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Atea reported Q3 results slightly below our estimates, but with a DPS at NOK 5 and a new dividend policy. Revenues declined by 2% y-y FX-adjusted and we expect headwinds on hardware to persist, offsetting solid software growth. While Atea is trading at a discount to peers but in-line with its historical figures on EV/EBIT NTM, we need to see revenue improvements as well as cost efficiencies before we find it attractive. As such, we maintain our Hold rating.
Companies: Atea ASA
Arctic Securities
Q3 results -3% below on consensus revenues but 11% ahead on EBIT Software (+16% y-y) was strong – positive read across to Crayon We will make minor estimate changes, consensus EBITDA may increase
Dustin’s Q4 results (announced today) shows slight decline in LPC ..stating stable demand in public, but delayed for large corporates The results supports our estimates for Atea
Dustin’s Q4 results (just announced) shows slight decline in LPC ..stating stable demand in public, but delayed for large corporates The results supports our estimates for Atea
Atea’s Q2 results were already pre-announced and driven by solid results in Norway, while Sweden was broadly in-line and Denmark was slightly weaker than expected. Denmark remains the largest swing factor to estimates, but its EBIT improvement was solely due to cost reductions. Software growth was stronger than expected, and is a positive read-across to software peers such as Crayon. We reiterate our Hold rating and lift our TP to NOK 109 (105).
Q2 results were already preannounced in the recent profit upgrade Sweden, Norway and Baltics ahead; but Denmark weaker than estimated Software was especially strong (+21% y-y) – positive read-across to Crayon We expect to make minor estimate changes
Atea announced a profit upgrade yesterday, following solid results from Dustin from the public sector. Though this signals underlying improvements, some of this is likely due to temporary positive effects from Covid-19. The results is also a positive read-across to Nordic IT companies including Crayon. We maintain our Hold rating until we get more colour in the Q2 report on the underlying improvement – in such a scenario Atea’s discount to peers should narrow.
Dustin just reported its results; with LCP (large corporates) up 7% y-y Dustin’s LCP segment was driven by strong sales to the public sector …offsetting soft development in the SMB segment and for large corporates Supports our est. for Atea, expecting strong public sales(60% of revenues)
Atea reports Q2 results on July 15. We expect a temporary positive effect from higher hardware sales (remote working products) and extended payment terms in Q2 and part of Q3. Still, the underlying trends in hardware is soft with potential risk on delivery issues from certain hardware vendors. As such, we maintain our Hold rating as we view several other TMT shares as more attractive, including pure-play software companies with a higher cloud exposure.
Public sector agreement in Sweden today already reflected in estimates Expect near-term improvements in revenues in software and hardware Solid software growth in the Nordics (ref Crayon’s Nordic results) Temporary stronger hardware sales (remote working products) in Q2
Atea’s Q1 results were weaker than expected, due to soft results in Denmark and Sweden in especially hardware. While this has improved into Q2, with a stronger backlog y-y, we consider this improvement as temporary. As such, we maintain our Hold rating, and consider the discount to peers – with some seeing a multiple expansion recently - as fair until further data points on underlying improvements. We view several other TMT shares as more attractive.
Q1 results below estimates due to weaker results in Denmark and Sweden Slow start of Q4 for product revenues but improved through the quarter Revenues “accelerated into Q2”, cost cuts initiated in Denmark Expect to cut our estimates, depending on details on Q2 improvements
Atea reports Q1 results on April 22. While the initial start to Q1 was soft, we model improved revenues through the quarter from increased hardware sales since COVID-19. This, and positive FX effects on reported figures, should be enough to offset weakness in project related services. While recent comments from Dustin and Atea’s CEO could indicate a solid Q1 report, the estimate risk remains large – also considering the decision to withdraw its dividend payment.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Atea ASA. We currently have 0 research reports from 2 professional analysts.
