Waystream

Waystreamini ovat luiskahtaneet plussalle. Ostin 2023 alamäkeen pienen määrän ajatuksella "On tässä jotain ideaa kun Jensin rahastolle kelpasi ja saan paljon halvemmalla" ja tuplasin määrän heti perään puoleen hintaan 2025 insiderostojen beesissä.

Ruotsalaiset ostoanalyysit ovat söpön hehkuttavia. Ilmankos Inderesillä on vaikeaa Ruotsissa.

Waystream has again demonstrated impressive ability to generate sales growth, margin expansion and improving cash flows, despite a large one-off delivery in Q2 last year in Sweden, in still challenging markets.
Strong Q2 across the board. Waystream generated Y/Y topline growth of 6% in Q2, above our 2% estimate. In region Sweden sales declined by 38% due a single one-off delivery in Q2 last year according to the company. In the Nordic countries outside Sweden sales improved by 9%, mainly due to higher sales to the telecom operator customer segment. In Europe outside the Nordics sales grew by 83% due to higher sales to telecom operators. Cost savings are biting and EBITDA of SEK6.4m improved by 83%, mainly due to lower external expenses Y/Y. It was 68% higher relative to our estimates, although the low number in absolute terms makes the percentage difference less relevant.
Solid cash generation and Waystream is now back in a net cash position. Operating cash flow improved Y/Y to SEK11.3m (8.4m). The H1 2025 improvement to SEK26.4m (9.2m in H1 2024) has turned the financial position into a net cash position of SEK12.1m (net debt of SEK6.1m in 2024).
Strong set of results confirms good execution ability. We believe the Q2 report demonstrates Waystream’s ability to grow, expand margins and improve cash conversion in still challenging markets. The main growth potential, markets outside the Nordic region, are generating significant growth, highlighting the strategy to expand into this region is bearing fruit.

https://mfn.se/a/carnegie/waystream-margin-expansion-and-strong-cash-flows-q2-first-take

Waystream Group operates in the telecommunications industry. The company offers switches and routers adapted for the fiber market as well as associated peripherals, technical support, training and consulting. The company's customer base is metropolitan networks, operators and property companies that own and operate their own fiber networks in the Nordics and Central Europe. The majority of production takes place in Sweden and the company has its headquarters in Kista.

Tässä ollut vähän sellainenkin ajatus, että tuotanto Ruotsissa tulee automisaation ja geopoliitiikan myötä kilpailukykyisemmäksi. Pohdin hetken, jos liipaisisi kaikki pois ja yhden rivin vähemmäksi. Luin Carnegien ja Redeyen hehkutukset ja katsoin käppyrän. Nyt on kamaa Kistassa. Waystreamin pääkonttori ja Cityconin kauppakeskus ovat siellä molemmat. Pitäisiköhän joskus käydä katsomassa tiluksia?

Jään pitämään, koska ruotsalaiset sijoittajat ovat kovia hypettämään. Tämä vie Keski-Eurooppaan, joten kauppasota ei iske. Plussariviä on sitä paitsi kivempi katsella. Mitenkään erityisen halpa tämä ei ole, P/E 2025 Carnegie 16, EV/EBITDA 10, mutta kun laittaa tuloskasvua exceleihin, voi perustella kaikenlaisia hintoja.