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Västra Hamnen: Hövding - New sales record in Q4

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Västra Hamnen Corporate Finance has published a research update on Hövding following its full year report. The company recorded a new all-time sales record in Q4 but the net loss was wider than our expectation. We still believe that profit is just a few quarters away and we reiterate our fair value interval of SEK 21.10 - 30.50 SEK per share, writes Västra Hamnen.
 

  • Sustains strong growth trend but misses our earnings estimate
  • Profit is probably few quarters away
  • We maintain our fair value interval of SEK 21.10 – 30.50 per share

Hövding’s full year report for 2020 once again proves the company’s remarkable ability to sustain growth. Net turnover in Q4 fell marginally short of our forecast, but nevertheless recorded a new all-time high of SEK 52.8 million. Costs were somewhat higher than we anticipated and the period’s net loss consequently wider. According to our estimates, the company is still on a path to turn a profit later in 2021, probably from Q3. We make a few modifications to our forecast model but retain our valuation interval of SEK 21.10 – 30.50 per share.

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