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TomTom delivered a mixed set of Q3 results with a miss on the revenue line while profitability benefitted from a one-off subsidy. However, FCF surprised positively by comfortably beating the consensus despite a €1m lag burden from the Maps restructuring. TomTom reiterated its guidance underpinned by the fairly decent results. Regardless of the above, negative sentiment dominates in the market with the stock down by 7%.
Companies: TomTom NV
AlphaValue
TomTom outperformed a strong auto market, enabling the company to deliver consensus-beating figures in the Q2 23. Profitability is enjoying the knock-on effects, but FCFs remain burdened by restructuring-linked payments from the Maps reorganisation. Against the background of two consecutive positive quarterly surprises, the company decided to raise its guidance for FY 23.
TomTom has reported its Q1-23 results, exceeding the consensus estimates. The company’s revenue reached €141m, a 10% yoy increase. Growth was primarily driven by the Location Technology segment, which saw a significant increase to €118m, reflecting a 12% yoy rise. Meanwhile, the Consumer business segment remained flat at around €23m. Overall, TomTom has had a strong start to 2023 and has reaffirmed its guidance for the year, with a mid-term sales target of €560m.
TomTom ended the year with success and looks confident for the year ahead. It seems that the investments are starting to pay off, as the numbers of new partnerships and collaborations are increasing. Longer-term prospects appear brighter, with the highest backlog in years (€2.4bn) and a slew of strategic partnership implementations.
As TomTom is exposed to Auto volumes and is undergoing a restructuring, the fact that it has maintained its outlook for FY22 and FY23 is reassuring. However, the scope of the FCF guidance has been modified to exclude a heavy restructuring outflow. In addition, the slight beat in sales mainly came from the Consumer business. On the bright side, FCF has broken-even this quarter driven by an increase in Auto operational revenues.
TomTom has provided Q1 22 results in line with consensus. The weaker Auto volumes impact has been offset by the strong momentum in Enterprise and a slower than expected decline in the Consumer business. TomTom is well set to achieve its flat FY22 guidance.
Even though TomTom warned the market in its previous quarter that its Q4 would be heavily impacted by the semiconductor shortage and the lower Auto volumes that result, the global Q4 results were a miss. The longer-term perspectives seem brighter, with the highest backlog in years (€1.9bn) and the implementation of a strategical partnership.
Tomtom has published disappointing Q3 results. Both revenues and EBITDA came in below consensus. EBITDA was expected to be a positive €3.9m but came in at a negative €5.3m, lower than the most pessimistic analyst. This was due to low Auto volumes, which directly impacted revenues, margins and expected cash flow.
Due to semiconductor supply constraints in the Automotive sector, the Q2 results were below expectations and the new guidance is discouraging investors. The stock is down 14% today.
The Q1 results were solid, led by the strong recovery of the Automotive sector to offset the dying Consumer activity.
TomTom’s Q4 20 results fell short of expectations, but the major element of the disappointment was at the FCF level in terms of 2021 guidance as well as a slower recovery in Automotive.
TomTom released a strong set of results for Q3 20, driven by a rebound in both Automotive and Consumer. The company also posted a profitability upbeat on the back of good cost control. The only disappointment, but manageable, was seen at the FCF level. Still, we keep a positive view on the stock which should benefit from cash generation reversal from Q4 onwards.
TomTom’s Q2 publication was reassuring, beating the street on its Automotive business, but most noticeably on profitability. We expect a positive gross margin development in the coming quarter driven by a recovery in its activity as well as cost containment measures playing positively on the operating margin and FCF generation.
Q1 20 earnings came in below consensus expectations on the back of a sharper hit from COVID-19, mostly driven by the lower Automotive activities. Q2 is expected to suffer the most and, while the company had already withdrawn its FY20 guidance, FCF is expected to be negative in 2020. Hopefully, the strong balance sheet of the company might help it to cope with this crisis.
Q4 publication was a mix of contrasting moving parts, with an underperformance for Consumer while Location Technology, fuelled by Enterprise, held back. The commercial momentum was also strong for the latter. The company missed the consensus at the EBTIDA level, on the back of higher investment to support its technology.
Research Tree provides access to ongoing research coverage, media content and regulatory news on TomTom NV. We currently have 33 research reports from 1 professional analysts.
