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CTT Systems operates in the aerospace industry and focuses on the development and manufacture of systems for humidity and temperature control in aircraft. The company's products are aimed at aircraft operators and manufacturers. The operations are international and target customers globally. CTT Systems was founded in 1991 and is headquartered in Nyköping.
* Accretive AM sales +26% y-o-y... * ...while OEM delivery is pushed out * 23/17x EBIT '26e-'27e, ~25/30% ROCE AM activity high, OEM deliveries pushed out CTT's Q3 sales improved y-o-y (+3.5%), of which +5% was organic vs. ABGSCe +1% and FactSet consensus...
* Better organic growth (+5% vs. ABGSCe +1%) * AM guide raised to 20-25% (5-15%), OEM narrowed to 45-50% (45-60%) * Share -6% into numbers, trades at 21-12x EBIT '26e-'27e Q3 details Sales were 1% above our expectations, with sales of SEK 76m up 5% y...
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* OEM ramping up, encouraging aftermarket * '26e-'27e EBIT down 3%; ~55% EBIT CAGR '25-'28e * 21-11x EBIT '26e-'27e, ~25-40% ROCE, net cash Good OEM+AM activity partly offset by VIP CTT's Q2 sales declined y-o-y, but by less than we feared (-4% organically...
* Better organic growth (-4% vs. ABG -10%) * Next phase of OEM ramp-up Q1'27, AM back to y-o-y growth * Share -6% into numbers, trades at 21-11x EBIT '26e-'27e (pre-Q2) Q2 details Sales were 11% above our expectations, with sales of SEK 76m down 4% y...
* 2026 now also clouded by uncertainty * '26e-'27e EBIT down 12-4%; ~60% EBIT CAGR '25-'28e * 20-11x EBIT '26e-'27e, ~25-40% ROCE, net cash Better OEM activity, uncertain flight traffic 2026 started well for CTT, with 41% organic growth (ABGSCe +29%)...
* Return to high organic growth (+41% vs. ABG +29%) * Middle Eastern conflict behind more cautious FY'26 outlook * Share +5% into numbers, trades at 20-11x EBIT '26e-'27e (pre-Q1) Q1 details Note that our latest published estimates are from February,...
