Read the latest Asetek One-pager following the Q3 2024 results and announcement of a new planned rights issue in connection with the scale-up of Sim-Sports. Following recent changes to the liquid cooling market, with new Chinese entrants, and a larger client insolvency, Asetek’s renewed mid-term ambitions are for liquid cooling revenues around USD 50m, with an EBITDA margin >25%, and continued development of SimSports revenues to around USD 50m, with a positive (single-digit) EBITDA margin. To reach the scale-up in SimSports Asetek expects financing needs of around USD 20m, as positive cash flows from liquid cooling are not fully sufficient and is the foundation for the rights issue. Asetek maintains its full-year 2024 guidance in connection with the Q3 results for group revenues of USD 52-55m (-28 to -32% y/y), and an adj. EBITDA margin of 1-4%. This is comprised of liquid cooling revenues of USD 42-44m (-35% to -40% y/y) and SimSports revenues of USD 10-11m (40% - 60% y/y). Learn more about Asetek’s market and liquidity situation, outlook for the remainder of 2024, and beyond, read the full one-pager. The research also outlines the investment case, key investment risks, and key investment reasons, and relative valuation against a peer group.Disclaimer: HC Andersen Capital receives payment from Asetek for a digitalIR/corporate visibility subscription agreement. / Philip Coombes 13:40 15.11.2024.

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