ÅAC reported a weaker H119 than expected. However, we still anticipate some growth for the full year despite slower than hoped for recruitment of technicians and engineers but note the deferral of revenues to H219 from some delayed projects and the progress made in orders. The order backlog grew to SEK126m at H119 and has been enhanced by the recent addition of Eutelsat as a customer, with an initial two-satellite order worth over SEK24m with a potential to increase to SEK53.5m. However, the growth path appears to have been deferred by a couple of quarters. The revised expectations leave our DCF derived fair value at SEK8.4 per share and is contingent on securing the right skill sets to ramp up production.Den vollständigen Artikel lesen ...