Detection Technology

DT’s outlook is turning much brighter now as security CT volumes are recovering after the slump seen last year.

DT’s Q4 results were largely in line with estimates as revenue declined by 6% y/y while EBITA was down EUR 1.5m to EUR 3.7m. Security applications declined even more than we estimated while medical was clearly stronger, leading DT’s figures very close...

DT reports Q4 results on Feb 5. Last year was challenging, but now Q1’26 should see double-digit growth; a similar pace could continue in Q2 and beyond, in which case earnings multiples would start to look quite cheap soon enough.

DT’s CMD outlined strategy for the next five years. SBU might be in some ways the most mature application area, but its volume recovery will be crucial to earnings in the short-term.

DT’s Q3 wasn’t strong yet EBITA was better than estimated; Q4 should see further gradual gains, while next year has significant earnings drivers after a period of low volumes.