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1. Company Snapshot

1.a. Company Description

Asetek A/S, together with its subsidiaries, engages in the designing, developing, and marketing of liquid cooling solutions in Asia, Europe, and the Americas.The company operates through Liquid cooling, Data center and SimSports segments.Its products are used in personal computers, servers, and data centers to provide improved performance, acoustics, and energy efficiency.


It serves original equipment manufacturers, resellers, and channel partners.The company was founded in 1997 and is headquartered in Aalborg, Denmark.

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1.b. Last Insights on ASTK

Asetek A/S' recent performance was driven by strategic developments, despite near-term market challenges. The company reported a decline in Q3 2025 revenue to $9.8 million, mainly due to fewer liquid cooling product shipments. However, Asetek secured a significant agreement with a returning customer for high-end liquid cooling solutions, with a minimum volume commitment of $35 million over two years. This deal boosted the company's medium-term Liquid Cooling segment ambition. Additionally, Asetek's focus on product innovations and expanding its Liquid Cooling segment is expected to drive future growth.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Asetek AS (FRA:A31) Q3 2025 Earnings Call Highlights: Navigating Challenges with Strategic ...

Nov -04

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Asetek - Q3 2025: Firming Up The Growth Outlook Amid Near-term Market Challenges

Nov -03

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Invitation to Asetek's Q3 2025 Earnings Call on Tuesday, 4 November

Oct -30

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Asetek Signs Major Agreement With Returning Customer for Supply of High-End Liquid Cooling Products and Increases Medium Term Liquid Cooling Segment Ambition

Oct -15

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Data Center Refrigerants Strategic Business Report 2025-2030, Coverage of Key Players Such as 3M, Alfa Laval, Arkema, Asetek, Climalife (Dehon Group) and More

Oct -14

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Asetek AS (STU:A31) Q2 2025 Earnings Call Highlights: Navigating Revenue Declines and Strategic ...

Aug -20

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Asetek - Q2 2025: Positioning for Future Growth

Aug -19

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Update Regarding Certain Indications of Interest Relating to Potential Strategic Transactions

Aug -18

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.70%)

6. Segments

Liquid Cooling

Expected Growth: 10.2%

Growing demand for high-performance computing, increasing adoption of AI and cloud computing, and rising need for efficient and quiet cooling solutions drive the growth of the liquid cooling market.

SimSports

Expected Growth: 15.4%

Growing demand for immersive training experiences, increasing adoption of simulation-based training in sports, and advancements in AI and VR technologies are expected to drive the growth of SimSports platform.

Datacenter

Expected Growth: 15.4%

Growing demand for efficient data center cooling solutions, increasing adoption of cloud computing, and rising need for high-density data storage drive the growth of Asetek A/S's liquid-cooled data center solution.

7. Detailed Products

Liquid Cooling Solutions

Asetek's liquid cooling solutions provide high-performance, low-noise, and reliable cooling for data centers, cloud computing, and high-performance computing applications.

RackCDU (Rack-level Cooling Distribution Unit)

Asetek's RackCDU is a hot-swappable, modular cooling system designed for data center racks, providing efficient and reliable cooling for high-density servers and storage systems.

InRackCDU (In-Rack Cooling Distribution Unit)

Asetek's InRackCDU is a high-density, in-rack cooling solution designed for data centers, providing efficient and reliable cooling for high-performance computing and storage systems.

HPC (High-Performance Computing) Cooling Solutions

Asetek's HPC cooling solutions provide high-performance, low-noise, and reliable cooling for high-performance computing applications, including AI, machine learning, and scientific simulations.

AI and Machine Learning Cooling Solutions

Asetek's AI and machine learning cooling solutions provide high-performance, low-noise, and reliable cooling for AI and machine learning applications, including deep learning and natural language processing.

8. Asetek A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

Asetek A/S faces moderate threat from substitutes, as there are limited alternatives to its liquid cooling solutions. However, the company's focus on innovation and quality helps to mitigate this threat.

Bargaining Power Of Customers

Asetek A/S has a diverse customer base, which reduces the bargaining power of individual customers. The company's strong relationships with its customers also help to mitigate this threat.

Bargaining Power Of Suppliers

Asetek A/S has a moderate level of dependence on its suppliers, particularly for components such as pumps and heat exchangers. However, the company's strong relationships with its suppliers help to mitigate this threat.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the liquid cooling solutions market. Asetek A/S's strong brand reputation and patented technology also make it difficult for new entrants to compete.

Intensity Of Rivalry

The liquid cooling solutions market is highly competitive, with several established players competing for market share. Asetek A/S's strong focus on innovation and quality helps the company to maintain its competitive edge.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 21.75%
Debt Cost 3.95%
Equity Weight 78.25%
Equity Cost 10.18%
WACC 8.83%
Leverage 27.79%

11. Quality Control: Asetek A/S passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Kontron

A-Score: 5.8/10

Value: 5.8

Growth: 6.8

Quality: 5.5

Yield: 5.0

Momentum: 9.5

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Shoper

A-Score: 5.3/10

Value: 0.9

Growth: 9.4

Quality: 8.1

Yield: 1.9

Momentum: 7.5

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Elma Electronic

A-Score: 4.5/10

Value: 2.1

Growth: 6.1

Quality: 5.5

Yield: 0.0

Momentum: 3.5

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
SIFA

A-Score: 4.1/10

Value: 5.4

Growth: 4.2

Quality: 4.2

Yield: 1.2

Momentum: 3.5

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Datalogic

A-Score: 3.5/10

Value: 5.2

Growth: 1.7

Quality: 3.8

Yield: 4.4

Momentum: 2.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Asetek

A-Score: 2.5/10

Value: 9.0

Growth: 1.1

Quality: 4.0

Yield: 0.0

Momentum: 0.5

Volatility: 0.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.59$

Current Price

1.59$

Potential

-0.00%

Expected Cash-Flows