* OEM ramping up, encouraging aftermarket * '26e-'27e EBIT down 3%; ~55% EBIT CAGR '25-'28e * 21-11x EBIT '26e-'27e, ~25-40% ROCE, net cash ...
* Better organic growth (-4% vs. ABG -10%) * Next phase of OEM ramp-up Q1'27, AM back to y-o-y growth * Share -6% into numbers, trades at 21...
* 2026 now also clouded by uncertainty * '26e-'27e EBIT down 12-4%; ~60% EBIT CAGR '25-'28e * 20-11x EBIT '26e-'27e, ~25-40% ROCE, net cash ...
* Return to high organic growth (+41% vs. ABG +29%) * Middle Eastern conflict behind more cautious FY'26 outlook * Share +5% into numbers, t...
* 2026 recovery after two challenging years * '26e-'27e EBIT down 35-24%; ~60% EBIT CAGR '25-'28e * 18-10x EBIT '26e-'27e, ~30-40% ROCE, net...
* Lower earnings due to FX and inventory adjustments * Q4 deviation and FX to negatively impact ABGSCe FY'26 EBIT * Share -17% into numbers,...
* External headwinds delay earnings recovery until 2026e * '25e-'27e EBIT down 27-3%; 18% EBIT CAGR '24-'27e * 19-13x EBIT '26e-'27e, ~40-50...
* Sales in-line with CTT's guidance, EBIT below ABGSCe * Removed Q4 guidance due to increased short-term uncertainty * Improving activity fr...
OEM challenges delay ramp-up, again CTT continues to suffer from supply chain challenges at its customers.
Q2 details Sales were 2% above our expectations, with 7% organic sales growth (ABGSCe +4%), which in turn was driven by better than expected...
Getting ready for the OEM ramp-up Aircraft production + penetration to drive 10% AM growth 27-13x EBIT '25e-'27e (22x L10Y), 30-50% ROCE, ne...
Sales trough reached, return to EBIT growth in Q3e '25e-'27e EBIT down 29-13% on FX and system sales 26-12x EBIT '25e-'27e, ~30-50% ROCE, ne...
In-line Q1 sales, solid Q2 guidance, steeper EBIT decline in Q1 2025e EBIT: tailwinds from higher deliveries, headwinds from mix+FX Return t...
We expect two more quarters before a return to growth '25e-'26e EBIT down 19-7%; 26% CAGR '24-'27e 21-12x EBIT '25e-'27e, ~40-50% ROCE, net ...
Solid Q4 finish but cautious Q1/H1'25 guidance Pick-up in OEM/VIP but destocking holds back AM Negative H1'25 comments likely to outweigh be...
SEK 120+7m retrofit order to be delivered in 2025-2035 Covers our '25e-'28e Retrofit assumptions, ~1% of total sales Small impact but very e...
- OEM and AM challenges to normalise in Q1'25e - '24e-'26e EBIT down 18-3%; 20% CAGR '23-'26e - 30-15x EBIT '24e-'26e, ~30-55% ROCE, net cas...
- Q3 pre-announced, outlook encouraging but dependent on OEMs - Consensus could lower '24e-'25e EBIT by 10-15% - Share already reacted to pr...
Temporary inventory adjustments, unchanged Q4 guidance Q3 PW impacts FY'24 EBIT by 15%, risk remains into 2025 31x EBIT '24e (adjusting for ...
- 3% organic growth to accelerate to 18-16% H2'24e - 22% adj.
- Sales -4%, EBIT -1% vs. ABGSCe, 3% org. sales - H2'24 guidance soft due to supply constraints among OEMs - ABGSCe EBIT could come down 10-...
4 airliners select humidifiers for biz class on A350/B777X We estimate at least ~70% penetration, 100m in acc.
Penetration improves further, private jet deal possible in H2'24 OEM to drive ~20-30% EBIT growth in 2024e-2025e 29-19x EBIT '24e-'26e, 40% ...
- Slowdown in Q2 before acceleration occurs in H2'24 - 23% adj.
Sales -5%, adj. EBIT +16% vs. ABGSCe, +5% org. sales Guides for Q2 sales growth of ~11%, could lift ets.
21% org. growth, 52% EBIT growth, but stable sales into Q1 22% adj.
EBIT +5% vs. ABGSCe, 21% org. growth, 39% margins (ABGSCe 36%) Slightly slower ramp-up vs.
10% org. growth, 3% EBIT miss, good Q4 guidance 28% adj.
- 10% org. sales (ABGSCe 14%), 9% EBIT decline - Cons 2023e EBIT roughly unchanged (excl.
• 27% org growth, 14% EBIT beat on strong AM sales • 26% adj.
• 27% org. sales (ABGSCe 27%), 44% EBIT growth • Cons 2023e EBIT could come down 5-7% (excl.
Continued optimism on both near-term and long-term growth 27% adj.
36% org growth, 21% adj. EBIT beat on strong AM sales 27% adj.
36% org. sales (ABGSCe 31%), 82% adj. EBIT growth Consensus 2023e EBIT could come up 5-10% Strong report and positive guidance, 20-12x EBIT ...
33% org growth, but 27% EBIT miss due to OEM+VIP+FX 26% EBIT CAGR 2022-2025e on 30% margins 25-15x EBIT '23e-'25e, ~40-50% ROCE, net cash O...
Sales -4%, EBIT -27% vs. ABGSCe, 33% org sales (ABG 49%) Q1 guidance of ~40% growth y-o-y, but negative mix effect 23-17x EV/EBIT '23e-'24e,...
12% EBIT beat, ~45% FX-adjusted EBIT margin ‘22e EBIT +5%, ‘23e-‘24e down 7-2% (FX +10%) 28-16x EBIT ‘22e-‘24e on 29% EBIT CAGR ‘22e-‘24e I...
Sales +5%, EBIT +12% vs. ABGSC, 34% organic sales Solid end to 2022, some cautious remarks on 2023 29-16x EBIT ‘22e-‘24e, has been strong in...
Aftermarket drives organic recovery and 40% margins FX offsets slower organic ramp-up; EBIT up 2-0% 27-15x EBIT ‘22e-‘24e on 34% EBIT CAGR ‘...
EBIT SEK 24m vs. ABGSCe 15m, 40% margins FactSet 2022e EBIT to come up by 1-3%, excl.
Strong aftermarket recovery behind 40% org. growth Russian sales offset by stronger aftermarket; EBIT intact 14x 2024e EV/EBIT, 20% EBIT gro...
Sales above CTT guidance and ABGSCe (+13%) Q2 mid-point guidance also 4% above ABGSCe Strong report and good margins, positive reaction Q1 ...
Significant earnings growth also beyond the pandemic We believe that CTT is on track to recover from the impact of the pandemic and surpass ...
Q2 details Q1 seemingly marked the trough as CTT was able to deliver Q2 sales of SEK 38m (+1% vs.