Made Tech is a leading provider of digital, data, and technology services to the UK public sector. The Group was founded in 2008 by Rory MacDonald (CEO), who remains its main shareholder with 28% of the equity, and IPO’d in 2021. The Group is entirely exposed to the UK public sector and we believe this represents a large structural growth opportunity as the shift to digital services is likely to accelerate. Moreover, we believe Made Tech will continue to benefit from the transition away from UK
Companies: Made Tech Group PLC
H2 Radnor
17th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Scirocco Energy (SCIR.L) has left AIM. UK Commercial Property REIT (UKCM.L) has left the Premium Segment of the Main Market. What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on tech
Companies: PIP RNO ORCP HUM CNR UKOG ENET
Hybridan
Nanoco is a world leading technology provider enabling next-generation electronic sensors and displays with commercial programmes including a production contract with a global tier-one player. The company has a strong balance sheet position to support the next phases of its growth journey, and with addressable markets exceeding £100m across multiple customer verticals. We initiate coverage with a target price of 60.2p.
Companies: Nanoco Group PLC
Cavendish
The Great Correction of 2022 saw the share prices of streamers plunge after market leader Netflix reported a slowdown/fall in subscriber growth. Having formerly been seduced by hectic subscriber growth rates, investors quickly refocused, this time on fundamental metrics such as revenue, margins, profits and cashflow. Since then, streamers have continued to take a steadily greater share of viewing while linear TV continues to decline. But growth in streaming subscribers in the US and UK is now a
Companies: AMZN DIS WBD NFLX NFLX ITV STVG PARA AMZN DIS
Hardman & Co
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
Companies: CPH2 TIDE MRL JNEO
Companies: FOG PEB KBT EMR TIME GETB JNEO
Nanoco has announced that a sequence of purchase orders from several existing customers for development work and validation materials means that FY23 revenues are likely to be 20% higher than FY22 rather than at a similar level. We adjust our estimates accordingly, noting that these still exclude any revenues from potential production orders, the value of which will depend on the initial use case and ramp-up timing.
Edison
Boku reported H122 revenue and adjusted EBITDA in line with its July trading update. During H122, payments made via local payment methods (LPMs) grew significantly y-o-y and, since the end of H1, the company has signed a multi-year contract with Amazon for its LPM services and rolled out eWallets in China for another major merchant. We maintain our forecasts and highlight that underlying growth for the business remains strong, despite currency headwinds.
Companies: BOKU, Inc.
2016 got off to a rocky start. Not long into January, after just a few trading days, global equity markets lost more than US$4tn of value due to investor sentiment towards China’s economic slowdown and depreciating currency. This was immediately followed by a slump in the oil price. By the third week of January, Brent Crude hit its year low at $27.10 a barrel causing an immediate sell off in the energy sector. Once the Q1 dust had settled, attention turned to the UK’s vote on whether to remain a
Companies: GOT FRAN ECP TMO CER PMI MXCT
The trading update confirms revenues in line with our expectations. Excess inventory flow through and market softness in China have impacted CML’s core business, but Microwave Technologies Inc (MwT) is performing ahead of expectations. The net effect, along with MwT acquisition related costs, is that Reported PBT and EBITDA are to be lower than expectations, but not substantially so. The long-term investment case is founded upon the opportunity in next-generation wireless and, with £18m cash and
Companies: CML Microsystems Plc
Progressive Equity Research
Companies: Beeks Financial Cloud Group Plc
Canaccord Genuity
Companies: Celebrus Technologies PLC
Companies: Maintel Holdings Plc (MAI:LON)Cambridge Nutritional Sciences PLC (CNSL:LON)
Proving that market anxiety over the 1H/2H split is misplaced, Celebrus management is demonstrating confidence in the visibility in the model with confirmation of revenue performance in line with expectations and adjusted PBT 5% ahead (and by consequence adj dil EPS +5%) close to two weeks before the March year end. £32.0m revenue (consensus £32.1m; Cav £32.3m). £32m achieves the punchy 50% target organic growth after some hardware focused contracts held over into FY24; while £5.5m adj PBT (cons
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