with major European defence company Expected to materialise in orders relatively near-term Could have a significant positive...
Sales better than expected, adj. EBITDA in line We leave our estimates relatively unchanged Still positioned for positive EBIT in 2025e Fou...
New defence order from BAE Systems worth SEK 53m Additional order from Denmark also expected near-term.
Uniquely positioned in an attractive market Positioned for further growth and scaling Key customer received new large order Outperforming t...
56% incre. EBITDA margin in Q3 highlights the scalability Increased confidence in positive EBIT in 2025e EBITDA estimates +5-3% '25e-'26e; 1...
EBITDA +6% vs ABGSC and EBIT turned positive in Q3 We expect consensus to lift 2024 EBITDA by 10-15% and '25e-'26e by ~5% Increased convicti...
Q3e: sales +17% EBITDA + 39% y-o-y Positive news flow incl.
Q2 sales were in line, EBITDA 11% better Continues to scale well; sales +17%, opex +3% y-o-y Trading at 2.
Clavister could provide cybersecurity to Thales' SOTAS communication system A tangible revenue case for Clavister, in our view Could see del...
Q2e: sales +18% and EBITDA +38% y-o-y We raise our EBITDA estimates by 10-6% on '24e-'26e Positive EBIT now within reach; 17-7x EV/EBITDA '2...
Should lead to SEK 30-60m order for ClavisterConsensus could lift '26e EBITDA by 8-12%Additional orders for Ukraine on the way?The CV90 orde...
25% organic growth, 13% ARR growth y-o-y Slightly higher opex offset by better gross margin Trading at 12-5x EV/EBITDA '24e-'26e Higher-tha...
Sales growth +22%, ARR +14% y-o-y in Q4 We raise estimates on the new defence order Good outlook for accelerating growth and improved cash f...
EBITDA SEK 6m, vs. pre-announced SEK 6m & ABGSCe SEK 6m ARR SEK 120m, +14% y-o-y Significantly strengthened financial position Q4 results T...
ARR increased 15% y-o-y to SEK 115m Adj. EBITDA was SEK 8m, below ABGSCe 10m but up 63% y-o-y Conference call at 09:00 CET Q3 details Sales...
EBITDA SEK 3m (ABGSCe SEK 2m) ARR grew 14% y-o-y supported by solid order intake Slight lift to 2023e EBITDA, '24e-'25e flat Solid ARR and ...
GDELS to enhance digital architecture with Clavister cybersecurity and AI No information of potenital orders yet Second major global defence...
A solid 9% organic growth and lower opex in Q1 We raise EBITDA by SEK 2m and SEK 4m on '23e-'24e Share trading at 29x-13x EV/EBITDA on '23e-...
Hägglund CEO says effect of war is still ahead of us.
Q4 sales SEK 40m vs. ABGSCe 40m, up 10% y-o-y (6% organic) EBITDA positive in consecutive quarters for first time in 25 years Management con...
Beat on sales but sales mix hurt profitability in Q2 We cut ‘22e-‘24e EBITDA by SEK 9m, 6m, and 4m, resp.
Q1 slightly below expectations, sales -8% vs ABGSCe We cut ‘23e and ‘24e EBITDA by 29% and 21% Share trading at 18x and 11x EV/EBITDA on ‘23...
Major potential, but it has struggled with execution Media reports about critical infrastructure such as hospitals and businesses being para...
Redeye has a mixed view of Clavister's 2Q21 – net sales were softer than forecast while subscription sales and order intake surprised positi...
Redeye provides a brief comment on Clavister's Q2 report.
