R8GT schreef op 20 oktober 2015 09:34:
Exane first take TT Q3 2015 results
An in-line report with Auto, Licensig strong, Telematics below consensus
group sales, ebit and EPS were in line with consensus
after Garmin's Q3 miss and FY warning last week, TT reiterated their guidance backed by overall in line figures, revenue rose 8% yoy, gross margins were 50bp ahead of consensus , still down 370 bp yoy due to adverse forex , EBIT margin at 1,9% was 10 bp below consensus and EPS was 1 ct shy of consensus
consumer, auto and licensing were strong
consumer resisted well in a weak PND environment that hurt Garmin much, the PND market wqs down 8% in EU and 20% down in the US , share gains and ASP improvement led to an increase in PND sales at TT
Flat Automotive revenue was 5% ahead and icensing was 8% ahead ( strong consumer , likely mostly Apple and good Geopastial rev)
telematics saw a 28 % yoy drop in hardware revenue, subscription up 31%, installed base u 26% yoy
we believe there is nothing to worry abt as hardware does tend to be more erratic
quarter-in, quarter-out, than subscription rev, which does continue to grow nicely
conclusion: reiterate outperform for 12 euro
more to follow after cc