Siste par årene har de vært sluppet kl 13 tror jeg. Jeg tror det normale er at tallene slippes slik at de kan fordøyes før presentasjonen, så hvis de har webcast kl 14 så vet ikke jeg hva det vil tilsi egentlig.
En kontrakt fra 5/7, som jeg ikke hadde fått med meg. Utgangspunktet er 3 mill USD med potensiale opp til 6,5 mill USD.
https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=3624585&lang=en-GB&companycode=n-kit&v=
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Kitron: Q2 2019 - Rekordhøyt driftsresultat
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Nice!
Jeg er også
glad for at den utfordrende komponentsituasjonen i bransjen nå er bedre, og
dette forventes å redusere arbeidskapitalen gradvis de kommende kvartalene.
Ikke verst, lavere marginer, men vesentlig høyere topplinje
For 2019 forventer Kitron at driftsinntektene vil øke til mellom 3 200 og 3 400
millioner kroner. Resultatet i kroner er høyere enn de tidligere utsiktene, men
EBIT-marginen er ventet å være mellom 5,9 og 6,3 prosent.
Dette gir forventet EBIT for 2019 på 188,8 - 214,2 MNOK
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Strålende rapport.
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Fra årsrapporten
Fra Q2 rapporten
Årsrapporten guidet EBIT for 2019 på 179,8 - 211,2 MNOK
Q2 rapporten guidet EBIT for 2019 på 188,8 - 214,2 MNOK
Guidingen for Ebit er mao oppjustert med 3%
Guidingen for omsetning er oppjustert med 4,7%
Omsetning for 2018 var på 2619 MNOK, guidingen for 2019 er nå på 3200 - 3400 MNOK, eller 26% vekst.
Organisk vekst i omsetning hittil i 2019 er på 19% og de forventer at marginene mot slutten av 20
EBIT var på 156,1 MNOK i 2018, guidingen for 2019 er nå på 188,8 - 214,2 MNOK, eller 21% - 37% vekst
Marginene er noe lavere enn guidet pga midlertidig inneffektivitet ved innfasing av nye kunder ved eksisterende anlegg og oppstart av det polske anlegget. Dette forventes løst ved inngangen til 2020.
Jeg solgte riktignok 10% i dag, først og fremst fordi jeg hadde økt med 25% i forkant av rapporten. Tallene ser knallsterke ut og spesielt topplinjen imponerer veldig. Med EBIT på 156,1 MNOK i 2018, så klarte de et resultat på 106 MNOK, hvis de hadde klart samme ratio i 2019, så hadde det blitt 136,8 MNOK. De har nok høyere renteutgifter i 2019, så resultatet blir noe lavere enn 77 øre pr aksje.
Litt moro med over 600% vekst i en sektor, dessverre fra et veldig lavt nivå. 
Utvikling i Ebit:
Lithuania ramp-up affects margins
US margins turn positive this quarter (etter at de har eid dem i to kvartaler)
Det er jo også klart at det først og fremst er USA som trekker ned marginene, men trenden er veldig pen oppover. 
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Oppdatering fra SB1M etter Kitrons Tall For Q2 .
Rep. figures spot on, marginal positive EBIT guidance; investment case with +15% annual equity IRR at ~20% ROCE unchanged
Conclusion
Operational figures literarily spot on SB1M with net profit of NOK36m and consensus at NOK37m with better than expected revenue growth, offset by somewhat lower EBIT margin. Hence, guidance was changed with a positive net absolute EBIT effect of NOK6m with mid-point corresponding to NOK201m (vs. previous NOK195m) compared to SB1M current ‘19e estimate of NOK213m. As such, we expect to do zero estimate changes to our absolute EBIT forecast (higher revenue offset by lower margin) and reiterate our investment case that KIT is a great stock to have as part of a portfolio with 1) +15% annual equity IRR at, 2) ~20% ROCE and trading at 3) ‘20e P/E and dividend yield of 10.2x and 6% (assumes 60% pay-out ratio), respectively. Working capital has stabilized, but with +20% revenue growth it is hard to lower working capital to sales significantly, which in our opinion at best is set for late ‘19e/early ‘20e and limits dividend pay-out ratio to 60% of EPS. We reiterate our Buy rec. and NOK12 target price.
