Redeye Update: AVTECH: Lowered base case
AVTECH reported a Q4-result in line with our expectations. Total revenue was SEK 3. 4 million vs our estimates of SEK 2. 8 million.
EBIT was SEK -2. 1 million (our estimates were SEK -1. 7 million).
We have changed our Redeye rating with 1 point regarding “execution” due to the management has not delivered on its own estimates. Our estimates is lowered with a break-even expected first in Q3-Q4 2017. Our financial projections for 2018 and forward is also changed.
This indicates a value range of SEK 2 – 11 with a base case of SEK 4. 5 (prior SEK 7).