companyName

extensiveId

feedTypes

includeDividend

includeEstimates

includeOverview

includeOwnership

snapshotDate

CompanyName_Query

companySlug

CompanyMetaData

CompanyContent_query

company

query CompanyName_Query(
  $companyName: String!
  $extensiveId: ID
  $snapshotDate: String
  $feedTypes: [ContentType!]!
  $includeEstimates: Boolean!
  $includeOverview: Boolean!
  $includeOwnership: Boolean!
  $includeDividend: Boolean!
) {
  ...CompanyMetaData_Ux1x9
  ...CompanyContent_query_3mc3wd
}

fragment AnalystData on Analyst {
  name
  pageUrl
  jobTitle
  imgUrl
}

fragment AuthorList on Content {
  __isContent: __typename
  id
  authors {
    __typename
    id
    name
    pageUrl
  }
}

fragment ChangePercentBlock_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      diff1mPercentage
      diff1yPercentage
      diff3yPercentage
      diffFromStartPercentage
    }
    id
  }
}

fragment CompactFeed_3NXCcw on Query {
  compactFeed: feedContent(companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...TeaserExtraCompact_content
        createdAt
        companies {
          viewerIsFollowing
          id
        }
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment CompanyAnalystQuery on Company {
  analysts {
    ...AnalystData
    name
    pageUrl
    jobTitle
    imgUrl
    id
  }
}

fragment CompanyContent_query_3mc3wd on Query {
  ...CompanyHeader_query_Ux1x9
  ...CompanyOwnership_query_Ux1x9 @include(if: $includeOwnership)
  ...CompanyFinancials_query_Ux1x9 @include(if: $includeEstimates)
  ...CompanyDividend_query_Ux1x9 @include(if: $includeDividend)
  ...CompanyInvestorConsensus_query_Ux1x9
  ...CompanyPageTop_query_Ux1x9 @include(if: $includeOverview)
  ...CompanyPageBottom_query_2bVJwf @include(if: $includeOverview)
  ...CompanyDisclaimer_query_Ux1x9
  ...Extensive_query_3u4Ry5
}

fragment CompanyCoverage_Company on Company {
  analysts {
    name
    id
  }
  isPayingCustomerOf
  isFormerCustomerOf
  isCorporateCustomer
  ...CompanyAnalystQuery
  defaultInstrument {
    ...TargetAndRecommendation_Company
    id
  }
}

fragment CompanyDescription_Company on Company {
  description
  websiteUrl
  name
}

fragment CompanyDisclaimer_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    isPayingCustomerOf
    isFormerCustomerOf
    id
  }
}

fragment CompanyDividendER_query on Company {
  name
  defaultInstrument {
    estimateData {
      reportingCurrency
    }
    dividendTransactions: estimateTransactions(first: 1, includeQuarters: false) {
      actualized {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
      estimates {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
    }
    id
  }
}

fragment CompanyDividendNonER_query on Company {
  name
  defaultInstrument {
    nonERDividendSet: nonERCompanyNumberSet(includeQuarters: false) {
      year
      dividend
      dividendYield
      epsReported
      sharePrice
      currency
    }
    id
  }
}

fragment CompanyDividend_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...CompanyDividendER_query
    ...CompanyDividendNonER_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyFinancials_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...NonERCompanyNumbers_query
    ...CompanyNumbers_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyHeader_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    id
    companyInsref
    name
    viewerIsFollowing
    followersCount
    isCorporateCustomer
    hasPinpointData
    hasDividendHistory
    sector {
      sectorname
      industry
    }
    regions
    extensiveExists
    defaultInstrument {
      symbol
      priceData {
        tradeCurrency
        lastPrice
        diff1dPercentage
      }
      marketplace {
        name
      }
      estimates: estimateTransactions(first: 1, includeQuarters: false) {
        date
      }
      nonERCompanyNumberSet(first: 1, includeQuarters: false) {
        year
      }
      id
    }
    topOwners {
      holders {
        name
      }
    }
    transactions: insiderTransactions(filter: {types: [BUY, SELL, SUBSCRIPTION]}) {
      edges {
        node {
          date
          id
        }
      }
    }
  }
}

