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|18/10/2016 06:01:00||GlobeNewswire||PSA Group to equip millions of connected cars with Gemalto M2M solution|
|17/10/2016 06:01:00||GlobeNewswire||Alibaba and Gemalto work hand-in-hand to secure China's IoT market|
|12/10/2016 18:00:00||GlobeNewswire||Third quarter 2016 statement of the Gemalto liquidity contract|
|11/10/2016 06:01:00||GlobeNewswire||Norway chooses Gemalto's fully integrated solution for eID and ePassport|
|04/10/2016 06:00:00||GlobeNewswire||Juniper Research recognizes Gemalto as an established leader in fast-growing IoT market|
|29/09/2016 06:00:00||GlobeNewswire||Gemalto Contactless wearable wins Juniper Research Future Digital Award|
|27/09/2016 06:00:00||GlobeNewswire||Norwegian national payment scheme BankAxept trusts Gemalto to enable mobile financial services for banks|
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Positive developments, but M&A will be the driver in H2
26 Aug 16
Gemalto published its H1 16 results, with revenues of €1.5bn mostly flat vs. the previous year, i.e. up 1% at constant exchange rates but down 1% in reported figures. By businesses, similarly to Q1, the Payment & Identity business was strongly up (+11% reported, +7% at constant exchange rates) while Mobile was down (-5% reported, -7% lfl). The SIM business fell down substantially (-26%), while all the other businesses delivered growth: Payment +11%, Enterprise +12%, Government +25%, M2M +9%, Mobile Platforms & Services +3%. By activities, Embedded Software & Products decreased by 4% in H1 (€1,010m) while Platform & Services grew by 20% (€484m), now accounting for 32% of revenues (vs. 27% a year ago). The adj. gross margin was slightly up yoy by 92bp (39.2%), while the adj. EBIT came in at €172m, slightly up yoy, corresponding to an 11.5% margin (up 90bp yoy). The IFRS EBIT reached €108m, corresponding to a 7.2% margin (up 500np yoy), leading to a net profit of €59m. The company confirmed its 2016 objective of a 150bp improvement in the gross margin. The 2017 target of €1bn revenue from Platforms & Services may also be reached early, possibly as soon as this year. Finally, Gemalto confirmed that the company was interested in acquiring Safran’s Morpho, with a detailed offer due mid-September.
2017 objectives confirmed
07 Mar 16
Gemalto published its FY 2015 results, with revenues reaching €3,122m, corresponding to 16% growth at constant exchange rates and 27% at historical exchange rates. SafeNet accounted for 12% of the growth, as 2015 was the first year of full consolidation, and currency effects represented a 9% boost to the top-line. At constant rates, Payment & Identity grew by 45% to €1,818m, while Mobile witnessed a 10% decrease to €1,279m. On a transversal basis, Platform & Services reached €898m, a 70% yoy increase, and now accounts for 29% of revenues vs. 20% in 2014. The gross margin came in at 36.5% (-180bp yoy), and profit from operations reached €423m (of which €172m for Mobile and €239m for Payment & Identity), corresponding to a 13.5% margin (-200bp yoy). EBIT came in at €203m, corresponding to a 6.5% margin, leading to a net profit of €137m. The company announced a dividend of €0.47 per share, and expects the 2016 gross margin to increase by 150bp; the 2017 objectives have been confirmed, that is to say €1bn of revenues in Platform & Services, and a profit from operations at €660m.
Major concerns about the future of the mobile division
28 Aug 15
Gemalto’s stock dropped a sharp 12% yesterday to return to its level at the end of 2014 when we had switched our opinion from negative to positive after the stock had already slumped as investors worried that Apple's new SIM card for its latest iPads could threaten part of Gemalto's business. Even if this time the sharp drop is just following the release of its H1 results and could therefore be interpreted as a logical response to bad results, we instead believe that the real reason for the drop has once again to be rooted in the mistrust of investors. Although Gemalto’s H1 results are quite as expected and management remains confident of delivering on its 2017 objectives, major concerns exist among investors about the actual achievement of these 2017 objectives. And we share these concerns!
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Upgrade on lower costs, pipeline strong
24 Oct 16
Fusionex’s year-end trading update indicates that revenues will be in line with market expectations (we estimate 16% revenue growth in FY16) and that a strong pipeline for GIANT 2016 should drive further momentum in FY17. The planned increase in sales, marketing and other investment to support adoption of GIANT has been more moderate than we forecast, meaning that EBITDA is expected to be significantly above consensus. We upgrade our FY16 EBITDA by MYR3.2m (83% but from a compressed level) to reflect this, while leaving our estimates for FY17 and FY18 unchanged.
N+1 Singer - NCC Group - Strong revenue but margins weaker in H1
20 Oct 16
NCC’s trading update for the four months to September shows continued strong revenue growth, but margin pressures in the first half mean that profit for the year will be more second half weighted than usual. Group revenue increased 36% in the period (+21% organic) with Assurance and Escrow both growing well (+25% and +4% respectively). The Assurance division has seen three unrelated large contract cancellations however, as well as some difficulties with some managed services renewals. We are not making any changes to our forecasts at this stage but now expect a significant second half weighting to profits. We remain supportive of the story but with the shares priced for perfection, we downgrade to Hold, with a target price of 353p (from 384p).
A slower ramp for GOV.UK Verify
20 Oct 16
Underlying trading was solid in H116. However the new GOV.UK Verify service is behind plan and we are pairing back our revenue estimates to reflect a slower ramp. Outperformance and deferred investment elsewhere mitigates the earnings impact of this in FY16, but we reduce EPS forecasts by 5% in FY17 and FY18. The business remains very well placed, but we believe that a period of share price consolidation is likely ahead of the transition to the new CEO, Chris Clark (ex-Experian) in April 2017.
N+1 Singer - Earthport - Traction continuing to build
26 Oct 16
Earthport has reported an in-line set of results for the full year to June’16. The group has delivered 89% growth in the number of transactions, resulting in payment volumes through the platform increasing to $11.8 billion. A FY’16 adj. EBITDA loss of £7.5m represents a strong HoH trajectory (H1 loss £5.3m, H2 loss £2.2m) and the group has reaffirmed its commitment to becoming cash generative in Q4’17. Earthport has proved that it can scale new customers quickly as well as extracting significant volume increases from existing customers. With multiple catalysts on the horizon and a strong start to the year already achieved, we believe the group is very well-placed to gain a significant share of the vast cross-border payments market.