Freemelt - Record quarter for orders: six Freemelt ONEs
4 juli, 17:45
|
Q2 expectationsThe company received a record number of Freemelt ONE orders during Q1 — a total of six machines, four of which were expected to be delivered in Q2, and the other two in Q3. Including earlier orders, we expect sales from five Freemelt ONE machines and one eMELT-iD machine in the quarter, although whether the eMELT-iD machine has yet been delivered is uncertain. In total, we forecast sales of SEK 29m (2.4m). Assuming a 60% gross margin and somewhat increased opex, this implies adj. EBIT of SEK -1m (-14.9m). Estimate changesWhile the influx of orders in Q2 is very encouraging, the volatile nature of Freemelt's order intake means that we do not extrapolate this forward, so while we raise '25e sales by 13%, we only fine tune '26e-'27e by 1%. This in turn affects our adj. EBIT estimates positively by SEK 5-1m. Company valuationIn addition to the machine orders, Freemelt continues to make progress on a new feasibility study related to the ITER fusion reactor, a strategic partnership with EMS company Scanfil for the outsourced manufacture of its machines, and an agreement with the Chinese company Jiuli to act as its sales agent in China, with Taiwan and Hong Kong announced in the quarter. Over the coming 12 months, we think the key milestones to watch for are the company's various ongoing feasibility and proof-of-concept studies converting into order commitments for eMELT machines. Our long-term view of the company remains largely unchanged and on our updated estimates, the share is currently trading at 5.9x-2.9x EV/Sales vs. to its historical median of 6.0x-1.8x. |
Läsaren av innehållet kan anta att ABG Sundal Collier har erhållit eller kommer att erhålla betalning för utförandet av finansiella företagstjänster från bolaget. Ersättningen är på förhand avtalad och är inte beroende av innehållet.
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Freemelt - Record quarter for orders: six Freemelt ONEs
4 juli, 17:45
|
Q2 expectationsThe company received a record number of Freemelt ONE orders during Q1 — a total of six machines, four of which were expected to be delivered in Q2, and the other two in Q3. Including earlier orders, we expect sales from five Freemelt ONE machines and one eMELT-iD machine in the quarter, although whether the eMELT-iD machine has yet been delivered is uncertain. In total, we forecast sales of SEK 29m (2.4m). Assuming a 60% gross margin and somewhat increased opex, this implies adj. EBIT of SEK -1m (-14.9m). Estimate changesWhile the influx of orders in Q2 is very encouraging, the volatile nature of Freemelt's order intake means that we do not extrapolate this forward, so while we raise '25e sales by 13%, we only fine tune '26e-'27e by 1%. This in turn affects our adj. EBIT estimates positively by SEK 5-1m. Company valuationIn addition to the machine orders, Freemelt continues to make progress on a new feasibility study related to the ITER fusion reactor, a strategic partnership with EMS company Scanfil for the outsourced manufacture of its machines, and an agreement with the Chinese company Jiuli to act as its sales agent in China, with Taiwan and Hong Kong announced in the quarter. Over the coming 12 months, we think the key milestones to watch for are the company's various ongoing feasibility and proof-of-concept studies converting into order commitments for eMELT machines. Our long-term view of the company remains largely unchanged and on our updated estimates, the share is currently trading at 5.9x-2.9x EV/Sales vs. to its historical median of 6.0x-1.8x. |
Läsaren av innehållet kan anta att ABG Sundal Collier har erhållit eller kommer att erhålla betalning för utförandet av finansiella företagstjänster från bolaget. Ersättningen är på förhand avtalad och är inte beroende av innehållet.
Ämnen i artikeln
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