fragment CompanyInsiderTransactions on Company {
  name
  regions
  insiderTransactions(filter: {types: [BUY, EXERCISE_OF_SHARE_OPTION, PLEDGE, RECEPTION_OF_SHARE_PREMIUM, SELL, SUBSCRIPTION]}) {
    edges {
      node {
        insider
        position
        volume
        price
        date
        unit
        type
        relatedParty
        id
      }
    }
  }
}

fragment CompanyInvestorConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    companyInsref
    id
  }
}

fragment CompanyMetaData_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    description
    pageUrl
    defaultInstrument {
      estimateData {
        modelType
      }
      id
    }
    id
  }
}

fragment CompanyName_Slug on Company {
  slug
}

fragment CompanyNumbers_query on Company {
  name
  defaultInstrument {
    estimateData {
      modelType
      reportingCurrency
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      comparisonIndexName
      actualized {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
    }
    id
  }
}

fragment CompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      companyTransactions: estimateTransactions(first: 1, includeQuarters: false) {
        actualized {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
        estimates {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
      }
      id
    }
    id
  }
}

fragment CompanyOwners on Company {
  regions
  topOwners {
    recordDate
    compareDate
    source
    holders {
      name
      capitalPercent
      votingPowerPercent
      positionChange
      totalSharesChange
      shareChange
      isNew
      isRemoved
    }
  }
}

fragment CompanyOwnership_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    ...CompanyOwners
    ...CompanyInsiderTransactions
    id
  }
}

fragment CompanyPageBottom_query_2bVJwf on Query {
  ...GeneralFeed_data_3NXCcw
  ...CompactFeed_3NXCcw
  ...UpcomingEventsQuery_Ux1x9
  ...RiskRecommendMatrix_query_Ux1x9
  ...CompanyOverviewGraphs_query_Ux1x9
  ...NonERCompanyOverviewGraphs_query_Ux1x9
  company(companySlug: $companyName) {
    companyInsref
    ...ForumUpdates_Company
    defaultInstrument {
      coreId
      id
    }
    id
  }
  allFeed: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  main: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT, ANALYST_COMMENT, VIDEO, ARTICLE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  webcasts: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [WEBCAST]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  thirdPartyResearch: feedContent(first: 1, companySlug: $companyName, filter: {types: [THIRD_PARTY_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  releases: feedContent(first: 1, companySlug: $companyName, filter: {types: [STOCK_EXCHANGE_RELEASE, PRESS_RELEASE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyPageTop_query_Ux1x9 on Query {
  ...StockChart_ChartQuery_Ux1x9
  ...LatestReports_query_Ux1x9
  company(companySlug: $companyName) {
    isFund
    name
    ...CompanyCoverage_Company
    ...CompanyName_Slug
    ...CompanyDescription_Company
    ...FundNumbers_Company
    ...ChangePercentBlock_Company
    ...KeyEstimateFigures_Company
    ...InvestmentCompanyKeyFigures_Company
    defaultInstrument {
      id
      estimateData {
        modelType
      }
    }
    analysts {
      name
      id
    }
    id
  }
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment Extensive_query_3u4Ry5 on Query {
  company(companySlug: $companyName) {
    extensive(extensiveId: $extensiveId, snapshotDate: $snapshotDate) {
      publishedAt
      pageUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment ForumUpdates_Company on Company {
  name
  forum {
    threadUrl
    highlightedPosts {
      url
      author
      authorImgUrl
      text
      postedAt
      likesCount
    }
  }
}

fragment FundNumbers_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      lastPrice
      ath
    }
    id
  }
}

