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Research Tree provides access to ongoing research coverage, media content and regulatory news on TomTom. We currently have 9 research reports from 1 professional analysts.
TomTom reported Q2 revenues of €253.4m, down 4.4% yoy and up 19.1% sequentially. Consumer decreased by 19.7% yoy to €126.3m, representing the only down-mover. The three other businesses combined grew by 17.7% to €127.1m, with in decreasing order Automotive (€48.4m, +38.7% yoy), Licensing (€38.6m, +16.3%) and Telematics (€40.1m, +0.5%). The gross margin came in at 63.4%, up 860bp yoy, while the EBIT was strongly negative (€-159.5m) due to a €168.7m impairment charge related to Consumer. EPS came in at €-0.68 and adjusted EPS at €0.09. The company re-iterated its guidance for FY17 with adjusted EPS of around €0.25, but warned that the revenues would come in at the lower end of the previously communicated €925-950m range. The non-legacy business is expected to grow by 15%, while strategic options are being looked at for the Sport business. A €50m share buy-back was also announced.
TomTom reported Q1 revenues of €212.7m, down 2% yoy and 19.9% sequentially. Consumer decreased by 16% yoy to €98m, representing the main down-mover. The three other businesses combined grew by 14.1% to €114.7m, with in decreasing order Automotive (€41.1m, +38.4% yoy), Telematics (€40.6m, +9.4%) and Licensing (€33m, -2.1%). The gross margin came in at 62.2%, up 540bp yoy, while the EBIT margin lost 30bp to -2.3% (-€4.8m). EPS came in at €-0.02 and adjusted EPS at €0.03. The company re-iterated its guidance for FY17 with adjusted EPS of around €0.25 and revenues of between €1,025 and €1,050m.
TomTom reported Q4 revenues of €265.6m, up 11% sequentially but down 6% yoy. Consumer accounted for most of the decrease (€152.3m, -13.4%), while Licensing was also down double-digit (€35m, -10.9%). Telematics and Automotive were up by double-digit (respectively €41.6m and +12.4%, and €36.7m and +21.1%). The gross margin came in at 57.6% (up 840bp yoy), for a negative EBIT margin of 0.2% (down 30bp yoy). For FY16, revenues reached €987.2m, down 1.9%. Consumer displayed here too the biggest decrease (€563.2m, -9.7%) followed by Licensing (€136.3m, -4.1%). Telematics and Automotive were also up by double-digit (respectively €155.1m and +14.9%, and €132.9m and +25.2%). Telematics almost reached the 700k subscribers mark (696k), corresponding to a 15% increase over FY15. The gross margin came in at 57.4%, up 590bp yoy, and the EBIT margin at 0.9%, up 80bp yoy, with a strong negative EBIT in Automotive (-€33.9m) offset by a strong performance in Telematics (€44.5m). The FY16 adjusted EPS came in at €0.23 (€0.21 in FY15). For FY17, the company is expecting revenues to decrease to a range of €925-950m, with a net decline in Consumer partially offset by a 10% combined growth in the rest of the business. Adjusted EPS is expected to reach €.25, while capex and opex are expected to grow modestly.
TomTom reported Q3 revenues of €239.3m, down 5.9% yoy and 9.8% sequentially. Consumer decreased by 15% yoy to €137.1m, representing the biggest down-mover. Automotive’s top-line grew by 20.4% to €31.3m, Telematics by 14.8% to €36.5m, while Licensing showed some weakness (€34.4m, -2.3%). The gross margin came in at 60.4%, up 730bp yoy, while the EBIT margin lost 150bp to 0.4% (€1m). EPS came in at zero and adjusted EPS at €0.05. Despite the weak market conditions in Consumer, the company re-iterated its adjusted EPS guidance for FY16 of around €0.23, while the revenues are now estimated to be around €980m, down from €1,050m.
TomTom reported Q2 revenues of €265.2m, flat yoy (+0.2%) and up 22.2% sequentially after the usual seasonal dip of Q1. Consumer decreased by 4.7% yoy to €157.2m, while the biggest down mover was Licensing with a 14% decrease at €33.2m. Automotive’s top-line growth accelerated by 34.2% to €34.9m, while Telematics decelerated but remained strongly positive at +13.7% (€39.9m).
TomTom reported Q1 revenues of €217.2m, up 5.7% yoy and down 23.2% sequentially due to the traditional seasonality. Consumer decreased by 4.1% yoy at €116.6m, while similarly to the previous quarter all other businesses displayed double-digit growth: 25.8% for Automotive (€29.7m), 16.2% for Licensing (€33.7m) and 19.3% for Telematics (€37.1m). The gross margin came in at 56.8%, up 330bp yoy, but a surge in opex led to a negative EBIT margin of -2% (€-4.3m); no divisional profitability was provided this quarter. In the end, after the income tax gain, EPS came in at €0.02 and adjusted EPS at €0.03. The company re-iterated its guidance for FY16, that is to say revenue of €1,050m and adjusted EPS of around €0.23.
TomTom reported Q4 revenues of €282.5m, up 9.3% vs. the previous year. Consumer accounted for the majority of the revenues with €176m, but saw its yoy growth slowing down to 2.2%. All the other segments grew by double-digit figures: 28.4% for Automotive (€30.3m), 24.4% for Licensing (€39m) and 19% for Telematics (€37m). For the full year 2015, revenues reached €1,007m, up 5.9%. Consumer accounted for most of the revenues and displayed flattish growth (€624m, +0.7%), due to lower PND revenues. Automotive was down 3.3% (€106m), due to the phasing out of legacy products. Licensing (€142m) and Telematics (€135m) were up by double-digit figures, respectively 27.3% and 22.5%. Telematics reached the 605,000 subscribers mark, up 30% from the 464,000 2014 figure, due to dynamic organic growth and the acquisition of the Polish fleet management solutions provider Finder in December, which added over 60,000 vehicles. The gross margin for Q4 came in at 49.2%, down 220bp yoy and 390bp sequentially, mostly due to an €11m impairment charge in Automotive. For the full year, the gross margin decreased to 51.5% from 55.1%, due to strong negative currency effects (at constant exchange rates, it would have reached 56%). The EBIT margin for the full year was nil, hampered by the Automotive business (-32%) but offset by Telematics (29.4%), while Consumer and Licensing are neutral. For the full year 2016, the company is expecting revenues to grow to c. €1,050m, and adjusted EPS to increase by 10%, with higher investments (opex and capex) in core technologies, especially in Automotive.
TomTom reported Q3 revenues of €254m, up 8.4% vs. the previous year. Consumer accounted as usual for most of the revenues, coming in at €161m for the quarter, representing a 5.4% increase yoy. The segment was driven by a favourable product mix as well as resilient growth in PND. Automotive reached €26m, flat yoy, vs. a 17.3% decrease in H1. The partnerships with Fiat-Chrysler were extended, as well as with South Korean’s SsangYong. A partnership with Bosch has been announced to collaborate in the field of mapping technology for autonomous vehicles. Licensing and Telematics reached €35.2m and €31.8m, growing by respectively 30.4% and 13.6%. In Telematics, the user base increased by 26% vs. the previous year, reaching 522,000 subscribers. The gross margin reached 53%, down from 57% last year, mainly due to the weakening of the euro vs. the dollar, EBITDA decreased by 20% at €33m, while EBIT decreased by 37% at €4.9m, corresponding to a 1.9% operating margin. With similar exchange rates, the gross margin would have reached 58% and the operating margin 6%. The company reiterated its guidance for the year. Revenues are still expected to reach around €1bn, with adjusted EPS at around €0.20. Both capex and opex should be slightly higher vs. the previous year.
Revenues grew 5% to €265m, up from: €252m in Q2 14 (3% revenue growth in H1 15 to €470m, up from €457m in H1 14). Consumer sales fell by 2% to €164.9m, driven by a single-digit decline of PND and related content & services revenue, offset by a mid double-digit increase in sports revenue. Automotive saw a strong 15% decline as anticipated to €26m due to the draw down on certain Automotive Hardware contracts which were linked, however TomTom continued to book new business at levels which will support a growing business from next year onwards. Telematics continued to grow strongly in Q2 (up 37% and 30% over H1) with sales reaching €35m as TomTom passed 500k subscriptions. Finally, Licensing also grew by 42% over the course of Q2 to €35.1m (€25m in Q2 14) or 27% over H1 15 (€67m in revenues) reflecting the improved deal with Apple and the signing of a deal with Telefonica and Mozilla to supply Maps Online and Nav Online to mobiles running Firefox OS. TomTom’s gross margin fell to 51% from 56% in Q2 14, impacted by 5ppts by the stronger dollar. As a result, EBITDA fell to €28m (Q2 14: €37m) and TomTom's net result came in at €3m, down from €9m in Q2 14. At the end of Q2, TomTom maintains a very healthy net cash position of €77m. The guidance for revenue and adjusted EPS for the full year is maintained. TomTom continues to expect revenues to grow to around €1bn, and adjusted EPS is expected to come in at c. €0.20. TomTom does however now expect to increase its investments moderately in terms of both capex and opex to develop further its core technologies. This is mostly as a result of the stronger dollar.
