contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

I-tech operates in marine technology. The company conducts research and development of substances that inhibit marine fouling on ship hulls. In addition, the products can be used for various marine installations in fish farming and offshore. Customers are found in the marine paint industry and among other players in the shipping industry. I-Tech was founded in 2000 and has its headquarters in Mölndal.

I-tech

- Q1e: sales SEK 32m, up 3.7% y-o-y, EBIT margin of 19.2% (27.1%) - Sales to recover after Q4 dip; new customer expected later this year - Customers moving forward despite regulatory concerns...

- Q1e: sales SEK 32m, up 3.7% y-o-y, EBIT margin of 19.2% (27.1%) - Sales to recover after Q4 dip; new customer expected later this year - Customers moving forward despite regulatory concerns Q1e: Anticipate promising results For Q1, we expect sales of SEK 32m, up 3.7% y-o-y (4% org., -0.3% FX). We estimate EBIT of SEK 6.1m (8.3m), for a margin of 19.2% (27.1%), which we expect to convert to net income of SEK 5.7m (6.7m). This implies EPS of SEK 0.48 (0.56), and FCF of SEK 6.6m (10.9m). We expect Q1 to show stronger results compared to Q4 and to demonstrate that Q4 was only a temporary dip. Estimate changes and outlook Ahead of the Q1 report, we make some changes to our estimates for organic sales growth, costs and NWC. These, together with our updated USD FX forecast, lead to a reduction in '24e-'26e sales of 0.2% and EBIT of 9-6%. During the quarter, a leading global coating company, PPG, introduced a new antifouling product containing I-Tech's Selektope within its premium range of coatings, de-risking our '24-'26 estimates. This brings the total number of customers with products on the market up to 4 (out of ~9 relevant potential customers that control ~80% of the market). Furthermore, the company has announced that it is expecting an additional customer launch later this year, which is expected to be both for the new-build and dry-docking market. We see these agreements as a positive as customers are moving forward with I-Tech despite the ongoing regulatory process. Additionally, the company has communicated its aim to increase its gross margin by reducing costs through a new potential supplier in India. The overall outlook for the company remains largely unchanged, in our view, and we believe in continued sales growth and profitability improvements over time. We reiterate our fair value range of SEK 55-140 The share is currently trading at 13x-6x EV/EBIT '24e-'26e, and 19x-10x P/E '24e-'26e i.e. ~40-50% below the peer median. We reiterate our fair value range of SEK 55-140.