Privacy preferences
Inderes uses cookies to provide a better user experience and a personalised service. By consenting to the use of cookies, we can develop an even better service and will be able to provide content that is interesting to you.
  • Forum
  • Stock Markets
    • MarketsLive prices, indices, and market performance
    • Stock CalendarUpcoming earnings, listings, and corporate events
    • Dividends CalendarFuture and past dividends
  • Companies
    • CompaniesBrowse and filter the full list of listed companies
    • DiscoveryInspiration for your next investment
    • IPOsNew listings and upcoming public offerings
    • AGM InvitationsAnnual general meeting dates and shareholder info
  • Stock Research
    • ResearchExpert stock analysis and recommendations
    • ArticlesNews, insights, and market commentary
    • inderesTVVideo hub for stock research, analysis, and expert commentary
    • TranscriptsFull text records of earnings calls and investor meetings
    • Stock ComparisonCompare financials and performance across multiple stocks
    • Earnings SeasonCompare EPS estimates to reported results
    • Compound Interest CalculatorSee how your savings grow with the power of compound interest.
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer

Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

Napatech: Pipeline continues to increase - ABG

NAPAThird party research23.08.2024, 07.34

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

Download report (PDF)
We lower '24e revenue by 21%, but lift '26e by 18%
2nd IPU design win secured, pipeline continues to increase
Ambition of 50-60k units implies P/E of 2.8-5.0x


Weak Q2 for legacy business

Q2 was weak with revenue of DKK 23m, -39% y-o-y and -29% vs. ABGSCe at 33m (EBITDAC -28m vs ABGSCe -15m). We think the weakness in the legacy business to a large degree is driven by NetScout (its largest customer), now ordering much less than normal due to a weak telco market. Q3 has so far been better than Q2 and we think Q3 sales are likely to be up ~50% q-o-q. In addition, Q4 will benefit from: 1) the F5 contract beginning to ramp up, and 2) likely one-time engineering payments. We reduce '24e revenue by 21% to DKK 127m and EBITDAC to DKK -89m.