Research Tree provides access to ongoing research coverage, media content and regulatory news on TomTom. We currently have 9 research reports from 1 professional analysts.
CyanConnode* (CYAN): New $10m contract lifts the order book to £28m (CORP) | H&T Group (HAT): Interims best in a milestone year (BUY)
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Filtronic, the designer and manufacture of microwave electronics for the wireless telco market, has announced a second significant defence related contract (worth £4.8m of sales over three years). The deal highlights the success of the initial defence contract and further diversifies both the customer base and revenue profile (in terms of products).
For AdEPT the scale and quality of this acquisition is transformational. Atomwide is highly profitable and has the opportunity to extend its successful model outside the London area, particularly for schools and local authorities adopting the Multi Academy Trust (MAT) model. Incorporating the uplift to earnings and maintaining the same level of comparative differential with AdEPT’s AIM telecom peers leads us to raise our Target Price from 360p to 400p. Our rating remains Buy.
Companies: Adept Telecom
OnTheMarket—Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. Wilmcote Holdings plc—Sch1 from the Company established with the objective of creating value for its investors through the acquisition and subsequent development of target businesses in the downstream and specialty chemicals sector. Offer raising £15m at 120p with market cap of £25m. Expected 17 August 2017 Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 15 September 2017
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We recently hosted our annual Industrial Technology dinner with 14 companies, many of which are active in the materials science arena; having focused previously on composite materials in the aerospace sector, in this edition of Machinations we focus on graphene, with its unique and potentially game-changing qualities and potential applications. Investments in this area remain fairly early stage, but could potentially reap huge rewards. Graphene is well represented in the UK small-cap market by several players.
Companies: SIXH ACL AXS AMPH ALU AEP AVG CAPD CAR FENR FLO RAD GHH HDD HAYT IOF MPE RE/ RED RNO RBN SOM SCE TRT TRI VANL ZAM
CITYFIBRE INFRASTRUCTURE HLDGS PLC (CFHL LN) | CORETX HLDGS PLC (COR LN), HORNBY PLC (HRN LN) | HURRICANE ENERGY PLC (HUR LN) | MINOAN GROUP (MIN LN) | RANDALL & QUILTER INVT HLDGS LTD (RQIH LN) | RICHOUX GROUP PLC (RIC LN) | YOLO LEISURE & TECHNOLOGY PLC (YOLO LN)
Companies: RIC RQIH COR YOLO MIN HUR HRN CFHL
The company reported solid Q2 17 results. Revenues declined marginally by 0.9% to CHF2.86bn. EBITDA increased 3.6% to CHF1.19bn and the EBITDA margin improved from 39.7% to 41.5%. EBIT grew 8.8% to CHF653m. The EBIT margin increased from 20.8% to 22.8%. Net income rose 9.9% to CHF466m. The number of mobile access lines in Switzerland declined marginally by 0.5% to 6.59m.
MelodyVR, the leading creator of virtual reality content focused on the music industry and subsidiary of EVR Holdings, this morning announces that it has entered into five music licensing, collection and distribution agreements with various European rights holders. The agreements, which are believed to be the first deals to license a virtual reality service, cover rights in the following territories: Germany, UK, Ireland, Sweden, Greece, Belgium, The Netherlands and Switzerland. Agreements with music publishers, collection societies and performance rights organisations are vital for the exploitation of the underlying musical works (e.g. Songwriter copyrights) featured throughout MelodyVR’s substantial library of original VR music content. In advance of the launch of the MelodyVR platform, the multi-year agreements license the distribution of VR content and enhance Melody’s capabilities across strategically important European territories.
Amino’s H1’17 results on Tuesday showed continued momentum in both device sales and recurring software revenue, leaving the group very well placed to achieve our full year expectations. Trading in the first half benefitted from a healthy FX tailwind but we were encouraged to see double digit underlying constant currency growth in both key revenue segments. Net cash at May’17 of £13.1m benefitted from a large working capital inflow, which we expect to reverse in H2, however the group still has plenty of firepower for further earnings enhancing acquisitions. We leave our full year forecasts essentially unchanged but see scope for outperformance in the second half. We retain our 243p target price and Buy recommendation.
