CTT Systems AB (publ) (CTT.ST) | Investment Case

1. Company Snapshot

1.a. Company Description

CTT Systems AB (publ) designs, manufactures, and supplies humidity control products for aircraft worldwide.The company offers humidifiers and dehumidifiers for passenger cabins, flight decks, crew rest compartments, and VIP/business jets; and active moisture control systems, as well as anti-condensation protection.It serves commercial airliners and private jets.

CTT Systems AB (publ) was incorporated in 1991 and is based in Nyköping, Sweden.

Show Full description

1.b. Last Insights on CTT

CTT Systems AB's recent performance was driven by a currency-adjusted increase of 7% in net sales, despite a 3% decrease in nominal terms to MSEK 79.7. The company's operating profit (EBIT) decreased to MSEK 18.0, resulting in a lower operating margin (EBIT) compared to the same period last year.

1.c. Company Highlights

Last Price	185.6
Change Percentage	-0.64%
Open	187.4
Previous Close	186.8
Market Cap ( Millions)	2325
Volume	5311
Year High	289
Year Low	173.4
M A 50	195.83
M A 200	212.54

FCF Yield	2.28%
Dividend Yield	2.88%
ROE	21.09%
Debt / Equity	14.31%
Net Debt / EBIDTA	2.33%
Price To Book	9.07
Price Earnings Ratio	40.72
Price To FCF	43.79
Price To sales	8.02
EV / EBITDA	28.49

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.99%)

6. Segments

Spare Parts and Maintenance - Aftermarket

Expected Growth: 4.5%

Growing demand for aircraft humidity control systems, increasing focus on aircraft maintenance and repair, and rising air travel demand drive the growth of CTT Systems AB's Spare Parts and Maintenance - Aftermarket segment.

System - Original Equipment Manufacturer

Expected Growth: 8.5%

Growing demand for fuel-efficient aircraft, increasing adoption of humidity control systems, and rising aircraft production rates drive the growth of the aerospace industry, benefiting CTT Systems AB's OEM business.

System - Private Jet

Expected Growth: 4.5%

Growing demand for luxury travel, increasing awareness of passenger comfort, and advancements in humidification technology drive the private jet humidification system market.

Other Sales of Goods - In Additions to the Core Business Activities

Expected Growth: 5.2%

The growth of Other Sales of Goods - In Additions to the Core Business Activities is driven by increasing demand for spare parts and services, as well as the company's expansion into new markets and product offerings, leading to a forecasted CAGR of 5.2%.

7. Detailed Products

Zonal Drying

A system that controls and optimizes the drying process in aircraft, reducing energy consumption and weight.

Zonal Cooling

A system that provides efficient cooling of aircraft cabins, reducing energy consumption and weight.

Humidity Control

A system that controls and maintains optimal humidity levels in aircraft cabins, reducing condensation and improving air quality.

Cabin Pressure Control

A system that controls and maintains optimal cabin pressure, reducing fatigue and improving passenger comfort.

Air Revitalization System

A system that removes contaminants and odors from the air, improving air quality and reducing the risk of airborne illness.

8. CTT Systems AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for CTT Systems AB (publ) is medium due to the availability of alternative solutions for aircraft humidity control systems.

Bargaining Power Of Customers

The bargaining power of customers for CTT Systems AB (publ) is low due to the company's strong relationships with major aircraft manufacturers and the lack of alternative suppliers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for CTT Systems AB (publ) is medium due to the company's dependence on a few key suppliers for critical components.

Threat Of New Entrants

The threat of new entrants for CTT Systems AB (publ) is low due to the high barriers to entry in the aircraft humidity control systems market, including the need for specialized expertise and regulatory approvals.

Intensity Of Rivalry

The intensity of rivalry for CTT Systems AB (publ) is high due to the competitive nature of the aircraft humidity control systems market, with several established players competing for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	11.75%
Debt Cost	7.67%
Equity Weight	88.25%
Equity Cost	7.67%
WACC	7.67%
Leverage	13.31%

11. Quality Control: CTT Systems AB (publ) passed 8 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Cohort

A-Score: 5.2/10

Value: 3.1

Growth: 8.0

Quality: 5.8

Yield: 3.1

Momentum: 9.5

Volatility: 1.3

1-Year Total Return ->

Chemring

A-Score: 5.1/10

Value: 1.7

Growth: 5.2

Quality: 6.4

Yield: 2.5

Momentum: 10.0

Volatility: 4.7

1-Year Total Return ->

TAT Technologies

A-Score: 4.2/10

Value: 3.9

Growth: 5.1

Quality: 5.6

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

1-Year Total Return ->

Avio

A-Score: 4.0/10

Value: 1.4

Growth: 6.2

Quality: 4.5

Yield: 0.6

Momentum: 10.0

Volatility: 1.0

1-Year Total Return ->

OHB

A-Score: 3.8/10

Value: 1.8

Growth: 4.2

Quality: 4.4

Yield: 1.9

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

CTT Systems

A-Score: 3.5/10

Value: 0.2

Growth: 5.9

Quality: 8.5

Yield: 3.1

Momentum: 2.0

Volatility: 1.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

12.49%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.67%

CTT Systems AB (publ) - SE0000418923

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on CTT

CTT Systems AB's recent performance was driven by a currency-adjusted increase of 7% in net sales, despite a 3% decrease in nominal terms to MSEK 79.7. The company's operating profit (EBIT) decreased to MSEK 18.0, resulting in a lower operating margin (EBIT) compared to the same period last year.

1.c. Company Highlights

Better Quality

Expensive

Strong Momentum

Earnings Miss

Average Yield

Stable Momentum

Revenues Miss

Average Growth

More Volatile

Revenues Beats

Weak Momentum

Medium Volatility

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.99%)

6. Segments

Spare Parts and Maintenance - Aftermarket

Expected Growth: 4.5%

System - Original Equipment Manufacturer

Expected Growth: 8.5%

System - Private Jet

Expected Growth: 4.5%

Other Sales of Goods - In Additions to the Core Business Activities

Expected Growth: 5.2%

7. Detailed Products

Zonal Drying

Zonal Cooling

Humidity Control

Cabin Pressure Control

Air Revitalization System

8. CTT Systems AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: CTT Systems AB (publ) passed 8 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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

185.6$

Current Price

185.6$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA