*Justin* schreef op 5 januari 2016 10:29:
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The facts:
TomTom has announced the acquisition of Finder S.A., the largest Polish fleet management provider. Finder S.A. has 60.000 subscriber TomTom mentions but no financial details have been provided. Poland is, according to TomTom, one of the fastest growing telematics markets in the Europe. With Finder S.A. TomTom is establishing a leading position in Eastern Europe.
Our analysis:
The acquisition of Finder S.A. makes TomTom by far the largest telematics player in Europe, outpacing the struggling Masternaut and remaining far ahead of Mix Telematics and the small operations of Fleetmatics.
Although TomTom does not provide financial details we assume that the company will have spent around EUR 21m. This based on the EUR 22m TomTom paid for DAM and Fleetlogic in 2014, which added 54.000 subscribers. However, because the Polish market in terms of value lags the markets in France and the Netherlands, we subtract some 15% of the assumed value using the DAM and Fleetlogic valuation to adjust for this element.
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Whatever the exact purchase price has been, TomTom can easily afford such an acquisition given its net cash position and solid EBITDA. This acquisition strengthens the company in Eastern Europe. Together with its German operations, TomTom will be able to grow further in this very much underpenetrated market, possibly including Russia (longer term).
As with Fleetlogic, DAM and Coordina, TomTom will focus on customer retention initially and a slow but well planned transition to the TomTom platform, which may takes years. Because revenue per subscriber will be lower in Poland, key variables such as revenue per subscriber will also be lower for TomTom Telematics going forward.
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