* Report out on 21 October at 08:00 CEST * Q3e sales of SEK 10m (32m), no machine deliveries in the quarter * Trading at '25e-'27e EV/Sales 3.3x-2.2x No machine deliveries in the quarter We estimate Q3 sales of SEK 10m (32m) with no announced orders in the quarter, implying R12m sales of SEK 69m (106m). With no major machine deliveries during the quarter, revenue contributions are expected from the Coating Services and Aftermarket segments. We estimate sales of SEK 6.8m (6.6m) and SEK 3.4m (3.6m) for these segments, respectively. On EBIT, we forecast SEK -12m (-7m). We expect the current state of uncertainty in the hydrogen market, which is causing customers to hesitate over placing machine orders, to pose a near-term risk to our estimates. We estimate the company will end the quarter with a cash balance of SEK 12m, which can be compared to the R12m FCF lease adj. of SEK -79m. Estimate changes We only fine-tune our estimates, lowering '25e-'27e sales and EBIT by 2-0% and 2%, respectively. We forecast two machine deliveries for 2025e. Long-term view unchanged Our long-term outlook for the company remains unchanged despite expectations of a softer quarter. We believe the substantial investments in the Chinese hydrogen market present a growth opportunity for Impact Coatings. The company continues to expand its commercial traction with new paying customers and increased sampling activity, particularly in Europe and North America. However, longer lead times and a weak hydrogen market are tempering near-term growth momentum. The company is currently trading at 3.3x-2.2x '25e-'27e EV/sales vs. peers at 2.8x-1.0x, and it is our view that the current multiples reflect a company in early-stage development with high growth potential.
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