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Third party research

Kebni: Saab order the portal to next level for KebNi - Emergers

KebNi

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

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With the SEK 76m volume order for IMUs from Saab, KebNi now enters the next level of monetising its IMU technology. The order however only scratches the surface of the potential with NLAW, as replacing the units the UK has sent to Ukraine represent a potential of over SEK 300m alone. KebNi now enjoys a strong business momentum and strengthened organisation which in short time led to Satcom-portfolio boosting initiatives. With our forecast of a pick-up in H2’22 a and sharp revenue increase in 2023, we find support for a fair value of SEK 1.4-2.1 (1.2-1.8) in 12-24m, and see the announcement of revised financial targets before year end and follow-on orders from Saab as primary catalysts.
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