fragment GeneralFeed_data_3NXCcw on Query {
  generalFeed: feedContent(first: 20, companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...Teaser_content
        ...TeaserCompact_content
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment InvestmentCompanyKeyFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
    }
    estimateData {
      modelType
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      actualized {
        year
        quarter
        sharesTotal
        marketCap
        nav
        navPerShare
        dividendYield
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        dividendYield
      }
    }
    id
  }
}

fragment KeyEstimateFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
      lastPrice
      marketCap
    }
    sector
    fundamentalData {
      ebit
      eps
      sales
      dividend
    }
    estimateData {
      modelType
      estimates {
        firstEstimateYear {
          year
          bookValue
          netSales
          dividendA
          epsAdjusted
          ebitAdjusted
          hybridLoan
          noOfShares
          netDebt
          mvMinorities
          mvAssociated
          roePercent
        }
      }
    }
    estimatesSharePrice: estimateTransactions(first: 1) {
      estimates {
        sharePrice
      }
    }
    id
  }
}

fragment LatestReports_query_Ux1x9 on Query {
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
}

fragment NonERCompanyNumbers_query on Company {
  name
  defaultInstrument {
    nonERNumberSet: nonERCompanyNumberSet(includeQuarters: true) {
      year
      quarter
      revenue
      ebitda
      ebitReported
      epsReported
      dividend
      sharesTotal
      roe
      roi
      enterpriseValue
      marketCap
      gearingRatio
      equityRatio
      dividendYield
      sharePrice
      currency
      evSales
      evEbitda
      evEbit
      pb
      netIncome
      ptp
    }
    id
  }
}

fragment NonERCompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      overviewGraphsData: nonERCompanyNumberSet(includeQuarters: false) {
        year
        revenue
        ebitReported
        epsReported
        dividend
        dividendYield
        currency
      }
      id
    }
    id
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment RiskRecommendMatrix_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      riskData: estimateTransactions(first: 1) {
        businessRisk
        valuationRisk
      }
      id
    }
    id
  }
}

fragment StockChart_ChartQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    isFund
    defaultInstrument {
      coreId
      id
      marketOpen
      marketClose
      marketplace {
        region
      }
      priceData {
        lastPrice
      }
      returns {
        day
        week
        month
        threeMonths
        sixMonths
        year
        threeYears
        fiveYears
        tenYears
        ytd
        total
      }
    }
    id
  }
}

fragment TargetAndRecommendation_Company on Instrument {
  estimateData {
    modelType
    researchCurrency
    estimates {
      date
      recommendation
      targetPrice
    }
  }
}

fragment TeaserCompact_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  isPremium
  pageUrl
  lang
  companies {
    ...CompanyTagList
    id
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  ...AuthorList
}

fragment TeaserExtraCompact_content on Content {
  __isContent: __typename
  id
  title
  createdAt
  pageUrl
  lang
  companies {
    name
    pageUrl
    viewerIsFollowing
    id
  }
}

fragment Teaser_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  pageUrl
  imgUrl
  isPremium
  lang
  companies {
    ...CompanyTagList
    id
  }
  publishers {
    imgUrl
  }
  authors {
    __typename
    id
  }
  ... on AnalystComment {
    preview
  }
  ... on Article {
    preview
  }
  ... on CompanyReport {
    preview
  }
  ... on ThirdPartyCompanyReport {
    preview
  }
  ... on QA {
    preview
  }
  ... on Video {
    preview
    liveTime
    videoDuration
  }
  ... on Webcast {
    preview
    liveTime
  }
  ...AuthorList
  ...Reactions
}

fragment UpcomingEventsQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      calendarEvents(first: 10) {
        edges {
          node {
            date
            type
            period
            id
          }
        }
      }
      id
    }
    id
  }
}


name

description

pageUrl

defaultInstrument

companyInsref

viewerIsFollowing

followersCount

isCorporateCustomer

hasPinpointData

hasDividendHistory

sector

regions

extensiveExists

topOwners

insiderTransactions

isPayingCustomerOf

isFormerCustomerOf

extensive

feedContent

Sensys Gatso Group

DNB Carnegie Access: Sensys Gatso Group: Margin expansion and impressive free cash flow – Q4 review

