cave canem schreef op 20 oktober 2017 10:14:
TT has reported 3Q17 numbers that fell marginally short of consensus at sales level ( 2.5% miss euro 218 m acual vs 223 consensus)
gross margin better 65% vs consensus 64%
much better EBIT ( excluding a restructuring charge of 11.8 mio in consumer relating to Sports) of euro 6mio vs consensus of 1 mio euro
adj eps amounted to 0.08 uro vs consensus of 0.05
due to further adverse results in Sports TT adjusting its guidance from euro 925 mio to 900 mio ( dat is gewoon een omzetverlaging, na het echec van verleden jaar waar ze vlak voor de cijfers met een nasty kwamen, doen ze het nu bij de rapportage)
consumer came in below expectations despite TT having warned abt its troubles in wearables
that makes the strategic review even more important
we hv never counted on proceeds in the case of sale and even a modest negative is more realistic ( voorbereiding dat Madame het kan fronten voor de Founders met een Golden Goodbye erop van enkele jaren overhead ...?)
Automotive better than expected growth ( 50% yoy growth) driven by new contract contribution and solid unit sales in already running contracts
Telematics somewhat weak, but TT is moving customers to its new platform, should result in savings and faster roll-out of new services
growth in Telematics is hard, as the fleet market is maturing and grwoth is mainly coming from lower ASP services
( opsmukken en in de verkoop - stap 2 na sports/consumer over 2 jaar ... ? )
Licensing in line
TT's gross margin continues to improve as software and content revenue growth
slightly increase in opex
better EBIT marging and FCF
all in all a decent quarter if we exclude sports and the relating costs for this unit ( hak dit anker eruit en we vliegen)
OK, zie nu ook andere rapporten binnenkomen van de Engelsen ( ben benieuwd worstel me er straks doorheen
succes - buy the dip, eens gaat het draaien, het anker moet eraf.