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Third party research

Gomspace: Another sign of the turnaround - Danske

GomSpace Group

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

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While Q2 was slightly below our estimates, focus is on the Indra order for three satellites,
a demonstration project that if successful could translate into material upside for
GomSpace. Component sourcing continues to weigh on short-term deliveries and the
recent order carries a lower margin initially. We now model 2021 sales slightly above the
low end of the guided range. We raise our valuation range to SEK21-33 from SEK17-27.
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