Sensys Gatso Group, Audiocast, Q4'25

DNB Carnegie Access: Sensys Gatso Group: EBITDA beat and 8% FX adj. Y/Y sales growth – Q4 initial

DNB Carnegie Access: Sensys Gatso Group: We expect a strong end to 2025 – Q4 preview

DNB Carnegie Access: Sensys Gatso Group: Solid margin beat and order intake – Q3 review

Sensys Gatso Group, Audiocast, Q3'25

DNB Carnegie Access: Sensys Gatso Group: Solid margin beat and order intake – Q3 initial

DNB Carnegie Access: Sensys Gatso Group: We expect Y/Y growth from the TRV order – Q3 preview

DNB Carnegie Access: Sensys Gatso: Interview - New CEO on stage

DNB Carnegie Access: Sensys Gatso Group: Trafikverket contract having a positive impact – Q2 review – corrected version

DNB Carnegie Access: Sensys Gatso Group: Trafikverket contract having a positive impact – H2 review

Sensys Gatso Group, Audiocast, Q2'25

DNB Carnegie Access: Sensys Gatso Group: Large contract with Trafikverket driving growth – Q2 initial

DNB Carnegie Access: Sensys Gatso Group: Expecting positive impact from TRV contract – Q2 preview

Sensys Gatso Group AB: Sensys Gatso Australia signs contract for the supply, installation and support of traffic safety systems from the South Australia Police, worth SEK 15 million

Sensys Gatso Group AB: Sensys Gatso Australia signs contract for the provision of mobile traffic safety systems as a service in the state of Victoria, initially worth SEK 14 million

Carnegie Access: Sensys Gatso Group: A stable play in turbulent times – Q1(25) review

Sensys Gatso Group, Audiocast with teleconference, Q1'25

Carnegie Access: Sensys Gatso Group: 2025 outlook reiterated – Q1(25) initial comment

Carnegie Access: Sensys Gatso Group: Still in waiting mode on TRV invoicing start – Q1(25) preview

Carnegie Access: Sensys Gatso Group: 2025 outlook below expectations but long-term ambition intact

Carnegie Access: Sensys Gatso Group: Weak Q4 and reduced 2025 ambition

Sensys Gatso Group, Audiocast with teleconference, Q4'24

Carnegie Access: Sensys Gatso Group: Preparing for the significant order from TRV – Q4(24) preview

Sensys Gatso Group, Audiocast with teleconference, Q3'24

NASDAQ Stockholm

Sensys Gatso Group is an international technology company focused on the development and manufacturing of traffic safety and surveillance systems. The company's products are aimed at authorities and companies that need advanced traffic surveillance and security solutions. Sensys Gatso Group was founded in 1982 and is headquartered in Jönköping, Sweden.

