cave canem schreef op 24 oktober 2017 09:36:
Barclays - research note 24 oct 17
TomTom : " MIX GRADUALLY IMPROVING "
TT's 3Q17 results demonstrate once again that its product mix is moving in the right direction, altho (for now ) this is due more to the precipitous decline in legacy Consumer hardware than accelerating growth in Automotive volumes.
We remain convinced the latter will come, but it will take longer than bulls anticipate due to the slow-moving nature of automotive contracts
we hv seen materially positive estimate revisions for TT's built-in Automotive unit, now +40% for 17/18e revenue vs 22% early 1Q17 , conversely we forecast tha challenged Consumer unit to decline by 26% in 2017/18e vs - 8% previously.
While gross margin has improved , the absolute level of gross profit is still down by mid single digits relative to expectations from earlier this year, thereby limiting TT's operating leverage
we anticipate 2018 being yet another transitional year due to these countervailing forces
we anticipate 2019 will be the year for growth and true operating leverage returns
until visibility improves into such trends , we continue to view current valuation of 20x 2019e EBIT and 24xP:E as full and retain our Underweight rating
PT 7,35 euro
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