Multiples for Kitron and peers have declined due to concerns on weaker demand and two profit warnings in the EMS sector. While demand looks slightly weaker than in Q2 and we expect some customers to be more reluctant in their forecasts, the mid-point of Kitron’s FY2023 guidance should be well within reach. As such, we expect FY guidance to be reiterated and a flat development in customer forecasts (R12) to be a relief. Our estimate of 7% revenue growth in 2024 (2023: 21%) is supported by current ....
