Stifel says Seeing Machines ‘ramp into GSR is real’ after KPI update

1 month ago 27

Proactive

Thu, February 12, 2026 astatine 5:45 AM CST 1 min read

Stifel says Seeing Machines ‘ramp into GSR is real’ aft KPI update

Seeing Machines Ltd (AIM:SEE, OTC:SEEMF, FRA:M2Z) is entering the decisive signifier of Europe’s General Safety Regulation rollout, according to Stifel, which reiterated its 'buy' standing and 10.5p terms people pursuing Wednesday’s trading statement.

In a enactment titled “SEE KPIs – the ramp into GSR is real”, the broker said quarterly information confirmed that automotive archetypal instrumentality shaper accumulation and aftermarket income were accelerating arsenic the July GSR deadline approaches.

Quarterly automotive accumulation roseate 117% twelvemonth connected twelvemonth to 578,000 units, and was up 13% connected the erstwhile quarter, reflecting expanding operator monitoring strategy fitment rates.

Cars connected the roadworthy reached 4.8 cardinal successful the December quarter, up 67% from a twelvemonth earlier, contempt broader automotive marketplace pressures.

Stifel besides highlighted a rebound successful Guardian aftermarket hardware income to 3,764 units successful the 2nd quarter, up sharply from 368 units successful the archetypal quarter, with yearly recurring gross rising 4% 4th connected 4th to $14.0 million.

The broker said Seeing Machines reported run-rate profitability successful December and expects the March 4th to beryllium currency EBITDA positive, excluding a precocious triggered $14.1 cardinal minimum guarantee.

Shares commercialized connected 21 times forecast EV to currency EBITDA for 2026, with Stifel arguing the post-GSR valuation could compress to astir 18 times 2027 earnings.