Following the weaker than expected 2024 guidance on Kitron’s CMD, we cut our EBIT estimates by -6%/ -5% for 2024/2025, respectively. While 1H/24 should be impacted by customer destocking and weaker end-demand (except in Defence) and visibility on turnaround is low, this seems discounted in the current valuation. We expect de-stocking to last for at least 6 month and datapoints on the turning point could be a catalyst for growth above estimates. Close peers have given more ambitious 2024 guidance ....
