Smart Eye (Q2 Review): A Large Detour on the Road to Peak Production - Redeye

Redeye notes that Smart Eye's Q2 was softer than expected, with Automotive missing on what we believe is a lower realised European market share than we previously had assumed, despite organic growth of 128%. Because of Smart Eye's high operating leverage, a roughly 17% cut to our sales estimates translates into an almost 50% cut to EBITDA-CAPEX. We lower our fundamental value to SEK90 (previously SEK120) and combine it with a modest relative valuation weighting for a new Fair Value of SEK88. We remain positive on the long-term growth runway, but acknowledge that our near-term expectations have obviously been too high.

Länk till analysen i sin helhet: https://www.redeye.se/research/1179871/smart-eye-q2-review-a-large-detour-on-the-road-to-peak-production?utm_source=finwire&utm_medium=RSS