Tom3 schreef op 30 april 2015 12:27:
Citaat uit het de laatste update van de ABNAMRO:
" The shares are trading at a price/earnings ratio of around 25x for 2016. However, the ratio does not reflect the longer term profit potential of TomTom, in our view. Therefore, we prefer to value TomTom using sum-of-the-parts analysis, which points to a value of EUR 11.00 per share.
We project that TomTom's revenue will grow by 5% in 2015 and 2016. The Consumer business will grow just 2% in 2015 as the PND market continues to shrink. For Automotive will decline in 2015, but we expect 10% growth in 2016 as TomTom is winning more contracts for maps, traffic information and traffic information. We expect Telematics to be the star performer with 20-30% growth per year going forward. Telematics represents just 12% of total sales, but it will be an important driver of growth for the company.
TomTom's operating profit margin (EBIT) will increase from 7% in 2014 to 11% in 2017 as a result of the strong profit growth in telematics and traffic information. We estimate that earnings per share will grow from EUR 0.28 in 2014 to EUR 0.43 in 2017."
Ik vindt de geprojecteerde groei van de omzet wpa aan de zuinige kant. Zodra hier meer zicht op is verwacht ik een sterke groei in de koersdoelen (en koersen).