Need To Know: Analysts Are Much More Bullish On Otovo ASA (OB:OTOVO) Revenues

Shareholders in Otovo ASA (OB:OTOVO) may be thrilled to learn that the analysts have just delivered a major upgrade to their near-term forecasts. The consensus estimated revenue numbers rose, with their view now clearly much more bullish on the company's business prospects.

Following the upgrade, the current consensus from Otovo's two analysts is for revenues of kr1.2b in 2023 which - if met - would reflect a sizeable 46% increase on its sales over the past 12 months. Prior to the latest estimates, the analysts were forecasting revenues of kr988m in 2023. It looks like there's been a clear increase in optimism around Otovo, given the nice increase in revenue forecasts.

Check out our latest analysis for Otovo

One way to get more context on these forecasts is to look at how they compare to both past performance, and how other companies in the same industry are performing. The period to the end of 2023 brings more of the same, according to the analysts, with revenue forecast to display 66% growth on an annualised basis. That is in line with its 59% annual growth over the past three years. Compare this with the broader industry, which analyst estimates (in aggregate) suggest will see revenues grow 6.9% annually. So although Otovo is expected to maintain its revenue growth rate, it's definitely expected to grow faster than the wider industry.

The Bottom Line

The highlight for us was that analysts increased their revenue forecasts for Otovo this year. They're also forecasting more rapid revenue growth than the wider market. Given that analysts appear to be expecting substantial improvement in the sales pipeline, now could be the right time to take another look at Otovo.

Want more information? We have analyst estimates for Otovo going out to 2025, and you can see them free on our platform here.

Another way to search for interesting companies that could be reaching an inflection point is to track whether management are buying or selling, with our free list of growing companies that insiders are buying.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.