“Measuring up for growth” – Research report by Carnegie

Today, Carnegie initiates coverage of Kebni and publishes the initiation report “Measuring up for growth”, giving an overview of the company, business areas and markets, as well as a deep dive into key business cases and financials.

Read the full initiation report here.

Excerpt from the report by Carnegie Access:

”Well positioned to capitalise on a fast-growing market
As a profitable and debt-free company, we find Kebni well positioned to capitalise on its role as a niche supplier to the rapidly growing defence market and the emerging trends in autonomous vehicles. Kebni has demonstrated its expertise in movement measurement through successful partnerships with high-profile clients across all its business areas. Notable clients, such as Epiroc and Saab, have integrated Kebni’s products into some of their most prestigious systems, further showcasing the company’s capabilities.

Foresee further orders imminently
Kebni’s primary revenue stream is currently the bespoke, highly robust Inertial Measurement Unit (IMU) for Saab’s anti-tank system, NLAW, which has recently experienced a significant increase in demand. Our calculations indicate that Kebni is set to receive additional order value of SEK73m, corresponding to about two to three quarters of sales, related to orders Saab has announced. Furthermore, we anticipate that the French government will soon announce an order, and we believe it is also relatively likely that the United States will procure the system too.

Endless possibilities
The demand for movement measurement is growing, becoming integral to autonomous vehicles, robotics, navigation and dismounted soldier systems, among others. This expansion presents numerous opportunities for Kebni to integrate into various new systems. A significant potential catalyst for Kebni is its disclosed partnership with a Fortune 500 company, which we believe to be Volvo Construction Equipment. We believe this collaboration could serve as a substantial growth driver for Kebni.”