Name: Sensys Gatso  Country: Sweden, listed on the Stockholm Stock Exchange since 2003  Industry: traffic enforcement solutions  Revenue: 624 MSEK  Market Cap: 700 MSEK  P/B: 1.11  P/S: 1.05  IR: https://www.sensysgatso.com/investors History: Sensys Gatso (SG) is a company that has been operating in the traffic enforcement solutions field for over 40 years. The company has grown organically and through acquisitions, the most significant being the merger with a Dutch company named Gatso about 10 years ago. Today, Sensys Gatso is a global player whose business covers several countries in Europe, North America, Asia, and Africa. Industry and products: Sensys Gatso specializes in providing traffic enforcement solutions that help improve road safety and efficiency. The product range can be divided as follows:  Traffic cameras: Speed enforcement, traffic control, and intersection monitoring (red lights, etc.) Traffic light control systems: Intelligent systems that optimize traffic flow Traffic information systems: Real-time information on traffic Services: Installation, maintenance, and consulting  Market Situation: SG is one of the largest players in the industry and the largest of those focused solely on this sector. The total market is growing, and for a European company, SG is strong in the US market. One reason for this is TrAAS (traffic enforcement as a service), where a municipality or city outsources traffic enforcement to the company for a fixed term. For the public sector, this solution is asset-light and lowers the barrier to procurement. In Europe, this model is not popular, at least not yet, which is why systems are still sold in the domestic market and operations remain with the buyer. The image below shows (copyright: Kepler Cheuvreux, like the other images) the company’s internationalization in just under 10 years. At the same time, we see the relative shrinkage of the European domestic market’s share from 61% → 22%.  The company’s own sales mix clearly reflects the fluctuation between system sales and traffic enforcement services (TRaaS). TRaaS is growing steadily, but system sales vary according to the deals secured and their implementation schedules. As in so many other sectors, the company is trying to smooth out seasonally fluctuating revenue streams from system sales by “servitizing” its operations and raising its margin percentage through TRaaS and aftermarket sales. In terms of orders, they are (mostly) at the mercy of public sector procurement processes and political trends. For example, in Ohio, systems already sold are waiting for deployment permits after the administration changed approval practices. Thus, the temporal gap between sales and cash flow can depend on things other than the company’s own performance. The company has a goal to reach over a billion kronor in sales by 2025, with TRaaS accounting for over 60%. Since significant deals in Sweden and the Netherlands (totaling 1,250 MSEK, spread over several years) will start generating full revenue streams from next year onwards, the jump from the 2023 revenue of 624 MSEK is not impossible.  The Bottom Line and Cash flow In system sales, the EBITDA margin has been between 10-15% in recent years, and in services, between 17-22%. Significant tender wins and the growth of the TRaaS model create front-loaded costs, and the sales mix affects the company’s annual margins. In next year’s target, the EBITDA level should be over 15%.  By the end of 2025, our ambition is to exceed SEK 1 billion in net sales, with more than SEK 600 million from TRaaS, while increasing our EBITDA margin to over 15%  Due to growth and front-loaded costs (tenders, TRaaS), the company cannot finance growth with cash flow alone, so this autumn a 30 MEUR bond loan was taken (euribor + 4.75) to finance growth and roll over previous debts. The company is not particularly indebted. Nevertheless, one must keep an eye on large project receivables turning into cash so that growth doesn’t stall due to running out of “ammunition.” An advantage of the public sector is that the sensitivity to bankruptcy is lower than usual. The image below clearly shows how annual Capex expenditures vary significantly. For the same reason, free cash flow fluctuates, although in the future, TRaaS income should smooth out the need for debt to cover project financing costs.  Risks and Threats Autonomous traffic will eventually dry up one of the revenue streams, but realistically speaking, it will only bite into revenue from the late 2030s onwards, if even then. In any case, it takes time for the vehicle fleet to update. In my opinion, this known risk is perceived as larger than it actually is. Regarding the United States, a bigger risk is the political situation—I assume a Democratic victory would be a better option for the company, although the state-specific situation likely matters more. The competitive situation could change with AI and bring new players alongside traditional operators. However, one cannot succeed in this industry without a moderate capital requirement and credibility gained through a proven track record, so rapid disruptions are, in my opinion, unlikely. The field is naturally competitive, so SG’s position and earnings level are not set in stone, just like with any other firm. Why buy this too? Why would now be a good time to buy? I’m not a real estate agent and therefore don’t advise buying all the time, but with the stock price at five-year lows (61.4 SEK), not much value is being placed on the company’s growth story and its turn towards profitability. A long downward slide is, of course, not a great reason to buy in itself.  I don’t know what negative factors the market can or cannot price in, but with basic performance and without major political upheavals, 2025 should bring growing revenue and positive free cash flow as large project deliveries are recognized as revenue. Exchange rate fluctuations add their own flavor to the game (especially the USD/SEK pair). The gap to the Kepler Cheuvreux (buy) analysis target price of 95.0 SEK has widened significantly. Penser/Carnegie determines the DCF value to be 84 SEK and the fair value range to be 80-100 SEK. (Everyone can assign whatever value they wish to a paid analysis.) Based on Kepler Cheuvreux’s estimates, the P/E would be around 11 with 2025 figures, with growth still around 20%. Based on the company’s comments, the largest growth investments are now behind them, so the benefits of TRaaS should be increasingly visible toward the end of the decade. You won’t get dividends from this machine for several years yet, but instead of dividends, I’d rather enjoy the growth of the TRaaS business. (Hardcore dividend fans, put away the tar and feathers, it itches  ) Reasons to sell the stock would be stalling growth and loosening cost discipline. Disclaimer: If you somehow managed to trudge this far (or are just a masochist), thank you for your attention. This is not (either) a purchase recommendation, and the responsibility lies with the listener. In the writing of this, nothing was harmed except the Finnish language in the form of occasional anglicisms, limping grammar, and accidental typos. –  Paid analyses: It’s worth looking at these (especially the Kepler presentation) for numerical data on market size, etc., and a more detailed nuanced view. In this post, I focused on the big picture and the broad brushstrokes. Kepler Cheuvreux: https://sponsored-research.keplercheuvreux.com/be/kepler-file/document?file=EQ360P_1069137.pdf&id=8c7ae4d2-add6-11ed-bd0b-0050568f8cb8  Penser / Carnegie: https://www.carnegie.se/pdf/commissioned_research/Y3JpZF84MDE4XzE0MTVfMQ==

