potpourri schreef op 15 juli 2016 18:08:
nou , net op de close nog een laatste update binnen van Petercam , PC was altijd serieus bearish, maar voor hen heeft TT haar neerwaartse koersdoel bereikt en die zijn nu naar hold gegaan ( da's dus een upgrade)
Expect ongoing Investment to offset gross margin expansions
recommendation Hold
TP : 7 euro
estimate 2q16 yoy versus 2q15 and consensus
consumer : 163 yoy -1% cons 162
automotive: 32 yoy +22% cons 31
Licensing : 34 yoy -13% cons 36
B-Solutions: 44 yoy +25% cons 42
Revenues : 273 yoy +3% cons 271
Gross Prof: 151 yoy +12% cons 147
Adj Gross : 55% cons 54%
Ebit : 4,8 yoy +730% cons 4
margin: 1,8% cons 1,5%
adj-eps 0,06 yoy+17% cons 0,6
key items
we expect TT to report a small net profit in 2Q16 as much of the gross margin expansions is likely to have been offset by ongoing investments in its map biz and automotive content and software.
Increasing R&D levels are anticipated to have limited the group's EBIT margin.
we hv included the key numbers above. Please note that the 13% yoy decline in Licensing revenue reflects phasing of some euro 5 mio ( from 1Q15 into 2Q15 ), hence the underlying revenue is flattish.
we anticipate the company to re-iterate its guidance for FY16 , which currently stands at rev of abt 1.050 bio and adj eps of 23 ct p.s.
Furthermore we expect TT to repeat that both capex and opex will be higher than in 2015
investment and conclusion
we upgraded TT share to hold from sell afther the share price had reached our sop target of 7 euro
we estimate the fair value at 7 euro per share
nou dit is in ieder geval geen verdere bear-talk aan de huidige koers en het is mij wel duidelijk dat SNS, Haitong en Barclays op een missie zijn, nu nog de vraag krijgen ze bijval van HG.
we weten het weldra
gd wknd en Eva well done !