3Mes
Great contribution. Very interesting. How does $ASTK perform in your model? I find them exciting, the only question is whether they will finally step on the gas in the data center sector.
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@Keineui Thank you for the feedback and for the idea. Enclosed is the result, which I have not analyzed in depth:
Asetek is a specialist for liquid cooling systems in the PC and server sector with an additional SimRacing division ("SimSports"). The company is in a transitional phase: while the OEM business with partners such as Corsair or NZXT delivers stable margins, falling unit prices and weak SimSports sales are slowing down profitability. Overall, it is a company with a very small market capitalization and more of a turnaround case than a classic tenbagger.
Here is the valuation from the model:
$ASTK Asetek - ≈ SEK 1.5 bn / ≈ EUR 135 M - 72 points (Watchlist)
Growth & Profitability: 14/20 - Gaming Cooling stable, SimSports weak; operational turnaround 2026 at the earliest.
Moat: 15/20 - Technology lead through >70 patents and OEM contracts, but declining pricing power.
Market size: 14/20 - Niche markets (gaming, simulation) with limited volume but stable demand.
Financials: 13/20 - Gross margin ~45%, still negative cash flow, balance sheet solid after cost cutting.
Valuation & Momentum: 16/20 - favorably valued, turnaround fantasy in AI cooling and server designs.
Asetek is a specialist for liquid cooling systems in the PC and server sector with an additional SimRacing division ("SimSports"). The company is in a transitional phase: while the OEM business with partners such as Corsair or NZXT delivers stable margins, falling unit prices and weak SimSports sales are slowing down profitability. Overall, it is a company with a very small market capitalization and more of a turnaround case than a classic tenbagger.
Here is the valuation from the model:
$ASTK Asetek - ≈ SEK 1.5 bn / ≈ EUR 135 M - 72 points (Watchlist)
Growth & Profitability: 14/20 - Gaming Cooling stable, SimSports weak; operational turnaround 2026 at the earliest.
Moat: 15/20 - Technology lead through >70 patents and OEM contracts, but declining pricing power.
Market size: 14/20 - Niche markets (gaming, simulation) with limited volume but stable demand.
Financials: 13/20 - Gross margin ~45%, still negative cash flow, balance sheet solid after cost cutting.
Valuation & Momentum: 16/20 - favorably valued, turnaround fantasy in AI cooling and server designs.
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