ketchup of catch-up schreef op 17 oktober 2019 12:32:
samenvatting rapporten, heb 3 updates/rapporten gezien , de rest doet enkel summiere aanpassing uit CMD
event: 3Q19 results
- strong momentum in location technology ( A&E)
- ongoing decline in consumer
- gross margin helped by a provision reversal
- revenue and profitability changes slightly bcse of changes in recognition of def revenue, the most important item , FCF guidance remains unchanged that implies that the actual business outlook is unchanged
- revenues came in at 164m ( consensus 168m)
this includes 97m location technology (+4%) and 68m consumer ( -18%)
location tech rev growth is distorted by accounting
underlying automotive operational revenue increased by 23%, the reported P/L number decreased by 7%
gross margin 78% including reversal of provision, excl 74%
EBITDA 16m, excl for the reversal prov 9m
adj eps 0.33
def revenue increased strongly over the quarter
Automotive rev of 55m, a significant miss vs estimates
reported rev declined 7% yoy due to deferment of revenues
opertional revenue increased to 88m 23% up vs 3Q18 72m, from higher vol in connection with contracts which started at the end of last year
Enterprise grew 21% yoy came in at 41m, in line
revenue growth was mainly a result of existing partnerships
consumer declined 18% yoy to 68m , reflecting decreased in both consumer products and automotive hardware revenue
-net result TT posted a loss of 43m for 3Q19
-free cash flow at 23m for the quarter, +50% yoy due to higher operational revenue
-full year 2019 outlook arnd 700m, was 700m plus
- location tech revenue decreased by 10m ( diff comes from accounting changes, not from the biz deteriorating)
- net cash position strong
short term: neutral
long term: positive
recommendation: buy weakness
TomTom: " the market is struggling to understand TT's numbers"
TomTom : " the market missed an upgrade for the outlook "
TomTom : " TT's new guidance , the company will grow its core operational Location and Technology revenues by 17% yoy in FY19, a strong performance by any standard "
dus, al deze kleuters van analisten, begrijpen het prima hoor :)
de aanbevelingen zijn allemaal t zelfde short term neutraal en lange termijn positief, dus het kan niet beter en het plaatje past perfect in de agenda voor aandelen inkoop 2020-21
verdere reductie van de free-float, de timing is perfect, nu nog wel echt even doen en dan wel schrappen die aandelen, niet parkeren.
ziet er goed uit voor de FFF, totale controle binnen bereik niet alleen binnen de toko, ook voor de notering aan de beurs.
go with the flow, ze zijn aan de winnende hand.