Yes, and that is certainly one reason for the recent gloom. I tried to mention the same topic in the opening post, but I mixed up Ohio and Utah (thanks to the Lauri Markkanen documentary I was watching out of the corner of my eye).  For example, in Utah (correction: Ohio), systems already sold are waiting for deployment permits after the administration changed approval practices. Thus, the time gap between sales and cash flow can depend on factors other than the company’s own performance.  Political risk cannot be ignored, but based on RedEye’s old report, the general atmosphere seems to favor camera enforcement:  There has recently been a trend shift in the USA, where traffic fatalities are now increasing. This has caused many states to favor speed cameras more positively. Two major additions from the last months are Florida and California - states that substantially increase the market potential for Sensys Gatso.  The situation is new for the authorities as well, and speed bumps are even likely. Still, the situation is the same for all players, meaning the duration of deployment approvals doesn’t just affect SG’s equipment and services. Different levels of administration (state vs. county vs. city) come up with their own bureaucratic hurdles, just like here. RedEye’s report is the usual bullish nonsense regarding target prices. Currently, we are at roughly the bear case (65 SEK) valuation. For this year, SG changed its provider of commissioned research. RedEye/ 17.11.2023                  redeye.se              Sensys Gatso: Underestimated potential in the USA    Redeye believes Sensys Gatso has just entered a very interesting period with increasing momentum in both sales and earnings growth. Further, Sensys Gatso reiterated its ambitious 2025 targets. With o                             In addition, a more detailed article on the situation in Iowa, with party politics in the background:  Some Republican lawmakers, as well as the ACLU of Iowa, have been trying to ban automated traffic enforcement for years. Some opponents of traffic cameras have accused cities of abusing automated traffic enforcement to boost local budgets.                    Iowa Public Radio – 1 Oct 24              Most of Iowa’s fixed traffic cameras must be turned off as DOT implements new...    Most of Iowa’s traffic cameras that issue speeding tickets in permanent locations must be turned off after the Iowa Department of Transportation denied the vast majority of cities’ requests to operate them.

Great opening! Interesting company with a strong presence also in Australia (Tasmania) and the Middle East (Saudi Arabia). The TRaaS business recently faced setbacks in the state of Iowa, where a legislative change put SGG’s speed cameras under a “use ban”, link below:                  sensysgatso.com              Implementation of new legislation in Iowa, USA      | Sensys Gatso

BNP PARIBAS SEC SERVICES PARIS, W8IMY (GC)

Nordnet Pensionsförsäkring AB

Sensys Gatso Group

37.10 SEK

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