· EPS spot on, but the mix somewhat
KIT delivered net profit and EPS that literally was spot on our estimates (see below). This was driven by 4% better revenue growth than our estimates, driven by Defence/Aerospace and Offshore/Marine, noting 29% growth YoY (of which 19% organic). However, as both these electronics components primarily is manufactured in the facilities in Norway, Sweden and the USA, which currently is margin dilutive to blended KIT from lower utilization, this took EBIT margin down from 6.8% in 2Q18 to 6.6% in 2Q19, in line with our thesis from the 2Q19 preview (we modelled with 6.6% EBIT margin). Thus, absolute EBIT came in at NOK56m vs. our NOK54m estimates and this delta leads to zero estimate changes on absolute EBIT (somewhat changed mix).
· Working capital has stabilized
Working capital has stabilized with 1) supplier shortage/constrains started to ease and lead times have come down, 2) allocation of components are reduced by half compared to peak in 3Q18 and 3) raw materials in inventory is expected to reduced going forward, but with +20% revenue growth it is hard to lower working capital to sales significantly, which in our opinion at best is set for late ‘19e/early ‘20e and limits dividend pay-out ratio to 60% of EPS.
Absolute EBIT guidance upped.
Pre 2Q19, KIT expected ‘19e revenues of NOK2.9bn to NOK3.2bn and EBIT margins between 6.2% to 6.6%, which at mid-point correspond to NOK195m in EBIT. This was changed today with ~NOK6m in absolute EBIT improvement. Indeed, 1) revenues were upped to NOK3.2bn to NOK3.4bn, primarily driven by better than expected growth within Defence/Aerospace and Offshore/Marine, and 2) EBIT margin was lowered to 5.9% to 6.3%, as i) stronger growth than expected due to ramp-up of customers, temporarily drive inefficiency in existing facilities and ii) start-up og the Polish facility. Mid-point on news guidance correspond to some NOK201m, where we model with NOK213m (consensus at NOK206m) and hence, we are likely to keep our absolute EBIT estimate unchanged, as there is support in the current order backlog with an book-to-bill of ~1.4x.
Fra norne
Strong revenue growth, record-high EBIT and stable order backlog
Kitron posted its 2Q19 report with figures beating our expectations. Solid organic growth in revenues thanks to particularly strong improvement in Defence/Aerospace and Offshore/Marine sectors was followed by order backlog stabilized at a high level. Guided revenue range for 2019 was upped, but EBIT margin is expected lower than previously. No major changes to our model following the report are likely.
Strong organic top line growth
Kitron delivered strong 2Q19 figures beating our expectations. Revenues of NOK 860.2m (vs. NOK 813.8m our expectations and NOK 666.6m in 2Q18) showed 19% organic growth excluding the acquisition of the EMS division of API Technologies. Particularly strong growth was seen in Defence/Aerospace and Offshore/Marine market sectors, which were also the main contributors for strong organic order backlog growth YoY and very solid current level of NOK 1.5bn (flat QoQ). Both the EBITDA and EBIT came in at all-time-highs and were also above our projections (NOK 75m and NOK 56m vs. NOK 71m and NOK 51m our expectations respectively).
Strong operating cash flow, working capital stabilized
Cash flow from operations was reported at NOK 53.5m (+25% YoY). Net working capital remains high at NOK 933m (+55% YoY; flat compared to NOK 927m 1Q19), primarily due to the deliberate inventory build-up to avoid supply disruptions in the face of previously reported electronic components shortages. However, the number of components on allocation are now reduced by half compared to the peak in 3Q18 but are still above the levels before the allocation situation. Kitron expects that a continued gradual improvement over the year will lead to a reduction of working capital.
Revenue guidance upped, EBIT margin guidance reduced
Kitron adjusted its 2019 revenue guidance upwards to NOK 3,200-3,400m (NOK 2,900-3,200m previously), however EBIT margin is expected to be in the range of 5.9-6.3% (6.2-6.6% previously). Stronger growth than expected due to ramp-up of customers temporarily drive inefficiency in existing facilities, but the challenges should be resolved moving into 2020. We will adjust our model accordingly, but no major changes to the model following the report are likely.
