cave canem schreef op 20 oktober 2017 13:18:
vervolg " the good, the bad and the ugly "
nou ugly gaat het niet worden, maar " the bad " moeten we delen, anders krijgen we enkel positief en er is ook negatief
TomTom
" Cuts Revenue Guidance, Again "
- TT reported lower than expected revenue of euro 218mio , down 9% from euro 239 mio in the year ago period.
Gross margin was slightly better than expected at 65%, reflecting an accelerated mix shift away from consumer business
- the main miss was in consumer revenue, which decreased by 29% y-o-y to euro 97mio, reflecting double-digit decrease in both consumer products as well as automotive hardware
Automotive generated revenue of euro 47 mio , up 51% y-o-y due to the ramp-up of the PSA contract that went live 1h16
licensing revenue was down 2% at euro34mio , while Telematics grew 8% y-o-y
the net result for the quarter was a loss of 5.3 mio euro and included a one-off restructuring charge of of euro 15.4 mio related to Sports
excluding one-offs, adjusted eps was 0,08 euro.
Management cut its full year revenue guidance again, saying that " due to recent reorganization of consumer Sports, we expect to deliver full year revenue of around 900mio, despite lower revenue eps repains unchanged at 0,25 euro.
Three months ago TT cut its FY17 revenue already to the lower end of the guidance of 925-950mio, also due to the disappointing revenue of its wearable business
Management reiterates that it is further evaluating strategic options
Note that management also reconfirms that TT will continue to develop PND's as this continues to provide a valuable platform for consumer insight and location data collection.
In a separate statement, TT announced a partnership with LeasePlan, enabling the car lease company's customers access TT's fleet management and connected car solutions, including WEBFLEET
compared to our estimate , the decline at consumer was - again - faster than expected.
the automotive revenue was better than expected, but primarily driven by one contract ramp.
No update in the automotive backlog was provided
License revenue also beat expectations, but was still down 2% y-o-y
the single digit growth on Telematics remains underwhelming although he new LeasePlan partnership may give the business a boost in 2018 ( nou moeten die het maar kopen )
even taking into account some M&A probability, we continue to find it hard to justify current multiples ( 12x '17 EBITDA) for a stock that continues to show a shrinking top-line and very moderate level of profitability again this year
we reaffirm our Reduce rating.
voor puur cijfers en cijferverwachting is hier wel wat voor te zeggen, maar zodra het anker afgeworpen is, dan krijg je automatisch een andere weging
denk dan ook dat dit eerder een kwestie van timing is en ja, dan moet je toch concluderen dat ze bij TT hierop aansturen en dat moet met positionering te maken hebben ( inkoopprogramma en anderen)
heb vandaag groot bijgekocht en TT nu naar pole-position in de porto gebracht, maar dit is tijdelijk aan 10 euro laat ik de aandelen weer gaan en ga verder met het schrijven van put opties veruit en deep in the money, die strategie bevalt me veel beter dan het lange termijn aanhouden van aandelen.
nu luisteren naar wat HG ons gaat vertellen
succes