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Västra Hamnen: LED iBond - Q3 beats our estimates

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Västra Hamnen Corporate Finance has published a research update on LED iBond following the company's report for Q3 2020. The quarterly result beat our estimate from both the revenue and cost side. The future scenario is however largely intact and we reiterate our fair value interval of DKK 16.60 - 26.30 per share, writes Västra Hamnen.
 

  • Stronger from both revenue and cost side compared to estimates
  • The company cites adverse effects from COVID-19
  • We reiterate our fair value interval of DKK 16.60 – 26.30 per share

LED iBond delivered a somewhat stronger Q3 report compared with our estimates. We had anticipated a more pronounced drop in revenues in Q3 due to the pandemic, but the actual outcome was a marked improvement over Q2. Together with an unanticipated government compensation and lower than expected operating expenditures, it produced an EBITDA that was DKK 2.9 million stronger than we had expected. However, we make only minor adjustments to our relatively fresh economic scenario and maintain our fair value estimate for the share of DKK 16.60 – 26.30.

The full report is available here.

The research report is prepared as part of Market Focus, Västra Hamnen Corporate Finance's commissioned research offering.

This is a press release from Västra Hamnen Corporate Finance AB. 
Web: vhcorp.se
Twitter: @vhcorp_se

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