contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

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

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


ctt-systems-destocking-still-weighs-on-am-sales-abg

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

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, Sweden.

CTT Systems

Solid Q4 finish but cautious Q1/H1'25 guidance Pick-up in OEM/VIP but destocking holds back AM Negative H1'25 comments likely to outweigh better OEM/VIP Q4 details Sales were 1% above our expectations...

Solid Q4 finish but cautious Q1/H1'25 guidance Pick-up in OEM/VIP but destocking holds back AM Negative H1'25 comments likely to outweigh better OEM/VIP Q4 details Sales were 1% above our expectations, with 1% organic sales (ABGSCe +1%), which in turn was driven by stronger system sales (+61% y-o-y vs. ABGSCe 37%) and softer aftermarket sales (-10% y-o-y vs. ABGSCe 0%). Despite the negative mix (75% aftermarket sales vs. ABGSCe 78%), EBIT grew 6% (ABGSCe -20%), as the margin came in at 41% (ABGSCe 31%) due to favourable FX. On a positive note, VIP sales clearly improved and reached SEK 8m (ABGSCe 4m). The DPS was SEK 5.35 (ABGSCe 5.55). Outlook and estimate changes For Q1'25, CTT expects sales of SEK 50-60m, vs. ABGSCe FY'25 sales 471m, where we had assumed a gradual ramp-up in sales though 2025. This is due to "significantly lower AM demand" due to well-stocked distributors, which is expected to result in lower AM sales y-o-y also in Q2. OEM is expected to pick up clearly as deliveries are starting to mirror aircraft build-rates, while VIP sales are expected to remain flat vs. Q4'24 (8m), supported by SEK 11m in orders won during Q1'25. In addition, management sees solid progress towards VIP OEM Bombardier and is in a contractual phase with another private jet OEM. Mechanically, we estimate that the lower start to 2025 could negatively impact FY'25e sales by 10-15%, with a greater impact on EBIT due to AM's high margins. Final thoughts Although AM sales have been surprisingly volatile in recent quarters, the fluctuations should be transitory as the overall installed base is still growing well, while the pick-up in system deliveries were key heading into 2025. That said, we believe that the H1'25 comments on AM sales will be seen as negative for the share, and overshadow the positive comments on the OEM and Private Jet side. The share has returned +1% L1M, below the broader market (OMXSGI) at +5%, and is currently trading at 21-16x EBIT (pre-Q4) '25e-'26e (20x L10Y). There is a conference call at 09:30 CET