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Third party research

CTT Systems: Secures largest order ever - ABG

CTT Systems

This is a third party research report and does not necessarily reflect our views or values

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SEK 120+7m retrofit order to be delivered in 2025-2035
Covers our '25e-'28e Retrofit assumptions, ~1% of total sales
Small impact but very encouraging for the retrofit segment


A potential resurgence in dehumidifier demand

CTT recently press released that the company has won an order for its anti-condensation (dehumidifiers) systems from a European airline with 146 Airbus A321neo (narrow-body), and options for an additional 9 systems. The order value on a list price basis is reported to be SEK 120+7m, which implies a value per unit of SEK 0.8m, above what we believe CTT sells its systems for in the OEM channel. As usual in the aerospace industry, the delivery schedule will take place over a long time, at the first C-check for every aircraft, so the SEK 120 (+7) m orders will be delivered from Q3'25 until 2035, but with 30 systems (we est. SEK 25m in sales) expected to be delivered in 2025-2028. To our knowledge, this is the largest order CTT has ever secured from a single customer, and follows a stint where CTT had total retrofit sales of SEK 12m in 2020-2024e.
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