Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on POINTER TELOCATION LTD. We currently have 4 research reports from 1 professional analysts.
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POINTER TELOCATION LTD
POINTER TELOCATION LTD
Good figures and yet another impressive deal
16 Mar 17
The group has started 2017 well with two significant contracts – a highly prospective one for driver behaviour in NY for ride firms such as Uber and Lyft, followed by a pilot programme for driver safety and distribution costs savings with FEMSA (Coca-Cola’s largest public bottler). A strong performance in these contracts bodes well for future earnings. Pointer has also announced better than expected 2016 operating results, helped by margin-boosting operational leverage, and acquisition of Cielo Telecom in Q4. Management has also issued guidance for over 10% revenue and 20% EBITDA growth this year, which accords with our increased earnings expectations. Helped by this, we have revised our share valuation, which is based on peer multiples, from $8.85 (NIS 33.9) to $10.8 (NIS39.6). This is supported by our DCF valuation of $14.9 (NIS 54.7) per share.
Taking a ride with Uber
30 Jan 17
Pointer Telocation (PNTR) has won a five-year contract to provide fleet management and driver behaviour monitoring services for 4,000 New York black cars and car service vehicles working for online transportation network companies (TNC), including Uber and Lyft. The contract, announced on 17 January, represents PNTR’s first foray into the US market, which has been made possible by the group’s recent move into cloud-based SaaS services. Although small in revenue terms, the contract looks to have significant upside potential for the group. It should considerably raise the group’s profile in the US in the growth area of driver monitoring, even more-so as global ADAS leader Mobileye is working with PNTR in the project (providing ADAS services). If successful, we see very good prospects for it to lead to further business from the fast-growing TNC sector across the US and internationally, as well as from other forms of for-hire vehicles in NYC.
Improving top-line trend affected by one-offs
30 Nov 16
Pointer Telocation (PNTR) is a telematics company with a focus on Israel and Latin America. In addition to sales of its own telematics devices, the group generates high recurring revenues from mobile resource management services. The results for the first nine months support our top-line and normalised full year profit expectations, representing 74-76% of our forecast FY revenue and EBIT. We have nevertheless cut our current year PBT forecast by 6% to account for higher finance and one-off costs. PNTR’s forward P/E discount to the sector has widened from 34% to 37% in recent weeks and we see potential for a re-rating on stronger earnings growth, which should be driven by the recent acquisition of Cielo Telecom in Brazil, a strong pipeline of new products and rising service margins.
An appealing mix: Solid business and innovation
08 Nov 16
Pointer Telocation (PNTR) is a telematics company with a focus on Israel and Latin America. In addition to sales of its own telematics devices, the group generates high recurring revenues from mobile resource management services. After forex-hit H1 results, the stock is trading on a 34% forward P/E discount to its peers. We see potential for a re-rating on improved earnings growth, which should be driven by a recent acquisition in Brazil, a strong pipeline of new products and rising service margins.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.
Scott deal puts spotlight back on corporate strategy and valuation
17 Mar 17
The acquisition of Scott Safety by 3M announced yesterday is not a huge surprise but it puts the spotlight back on (1) Avon’s corporate strategy as two strong competitors merge and (2) Avon’s break-up valuation given the rich multiple (12.9x EBITDA) being paid by 3M. Avon and other competitors, particularly MSA Safety, cannot ignore the fact that Scott, which is the leader in SCBA (self-contained breathing apparatus) market and 3M, which derives the bulk of sales from industrial hard hats and masks, would together have the most comprehensive portfolio of products in the PPE (Personal Protective Equipment) market. The good news for investors is that if we were to apply similar EBITDA multiple, then Avon’s Protection & Defence business alone would account for the entire market cap. In effect, at the current share price, investors are getting the Dairy business for free. Our sum-of-the parts model now values the shares at 1,279p, up 7% compared with 1,200p previously.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017