Analyst
Tomas Skeivys, CFA
+47 21 95 37 49
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Gode tall som vanlig, kitron vokser stødig og tjener mer og mer penger. Mener aksjen er verdt mer enn dagens pris, mye på grunn av tall, men også på grunn av den dyktige ledelsen som som gang på gang viser at de klarer å nå sine målesetninger.
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Det tror jeg de fleste her er enig i, men KIT er jo sånn en kjedelig aksje…
Alle på forumet her burde hatt noe KIT for å balansere risikoen i portisen ;D
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Fra Norne
Stellar growth comes with efficiency issues that are being well addressed
We reiterate Buy on KIT share after the solid 2Q report at a bit higher TP of NOK 13/sh (12). Strong growth results in temporary efficiency hiccups, but as before, we believe the company’s efforts to tackle this will be successful.
Very strong (in)organic top line growth
KIT delivered strong 2Q figures with revenues of NOK 860m (vs. NOK 814m our exp.) showing 20% organic growth (excl. acquisition of the EMS division of API Technologies). Particularly strong growth was seen in Defence/Aerospace and Offshore/Marine sectors, which were also the main contributors for strong organic order backlog growth YoY and very solid current level (NOK 1.5bn). EBITDA and EBIT came in at all-time-highs and were also above our projections (NOK 77m and NOK 56m vs. NOK 71m and NOK 51m our exp. respectively).
Strong operating cash flow, working capital stabilized
Cash flow from operations was reported at NOK 53.5m (+25% YoY). Net working capital remains high at NOK 933m (+55% YoY; flat compared to NOK 927m 1Q19), primarily due to the deliberate inventory build-up to avoid supply disruptions in the face of previously reported electronic components shortages. However, the number of components on allocation are now reduced by half compared to the peak in 3Q18 but are still above the levels before the allocation situation. Kitron expects that a continued gradual improvement over the year will lead to a reduction of working capital.
Revenue guidance upped; EBIT margin guidance reduced
Kitron adjusted its 2019 revenue guidance upwards to NOK 3,200-3,400m (NOK 2,900-3,200m previously), however EBIT margin is expected to be in the range of 5.9-6.3% (6.2-6.6% previously). Stronger growth than expected due to ramp-up of customers temporarily drive inefficiency in existing facilities, but the challenges should be resolved moving into 2020. We have made mostly positive adjustments to our estimates following the report and reiterate Buy at a higher TP of NOK 13/sh (12 previsously). P/E of 12 for this year droping to 11 next year in the face of solid growth look attractive. Good and improving cash flows should also enable attractive dividends, while goal-breaking results seem to become a habit for the company.
Analyst
Tomas Skeivys, CFA
+47 21 95 37 49
Full analyse fåes ved å abonnere på Norne sitt nyhetsbrev.
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Tror ikke det er lenge til kursen tar en ny ATH.
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Vel, den holdt ikke lenge, solgte litt mer nå. Fra Q1 til Q2 økte jeg fra 16k til 24k og er nå nede på ca 20k igjen. Har sittet på 16k-20k i flere år nå, men tenker jeg sitter på 20k-24k framover.
Jeg reduserte fra 58k til 51k idag kun fordi jeg vil inn med noe i Panoro før august.
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Er en liten konsolidering på gang her nå, jeg er 50/50 på om det vipper opp eller ned nå på kort sikt. Positiv på lang sikt, og har gjort som deg og solgt litt på toppen. Det ser fortsatt svært solid ut, så vil fortsatt ha en stor post.
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Kitron er hovedinvesteringen i min portefølje. Jeg kjøper og trader noe i andre aksjer, og har/er også langsiktig med en god slump i for eks EAM. Tanken er dog alltid å kunne spe på mer i Kitron på sikt. Jeg er nok litt «forelsket» i KIT.
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Hva tenker vi om inngang her, se om vi får en tur ned på 9-tallet og så kjøpe litt.
Betaler Kitron utbytte i år?
Enten får man løpe etter, eller så er vel inngang noen uker/måneder etter Q3 rapporten mulig, og utbyttet for i år er vel betalt og det blir vel først utbytte i forbindelse med Q1 2020.
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