Avtech (Q1 Initial take): Aventus exposure now sized; market pricing implies contagion - Redeye

AVTECH's Q1 2026 report confirmed last week's pre-announced figures without adding material new information on the central question investors need answered: the status of the LATAM Airlines re-evaluation. Net sales of SEK11.7m — growing 11% y/y but 11% below Redeye's estimate of SEK13.1m — came in as pre-flagged, with the sequential decline driven by the LATAM Aventus pause and a modest FX headwind. EBITDA of SEK4.7m beat Redeye's estimate by 5%, though the outperformance reflects higher-than-anticipated capitalised R&D and other income; EBITDA margin compressed to 40% from 50% a year earlier. The report's most substantive new disclosure was the Aventus/ClearPath revenue split — 55% and 43%, respectively — which for the first time sizes the maximum Aventus exposure. CEO David Rytter expressed confidence in a record 2026. Redeye expects to trim estimates modestly to reflect the current run-rate and will review the full impact of the LATAM situation once further detail is available. With the share trading below SEK7 — a decline that exceeds the ~SEK2 fair value attributed to the Aventus contract at risk in Redeye's key figures note — current pricing appears to discount more than the contract loss in isolation, though Southwest Airlines' mid-2026 renewal is the risk that would most materially alter that assessment.

Länk till analysen i sin helhet: https://www.redeye.se/research/1161488/avtech-q1-initial-take-aventus-exposure-now-sized-market-pricing-implies-contagion?utm_source=finwire&utm_medium=RSS