CONTX-Norne oppgrader fra hold til kjøp

bulleye
CONTX 24.04.2023 kl 09:10 1625

Norne har oppgradert CONTX fra hold til kjøp.
Antar omsetningsvekst, fordelaktig valuta og at CONTX nå er blitt et utbyttecase vil løfte kursen fremover.

Dividend case unfolding with solid growth and improving profitability

ContextVision will report 1Q on April 27th. We saw a strong top line in 4Q that was overshadowed by high cost base with still some effects from INIFY spin-off. We continue to see solid revenue growth in 1Q and normalizing costs leading to improved profitability. A pleasant surprise was the dividend proposed to the AGM of SEK 0.3/sh (3.7% yield), which we think is a good start for the case to start being evaluated as a solid value case. Having in mind this, solid growth and improved profitability with less INIFY noise, combined with the recent weakness in the stock prices we upgrade the share to Buy at an unchanged TP of NOK 10/sh.

Double-digit growth and improved profitability seen in 1Q
ContextVision is scheduled to release its 1Q23 report on April 27th. We estimate revenues of SEK 30m (+10% YoY) and EBITDA of SEK 12m (39% margin and a bit up QoQ from SEK 11m). Inify Laboratories spin-off should now have limited negative impact. Notably, the FX moves should still work in favour of the company reporting in SEK, which was weaker vs EUR by 7% and by 13% vs USD YoY. This should support the top line growth, but 1Q is a seasonally slower quarter compared to 4Q. We also see profitability rebound, as costs normalize.

Dividends of SEK 0.30/sh proposed to the AGM – 3.7% yield
ContextVision did not propose a dividend for 2022 at the time of its 4Q report in February. However, the proposal came with the AGM announcement on March 30th and now SEK 0.30/sh is proposed to be paid out for 2022. This represents 3.7% dividend yield with current FX rates.

Upgrading to Buy at NOK 10/sh TP, as solid value case unfolds
The new management has been in the company for less than a year and it takes time for any changes to take place. However, we view dividends as a good step towards making CONTX as an attractive value case. We do not make significant adjustments to our estimates and keep our TP of NOK 10.00/sh unchanged. However, the dividend news and the recent share price weakness make the share more attractive, and we upgrade it to Buy.
bulleye
24.04.2023 kl 13:20 1575

Ser ut som det er flere som skjønner at CONTX kommer til å legge frem gode regnskapstall på torsdag. CONTX viste solide omsetningstall for Q4 og jeg tror vi kan få en omsetningsvekst på 10-15% sammenlignet med Q1 i 2022, samt en solid resultatvekst.
bulleye
27.04.2023 kl 08:59 1486

Knallsterke tall fra CONTX i dag!
Tallene var vesentlig bedre enn Norne antok og de har i dag signalisert at de sannsynligvis vil løfte kursmålet fra NOK 10.
legg forøvrig merke til kommentaren fra CEO i dagens børsmedling:
- Vi har en veldig velfungerende, voksende og lønnsom kjernevirksomhet. Ettersom
vi ønsker at selskapet skal ta neste sprang, har vi også begynt å undersøke
flere virksomhetsområder der vi tror vår tekniske kompetanse kan slå betydelig
ut. Fremtiden ser veldig lys ut, fortsetter Pötzsch.
Dette signaliserer at CONTX ser på muligheten til å bruke sin unike teknologi på andre områder, som kan åpne nye markeder og øke omsetningen og resultatet på sikt!


Strong 1Q supports our positive stance

ContextVision delivered a strong 1Q report this morning. The figures were above expectations, and we were especially encouraged by the improved EBITDA margin. We are likely to increase our estimates somewhat following the report that might lift our TP as well, while our recommendation will largely depend on the share price reaction to the report.

1Q top line and EBITDA beat expectations
ContextVision released its 1Q23 report this morning. The figures were strong with revenues of SEK 32m, in line with the very solid 4Q22 and 8% better than our SEK 30m projection. Margins were also better with EBITDA margin improving to 40% from 34% a year ago and 33% in 4Q22. We were expecting 39%. The EBITDA margin improvement is materializing, as we expected, and we see more room for margin growth as the INIFY noise wanes.

The solid revenues and margins filtered through to the bottom line and EPS was SEK 0.11 vs SEK 0.10 in our model. SEK 0.30/sh dividend to be paid in equal tranches in May and November.



A number of new orders signed in 1Q
The company indicated that it added new contracts (mainly Asia) and increased current ones at their largest OEMs. More activity in China is expected as the country is finally starting to open up after COVID. Interestingly, a note was made in the report that OEMs’ interest in working with CONTX in areas beyond image enhancement has increased.

