ketchup of catch-up schreef op 17 april 2018 09:50:
kan geen bronvermelding doen
quote
" we like TT's strategy for future growth via increased adoption of its map and traffic data services and software, but it is now more difficult than ever to forecast future profit and cash flow and therefore we consider a valuation of 27x/17x2019/20e as full
income statement for 2017_18_19_20 / CAGR
revenue: 903 - 802 - 786 - 811 / - 3.5%
ebitda adj: 186 - 147 - 162 - 189 / 0.6%
ebit adj: 86 - 12 - 12 - 35 / - 25/8%
net income adj: 61 - 60 - 69 - 108 / 21%
eps adj: 0.26 - 0.25 - 0.30 - 0.48 / 20.5%
gross margin: 62.4 - 69.5 - 71 - 72
cash flow from operations: 173 - 230 - 215 - 240
P/E adj (x) 30 - 31 - 27 - 17
ev/sales (x) 2.1 - 2.3 - 2.3 - 2.2
we view TT as in transition, with the Consumer pressure offsetting Automotive optimism
the PND market decline is ongoing
competition within Automotive could increase, leading to more price pressure and R&D investments, thereby limiting margin expansion
unquote
er komt nog meer binnen, kan niet alles meer delen, pick er wel wat uit
Kepler komt met een aanpassing verdeeld over earning and growth and SOP
na de cc weten we meer.