Companies: Amino Technologies
Bioquell (BQE LN) Positive trading continues | Earthport (EPO LN) Partnership with Kotak Mahindra Bank | Ground Rents Income Fund (GRIO LN) Further clarification on doubling assets | Oxford Metrics (OMG LN) Further product innovation at Vicon | Porta Communications (PTCM LN) Strategic investment and debt reorganisation | Spirent Communications (SPT LN) Still waiting on return to top line growth | StatPro Group (SOG LN) Scale and sales hires should drive organic growth | UDG Healthcare (UDG LN) Solid Q3 update overall, but Sharp weakness an irritation
Companies: BQE SPT OMG UDG PTCM GRIO EPO SOG
Xpediator Plc—Sch 1 from the holding Company for an integrated freight management business operating in the supply chain logistics and fulfilment sector across the UK and Europe with a strong presence in Central and Eastern Europe. Offer details TBC, expected Admission early August 2017. | GetBusy PLC—Sch1 from the holding Company of its subsidiary undertakings, which operates as a document management software business with over 110 full time employees, headquartered in Cambridge, UK and operating across the UK, USA, Australia and New Zealand. Capital to be raised via a rights issues of £3m at 28.3p with anticipated market cap of £13.7m. | Work Group PLC—Sch1 from the Company that proposes to acquire the entire issued share capital of Gordon Dadds Group Limited (GDG). GDG is an acquisitive law firm and a group of other complimentary businesses, including Prolegal, an acquisition vehicle model focused on smaller law firm. Capital to be raised is £20m with anticipated market cap of £40m. | Quiz—Sch 1 from the omni-channel and international own brand in the women's value fast fashion sector. Offer TBA. Expected late July. Last year Quiz posted sales of £87.4m while pre-tax profits grew by 17pc to £5.7m . | Arena Events Group -provider of temporary physical structures, seating, ice rinks, furniture and interiors. Raising £60m. Mkt cap £63m. Expected on the Chef’s birthday, 25th July. | Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July. | Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m. | Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. | I3 Energy –Schedule 1 Update. Independent oil and gas Company with assets and operations in the UK. Issue price of 55p with anticipated market cap of £14.3m, 25 July Admission. | Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June.| Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published. | Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with the growth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00. | Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. | Kuwait Energy— has not been able to complete its initial public offering as announced in its Intention To Float of 3 May 2017. However, in light of positive feedback from potential investors, the Company remains committed to obtaining a London listing and continues to explore its options. | Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.
Companies: HZD HOTC TILS DPP TPOP RENE TOU VLG
I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 26 May admission | Opera Investments –Reverse Takeover of Kibo Mining’s subsidiary Kibo Gold. Raising £1.5m. Expected mkt Cap £6.5m. 23 May | Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in late May | Flying Brands (FBDU.L)—Prospectus approved by FCA. RTO of Stone Checker Software, supplier of technology solutions in the field of kidney stone analysis and prevention. Has raised £550k at 3p. Subject to GM on 15 Jun | AEW UK Long Lease REIT—Intention to Float. Up to £150m raise. Admission early June. UK specialist and alternative property | Alfa Financial Software –Intention to float. Mission-critical software platform purpose-built for asset finance enterprises. Vendor sale of 25% plus. FYDec16 rev £73.3m (CAGR of 24% from 2012). Adjusted EBIT £32.8m | Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe | ADES International— Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, seeking raise up to $170m plus vendor sale under a Standard Listing of the Main Market. Admission due May 2017 | Tufton Oceanic Assets– Extended to 9 May on specialist funds segment of Main Market to enable further due diligence | PRS REIT—Private rental sector REIT raising up to £250m. Admission due 31 May
Companies: FUTR PIP EOG HZM POS HUNT UKOG KOD CEPS SEE
MelodyVR, the leading creator of virtual reality content focused on the music industry and subsidiary of EVR Holdings, this morning announces that it has entered into a multi-year music licensing agreement with ARESA GmbH, the Anglo-American Rights European Service Agency. ARESA represents the copyright catalogues of companies such as Chrysalis, Bug, BMG, Cherry Lane, Famous, Virgin, Stage Three and Evergreen, comprising several hundreds of thousands of works from leading global artists such as Adele, David Bowie and The Rolling Stones. The agreement also covers 34 territories across Europe, and follows on from last week’s announcement that MelodyVR had signed five music licensing, collection and distribution agreements with various European rights holders.
Amino has reported H1 17A results ahead of management’s expectations, and a closing net cash position (£13.1m) confirmed as having more than doubled over FY 16A. Key metrics saw impressive growth, with turnover and adjusted EBITDA up 21% and 70% respectively. IP device sales were strong, particularly in the Americas. In software, the group continues to report positive momentum. We leave earnings estimates unchanged at this stage and believe the maintained progressive dividend policy (+10% y/y) continues to demonstrate management’s confidence in the outlook.
Companies: Amino Technologies
MTI Wireless Edge plc (MWE.L, 34.25p/£18.1m) Interims and contract win: Both divisions firing | Gfinity plc (GFIN.L, 21p/£39.6m) Australian Elite Series: Geographic expansion | Mirada plc (MIRA.L, 1.75p/£2.4m) Trading update: Improvement at Televis
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