Positive estimate revision likely
All in all, a strong report from ContextVision this morning supports our recent upgrade of our recommendation to Buy. Our estimates are likely to be lifted a bit following the report, which might lead to higher TP. Recommendation will depend on the share price reaction to the report.
bulleye
27.04.2023 kl 09:49 1441

Bra oppgang i CONTX i dag, på kort sikt skal vi til 9,8. Snart kommer også første del av utbyttet for 2022 og i dag eller i morgen foretar Norne en oppjustering av kursmål. Skal vi anta NOK 12?
bulleye
28.04.2023 kl 12:11 1337

Begynner å nærme oss mitt kortsiktige kursmål på 9,8. Venter nå på at Norne skal øke kursmålet til NOK 12. Volumet har vært enormt de to siste dagene sammenlignet med de siste ukene/mnd., så det er tydelig at flere nå vil inn i aksjen for å være med på oppturen.
bulleye
03.05.2023 kl 10:29 1174

Siste dag inkl. utbytte, vedtas på GF i dag og går ex. utbytte i morgen.
Gikk en stor post på 315.000 aksjer nå nettopp på 9,5.
bulleye
10.05.2023 kl 09:25 1033

Norne hever kursmålet på CONTX fra 10,0 til 10,5. Ikke all verden til oppjustering, men tross alt +20% sammenlignet med gårsdagens sluttkurs.
Legg merke til siste setning i analysen: "In addition, the new CEO is exploring further growth opportunities that are not yet included in our model and present further upside to the case". Hvis og jeg påpeker hvis CONTX sin unike teknologi benyttes til nye produkter kan vi virkelig ser for oss en skikkelig reprising av aksjen.
Her er det mao. produkter utenom bildeforbedring til helsesektoren, som feks. digitale kameraer, reklameboards osv.. Markedet innen disse produktene utgjør en mangedobling av markedet CONTX har i dag.

Steady and profitable growth to unlock attractive dividends in the future

ContextVision delivered a strong 1Q report in the end of April. The figures were above expectations, and we were especially encouraged by the improved EBITDA margin. We increased our estimates somewhat following the report and lift our TP to NOK 10.50 (10) as well, while reiterating our Buy recommendation.

1Q top line and EBITDA beat expectations
ContextVision released its 1Q23 report on April 27th. The figures were strong with revenues of SEK 32m, in line with the very solid 4Q22 and 8% better than our SEK 30m projection. Margins were also better with EBITDA margin improving to 40% from 34% a year ago and 33% in 4Q22. We were expecting 39%. The EBITDA margin improvement is materializing, as we anticipated, and we see more room for margin growth as the INIFY noise wanes. The solid revenues and margins filtered through to the bottom line and EPS was SEK 0.11 vs SEK 0.10 in our model. Notably, SEK 0.30/sh dividend will be paid in equal tranches in May and November (>4% yield).



A number of new orders signed in 1Q
The company indicated that it added new contracts (mainly Asia) and increased current ones at their largest OEMs. More activity in China is expected as the country is finally starting to open up after COVID. Interestingly, a note was made in the report that OEMs’ interest in working with CONTX in areas beyond image enhancement has increased.

Estimates upped and new TP at NOK 10.50 (10); Buy reiterated
All in all, a strong report from ContextVision supports our recent upgrade of our recommendation to Buy. We thus keep our positive stance and increase our estimates somewhat. This leads to a new higher TP of NOK 10.50/sh (10). We believe, ContextVision is a solid value case with stable and profitable growth that will in the future unlock attractive dividends. In addition, the new CEO is exploring further growth opportunities that are not yet included in our model and present further upside to the case.
bulleye
19.05.2023 kl 11:49 888

Investtech trekker frem CONTX som en av "småselskapene" som kan få en revansj.
ContextVision er et lite medisinteknikkselskap innen bildeanalyse og kunstig intelligens, og har vært børsnotert siden 1997. For drøyt ti år siden var kursen nede på én krone, mens den toppet på 28 kroner i 2020. Nå står aksjen i underkant av ni kroner.
Omsetningen i selskapet har økt 13 av de siste 14 årene, og ContextVision har de siste tre årene levert overskudd med gode marginer.
Prismessig har kursen svingt mellom 8,10 og 9,70 kroner mesteparten av det siste året. Det er dannet en stor rektangelformasjon i kursen og investorene synes å avvente nye impulser.

Volumutviklingen er nå positiv, etter at aksjen har steget på høyt volum, samtidig som den har falt tilbake på avtakende volum. Det indikerer at kjøperne nå er aggressive, mens selgerne er komfortable med å sitte i aksjen. Et brudd opp gjennom motstanden ved 9,70 kroner vil være et klart kjøpssignal i aksjen, og kursen kan da lett gå ytterligere ti prosent på en uke eller 20 på en måned.

Aksjen er svakt positiv på innsidehandler etter at CEO Gerald Pötzsch og CFO Markus Hökerberg kjøpte seg opp på høsten i fjor.

Anbefaling: Svak kjøp.

Legger med lenken med teknisk analyse:

https://e24.no/boers-og-finans/i/pQbyeo/ukens-investtech-smaaselskapenes-revansje
bulleye
26.05.2023 kl 15:16 719

SpareBank 1- anbefaler CONTX.
ContextVision er på sin side en nisjeleverandør til helsesektoren, med en fantastisk lønnsom vekst de seneste 5–10 årene, sier han.

https://www.finansavisen.no/finans/2023/05/26/8011498/sparebank-1-analytiker-petter-kongslie-spar-tosifret-organisk-vekst-og-bedre-marginer