R8GT schreef op 21 oktober 2015 10:19:
2 nieuwe rapporten uit
TT : accelaration ahead
we believe the mkt will become increasingly aware of TT's unique automotive potential.
we are getting close to the 2016 automotive revenue inflection point that could act as trigger for the share, in our view.
Yday TT reported mixed Q3 2015 numbers in line with expectations
winning automotive mkt share, this segment should start to grow as from 2016 and accellerate ( lees dit effe GB, precies in jouw straatje) in the years to come.
we believe TT will gain futher mkt share as the only independent mapmaker remaining in the field.
Impressive bookings of more than 250 mio in 9m15 confirms TT's outperformance, given the high operational leverage , this should result in significant adjusted EBIT growth until 2020 ( we forecast a 40% CAGR )
TomTom remains a conviction Long , however we hv cut our estimates for FY16/FY17 on the back of lower contribution fro Telematics and higher front-loaded investments to cater for Automotive growth.
our sum-of-the-part valuation is more or ess unchanged, as slightly lower estimates for Telematics are compensaded for by higher peer multiples.
deferred revenues hv a large P:L impact
en dan een zwik aan cijfers en aanpassingen
conclusie : BUY @ 9,35 upto 70% upward potential for 12 months.
de andere kom ik later vandaag op terug, moet nu even weg.