Company Overview
Aspocomp Group Oyj is a Finnish technology company specializing in the design, manufacturing, and sales of printed circuit boards (PCBs) and other electronic components. With over two decades of experience in the industry, Aspocomp has established itself as a leading player in the global PCB market.
Aspocomp's primary mission is to provide high-quality electronic components and solutions that enable the development of innovative technologies. The company's core values include innovation, customer satisfaction, and sustainability. Aspocomp aims to be a trusted partner for its customers, providing them with reliable and efficient solutions. The company's vision is to become a leading player in the global electronics industry.
Key Products/Services
Aspocomp's product portfolio includes printed circuit boards (PCBs), PCB assemblies, and other electronic components. The company's PCBs are designed for a wide range of applications, including automotive, industrial, and consumer electronics. Aspocomp's PCB assemblies are used in various industries, such as aerospace, defense, and medical devices. The company also offers design services, manufacturing, and testing capabilities.
Benefits of Aspocomp's Products/Services
Aspocomp's PCBs offer high reliability, durability, and performance. The company's PCB assemblies provide a cost-effective solution for customers who require complex electronic systems. Aspocomp's design services enable customers to optimize their designs and reduce production costs. The company's manufacturing capabilities ensure fast and reliable delivery of products.
Investment Potential
Aspocomp has a strong track record of innovation and growth. The company's focus on sustainability and customer satisfaction sets it apart from competitors. Aspocomp's product portfolio offers a wide range of opportunities for growth, including expansion into new markets and development of new products.
Aspocomp operates in a competitive industry with risks associated with fluctuations in demand and changes in market conditions. The company's reliance on a few key customers also poses a risk. However, Aspocomp's strong brand reputation, innovative products, and focus on customer satisfaction mitigate these risks.
Aspocomp Group Oyj is a well-established technology company with a strong track record of innovation and growth. The company's focus on sustainability, customer satisfaction, and innovation makes it an attractive investment opportunity. However, investors should carefully consider the risks associated with the industry and the company's reliance on key customers.
Valuation
| 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|
| Number of Shares (million) | 6.8 | 7.5 | 7.5 | 7.5 | 7.5 |
| Target Valuation (MEur) | 4.3 | 7.9 | 6.5 | 3.1 | 3.1 |
| Targer Price | 0.63 | 1.04 | 0.87 | 0.41 | 0.41 |
| Potential, % | -80.3 | -79.3 | -84.3 | -92.5 | -92.5 |
| Recommendation | Sell | Sell | Sell | Sell | Sell |
| MCAP (MEur) | 21.8 | 38.2 | 41.4 | 41.4 | 41.4 |
| Price | 3.18 | 5.08 | 5.5 | 5.5 | 5.5 |
| EV | 27.0 | 39.0 | 43.0 | 42.0 | 41.0 |
| P/S | 0.79 | 1.0 | 1.12 | 1.23 | 1.22 |
| EV/S | 1.0 | 1.03 | 1.17 | 1.24 | 1.2 |
| EV/EBIT | -6.93 | 43.3 | 46.13 | -148.89 | -65.58 |
| P/E | -6.27 | 92.52 | 68.31 | -188.18 | -84.49 |
| P/B | 1.42 | 2.05 | 2.13 | 2.16 | 2.21 |
| P/OCF | -4.62 | 14.39 | 16.63 | 17.77 | 22.75 |
| EV/OCF | -5.82 | 14.74 | 17.36 | 17.89 | 22.34 |
| P/FCF | -4.24 | 21.66 | -42.59 | 26.92 | 40.27 |
| EV/FCF | -5.35 | 22.19 | -44.47 | 27.11 | 39.55 |
Income Statement
| 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|
| Revenue | 32.3 | 27.6 | 38.2 | 36.9 | 33.6 | 33.9 |
| Rev. Growth, % | 0.0 | -14.6 | 38.4 | -3.4 | -8.9 | 0.9 |
| Ebit | -1.7 | -4.0 | 0.9 | 0.9 | -0.3 | -0.6 |
| Ebit Growth, % | 0.0 | -135.3 | 122.5 | 0.0 | -133.3 | -100.0 |
| Ebit, % | -5.3 | -14.5 | 2.4 | 2.4 | -0.9 | -1.8 |
| Profit | -1.6 | -3.5 | 0.4 | 0.6 | -0.2 | -0.5 |
| EPS | -0.23 | -0.51 | 0.05 | 0.08 | -0.03 | -0.07 |
| Profit Growth, % | 0.0 | -118.8 | 111.4 | 50.0 | -133.3 | -150.0 |
| Profit, % | -5.0 | -12.7 | 1.0 | 1.6 | -0.6 | -1.5 |
Balance Sheet
| 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|
| Inventory | 5.2 | 5.7 | 6.1 | 5.6 | 5.7 | 5.6 |
| Acc. Receivable | 5.0 | 7.3 | 6.5 | 7.4 | 7.1 | 7.2 |
| Cash | 1.3 | 1.4 | 1.8 | 2.5 | 4.0 | 5.0 |
| Equity | 18.8 | 15.3 | 18.7 | 19.4 | 19.2 | 18.7 |
| ROE, % | -8.5 | -22.9 | 2.1 | 3.1 | -1.0 | -2.7 |
| ROCE, % | -8.2 | -17.9 | 4.2 | 3.8 | -1.3 | -2.6 |
| Net Debt | 0.6 | 5.7 | 0.9 | 1.8 | 0.3 | -0.7 |
| Gearing, % | 3.0 | 37.0 | 5.0 | 9.4 | 1.5 | -3.9 |
| Equity ratio, % | 71.6 | 54.0 | 65.0 | 62.9 | 62.7 | 62.2 |
| Acc. Payable | 5.1 | 5.7 | 6.9 | 7.0 | 6.4 | 6.8 |
| Total Assets | 26.2 | 28.4 | 28.7 | 30.9 | 30.6 | 30.1 |
| ROA, % | -6.1 | -12.3 | 1.4 | 1.9 | -0.7 | -1.7 |
Cash Flow
| 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|
| Operating Cash Flow | 5.1 | -4.7 | 2.7 | 2.5 | 2.3 | 1.8 |
| Investment Cash Flow | -2.6 | -0.4 | -0.9 | -3.5 | -0.8 | -0.8 |
| Free Cash Flow | 2.5 | -5.1 | 1.8 | -1.0 | 1.5 | 1.0 |
| OCF/CAPEX | 1.97 | 0.0 | 2.98 | 0.72 | 2.94 | 2.3 |
| Financial Cash Flow | -2.6 | 5.1 | -1.2 | 1.6 | 0.0 | 0.0 |
Disclaimer
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