Yesterday, ASK published disappointing H1 results. EBITDA came out at -EUR3.0m vs. -EUR0.1m last year, impacted by a lower volume on the Passport business, production issues on Philippine passports and the Chinese subsidiaries’ ramp-up problems. However, during H1, the group improved its financial situation and the new gross cash position is close to EUR3.5m vs. EUR4.3m while ASK acquired a 99% stake in its US subsidiary for EUR3.6m. We have updated our valuation to take into account higher volatility in sales and a lower operating margin. Our new FV is EUR2.4 (vs. EUR5.0 previously).
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