Audioboom’s FY23 results and Q1 trading update show Q1 24 revenue growth of +11% yoy, $6.7m of March 2024 revenue marking the platform’s highest revenue month since May 2022, and a confident outlook that leads us to reiterate our FY24E forecasts. Following the focus on new initiatives through FY23, the platform is now in its strongest ever operational position, with a record 1.1bn monthly ad impressions created in March 2024, record global audience reach of 38.6m unique global listeners in Janua
Companies: Audioboom Group PLC
Cavendish
Alphawave Semi has reduced guidance for FY23 and prospectively citing lower revenues from China, changes in expected revenue recognition from long-term contracts, and continuing investment in R&D. The share price has reacted negatively, giving up most of the gains since the trading statement at the end of January. Current consensus, which is a good match for pre-existing guidance, should be reduced, most likely following release of the FY23 results and full 1Q24 trading update due on 23 April. H
Companies: Alphawave IP Group PLC
Capital Access Group
Crimson Tide has reported FY23 results to December in line with expectations, with additional operating leverage benefitting updated FY24 and maiden FY25 and FY26 forecasts. FY23 delivered +15% revenue growth to £6.2m at 86% GM, of which over 90% is recurring, and maintained £5.8m ARR even after unexpected customer churn in the year as we previously noted. Crucially, the Group achieved milestone adj EBITDA profitability of £0.4m at 7% EBITDA margin, and edges closer to adj PBT profitability expe
Companies: Crimson Tide Plc
Companies: BILN ELCO NXQ CUSN ATG
Devolver Digital encouragingly delivered 2023 results slightly ahead of expectations and provided a steady medium-term outlook that leads us to reiterate our 2024 Adjusted EBITDA estimates. Longer term, the company is now planning to further develop its two major planned titles, Human Fall Flat 2 and System Era's next major new release. We now expect those major titles to be released in 2026 rather than 2025, meaning we lower our 2025 Adjusted EBITDA forecast to $10.6m from $17.6m but introduce
Companies: Devolver Digital, Inc.
Zeus Capital
Companies: 88E RNO TRIN KRM EXR BOOM
Checkit has won contracts with two customers worth at least £417k over the three-year lives of the contracts, confirming its ability to upsell to its existing customer base and supporting our forecasts. Having trialled the new technology with multiple customers, Checkit has launched its Asset Intelligence module, which uses advanced analytics and machine learning to enhance customer sustainability, reduce costs and increase revenue.
Companies: Checkit plc
Edison
Companies: Kainos Group PLC
Canaccord Genuity
ATG’s H1/24 trading statement indicates revenue for the six-month period to 31 March 2024 was $86m, a 6% increase on H1/23 (1% organic growth), helped by the addition of the EstateSales.Net (ESN) marketplace last year, which performed well in the period. Total marketplace revenue increased 2% (organic), driven by growth in value-added services (VAS) and event fees, offsetting a decline in commission revenue (mainly through lower asset prices).
Companies: Auction Technology Group PLC
Companies: Crimson Tide Plc (TIDE:LON)Plant Health Care PLC (PHC:LON)
Touchstar is a supplier of mobile data computing solutions and managed services to a variety of industrial sectors. This morning's full year results reflect the outcome of a multi-year strategy coming to fruition for the group, with recurring revenue growth of 8.7% delivering overall revenue growth of 7.1% and in turn a 60% increase in PBT to £0.7m. Over the past few years, Touchstar has focused on enhancing the returns from their product offering through a shift towards recurring software licen
Companies: Touchstar plc
WHIreland
This report is intended to help UK small- and mid-cap investors gain a better understanding of software companies’ routes to market, and to highlight how one of the most important facets of the way in which they grow and deliver value is routinely ignored. We examine sales processes for six UK-listed companies and one that has recently been taken over, and consider why they have followed their respective paths.
Companies: Idox plc
Progressive Equity Research
ENGAGE XR’s FY23 results show revenue and net cash in line with the February trading update, EBITDA ahead at -€4.0m vs -€4.5m due to the split of cash outflow between opex and working capital, and a confident outlook that leads us to reiterate our FY24E forecasts. FY23 revenue for the core ENGAGE platform was unchanged vs FY22 at €3.3m, as H2 23 revenue was impacted by the record seven-figure contract announced in February shifting to 2024, and several enterprise customers scaling back renewals
Companies: Engage XR Holdings PLC
Companies: Cirata Plc
Liberum
Companies: UTL ASC DNLM BWNG MONY DFS BOO
Shore Capital
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