{"id":12699,"date":"2020-08-25T09:00:00","date_gmt":"2020-08-25T07:00:00","guid":{"rendered":"https:\/\/www.emergers.se\/?p=12699"},"modified":"2021-08-25T09:46:23","modified_gmt":"2021-08-25T07:46:23","slug":"kebni_d_en","status":"publish","type":"post","link":"https:\/\/dev.emergers.se\/en\/kebni_d_en\/","title":{"rendered":"Strong momentum in internal development behind short-term lull this quarter"},"content":{"rendered":"
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\n\t\t\t\tKebNi\u2019s reporting continues to have an emphasis on the company\u2019s comprehensive internal work. The sales organization reached full strength in August, and the company is preparing for activities during the autumn in parallel with the development of its own IMU application for scaffolding and the launch of NG IMU in spring 2022. Following lower revenues than we anticipated from the existing operations, we have lowered our expectations for the full year and extended the expected run-up for KebNi\u2019s re-styled operations, which is why we also expect a renewed need for capital during the winter. <\/span><\/strong>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Johan Widmark | Date:<\/strong> 2021-08-25<\/span><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\tRead report in pdf here<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Strong momentum in build-up behind the lull this quarter<\/h5>

The report for the second quarter reflects a high level of internal activity at KebNi, demonstrating excellent potential to re-style the company into a more sales-oriented organization with a broader and more current product offering, including everything from the new 1.8 meter drive-away antenna, an IMU offering that highlights the forefront of technology with the launch of NG IMU, and a sales organization with a tripled reach in terms of partner presence by 2022. At the same time, short-term growth continued to weaken in the second quarter, with basically non-existent sales, earnings of SEK -10 million and operating cash flow of SEK -17 million.<\/p>

Mixed performance in the existing portfolio<\/h5>

In addition to the final delivery to IAI during Q2 2021 and scheduled deliveries of IMU prototypes to SAAB, Satmission is now preparing a road show during the autumn that should be able to make an impact on sales in the medium term. At the same time, development work is underway on the company’s own IMU application for monitoring scaffolding, which is expected to be launched in 2022. Although we expect small volumes initially, our calculations show (see our most recent update\u00a0Scaffolding focus in new vertical with great potential<\/a>) annual revenue potential of SEK 100 million, and the application will be able to expand to real-time monitoring of a variety of other areas with little or no modification.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Read our report on KebNi here<\/span><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Expected strengthening of cash reserves towards winter<\/h5>

As the support from the underlying satellite operations has proven to be more variable and less predictable, we have lowered our expectations for sales this year and do not now expect numbers in the black until 2024. With operating cash flow so far this year of SEK -29 million and our lower level of expectation for the coming year, we anticipate a renewed need for capital during the winter. Adjusted for the dilution from an expected rights issue of SEK 20 million, our forecast provides support for a fair value based on DCF and comparative multiples of SEK 1.5-2.2 (2.5-2.9) per share on a horizon of 18-24 months.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\tRead report in pdf here<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Johan Widmark | Tel: 0739196641 | Mail: johan@emergers.se<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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DISCLAIMER<\/strong>
The information provided by Emergers or on Emergers’ website, emergers.se is not intended to constitute financial advice. Emergers receives payment for writing about the company in this document. The company has been given the opportunity to review factual statements before publication, but forecasts, conclusions and any valuation reasoning are Emerger\u2019s own. To avoid conflicts of interest, Emerger’s writers have no holdings in the listed companies we write about. Research articles should not be interpreted as a recommendation or solicitation to invest in the companies described. Emergers cannot guarantee that the conclusions presented in the research will be met. Emergers cannot be held liable for either direct or indirect damage caused by decisions made on the basis of information in this research. Potential investors are encouraged to read additional material and information as well as consult a financial advisor prior to any investment decision. For full terms and conditions, please see here<\/a>.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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KebNi\u2019s reporting continues to have an emphasis on the company\u2019s comprehensive internal work. The sales organization reached full strength in August, and the company is preparing for activities during the autumn in parallel with the development of its own IMU application for scaffolding and the launch of NG IMU in spring 2022. Following lower revenues …<\/p>\n<\/div>","protected":false},"author":1,"featured_media":11193,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"spay_email":""},"categories":[39,26],"tags":[52,43],"jetpack_featured_media_url":"https:\/\/dev.emergers.se\/wp-content\/uploads\/2021\/05\/TSSat.jpg","_links":{"self":[{"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/posts\/12699"}],"collection":[{"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/comments?post=12699"}],"version-history":[{"count":14,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/posts\/12699\/revisions"}],"predecessor-version":[{"id":12721,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/posts\/12699\/revisions\/12721"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/media\/11193"}],"wp:attachment":[{"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/media?parent=12699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/categories?post=12699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/tags?post=12699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}