Avtech (Q4 Review): 40% de-rating leads to increasingly compelling setup - Redeye

Redeye revises its base case to SEK10(SEK12) following AVTECH's Q4 2025 results, which fell 11% short on net sales owing to anticipated contracts failing to materialise. The appointment of a second chief commercial officer within twelve months suggests potential execution challenges in H2 2025, though management has not disclosed the reasons for the departure. The share have retreated from 52-weeks high of SEK12 to SEK7.2, creating an increasingly asymmetric proposition: Redeye's bear case of SEK6 implies ~17% downside in a no-growth scenario, whilst successful cross-selling across the existing fleet could theoretically double turnover. AVTECH is not yet a 'pound the table' investment; however, the risk/reward increasingly skews positive. CEO David Rytter noted in a 9 February 2026 interview that delayed trials are now commencing or finalising, providing catalysts despite fluid timing.

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