Smarteq is consolidating - a new analysis from Redeye!
By Greger Johansson and Magnus Söderberg February 20, 2009Smarteq´s Financial Report for Q4 was less good than expected, mainly due to decreasing sales to the automotive industry. The result was also affected by non-reoccurring costs. A positive aspect is the company´s strong gross operating margin (52 percent). The EBITA-margin (approx. 5 percent) as seen over the full year 2008 was also good.
We have adjusted our prognoses for 2009 and we assume that this year will be a “middle" year for Smarteq. However, we believe that we will be able to keep a high gross operating margin.
Bearing in mind that Smarteq will be delivering to the fast growing AMM market and that the deliveries to Volvo will commence during 2010 we believe the evaluation of the company looks very interesting.
Konsolidering under 2009
Smarteq´s Q4-rapport kom in något sämre än väntat.
Bolaget är pressat av en minskad försäljning inom M2M
samt en lägre efterfrågan från fordonsindustrin.
Resultatet påverkades också negativt av kostnader av
engångskaraktär.
En positiv aspekt i rapporten var bolagets starka
bruttomarginal (52 procent). EBITDA-marginalen
(cirka 5 procent) sett över helåret 2008 var också god.Läs hela rapporten antingen som PDF eller klicka på länken nedan:
Analysen som PDF
Länk till analysen http://www.redeye.se/analys/smarteq-b/27339
Automotive