Asetek Valuation Range Midpoint Cut to NOK 70 from NOK 156 at SEB

• (PLX AI) - Asetek valuation range midpoint cut to NOK 70 from NOK 156 at SEB after the company severely cut its outlook yesterday.
• • Asetek is in a perfect storm: the Delta variant outbreak has shut its Chinese contract manufacturer while freight and component costs rise, SEB said
• • These are short-term impacts with long-term fundamentals in its G&E business remaining intact. However, Asetek's plan to exit its established Datacenter business came as a shock to us and to the market, SEB said
• • The Datacenter exit removes NOK 45 per share from the valuation, SEB said
• • SEB covers Asetek as commissioned research; therefore it does not assign it a buy/hold/sell rating