2 September 2015 YOC AG. FIRST BERLIN Equity Research
|
|
- Reynold McDonald
- 8 years ago
- Views:
Transcription
1 FIRST ERLIN Equity Research RATING Germany / Advertising Primary exchange: Frankfurt, Xetra Q2/15 Results PRICE TARGET 2.80 loomberg: YOC GR Return Potential 29.6% ISIN: DE Risk Rating High SALES GROWTH IN Q2 DISAPPOINTS; LOWERING FORECASTS Ellis Acklin, Tel. +49 (0) Y O UY Key Q2/15 figures were below our estimates. The company booked solid revenue growth for the D-A-C-H region, but this was offset by weaker than expected performance in Spain and the UK. The latter is the second largest market behind Germany for YOC, causing the shortfall to our forecasts. Management acted swiftly to get the ritish market back on track, but we do not expect a significant top-line increase until Q4/15 and have adjusted our forecasts accordingly. Nevertheless, we still expect YOC to realise its first Y/Y revenue growth (4.4%) since Our adjusted forecasts result in a new fair value and price target of 2.80 (previously: 4.00). Our recommendation remains uy. Q2/15 revenues decline Y/Y; EITDA improves slightly Q2 sales declined 11% Y/Y to 2.3m (Q2/14: 2.6m; Fe: 3.4m) owing mainly to poor developments with its Spanish and UK operations. Spain is growing, although slower than expected, whereas the approach to the UK market needs some adjustments to restart growth. Management hired a new Managing Director to overhaul the concept for the ritish market. Despite the revenue shortfall, product innovations and an increasing portion of programmatic activities helped boost the gross margin (as % of revenues) to 33.4% vs 32.4% in Q2/14. Personnel expenses were in line with last year at 1.0m (Q2/14: 1.0m), whereas other operating expenses were lower Y/Y at 0.6m vs 0.8m in Q2/14 having benefited from cost cutting measures. EITDA for the second quarter totalled -0.6m (Q2/14: -0.7m; Fe: -0.3m). On a half year basis EITDA improved slightly to -1.0m (H1/14: -1.1m) Adjusted for restructuring effects, EITDA in H1/15 improved 0.8m to - 1.0m (H1/14 adjusted: -1.8m). Negative operating cash flows digging into cash position At of the end of Q2, cash and cash equivalents totalled 0.7m compared to 1.2m at the end of We note the company will receive an 0.8m cash injection from an extraordinary profit stemming from the recently announced out-of-court settlement in Q3. Cash flow from operations in the first six months totalled -1.5m vs -1.6m in H1/14. Cash flow from investing (p.t.o.) COMPANY PROFILE YOC is a leading independent Mobile Advertising platform, which helps mobile app developers and digital publishers boost advertising revenues while also providing advertisers with attractive inventory and technology to maximize the effectiveness of their mobile media spend. MARKET DATA As of 01 Sep 2015 Closing Price 2.16 Shares outstanding 3.11m Market Capitalisation 6.72m 52-week Range 1.59 / 3.50 Avg. Volume (12 Months) 7,963 Multiples 2014A 2015E 2016E P/E n.a. n.a. n.a. EV/Sales EV/EIT n.a. n.a. n.a. Div. Yield 0.0% 0.0% 0.0% STOCK OVERVIEW Sep 14 Nov 14 Jan 15 Mar 15 May 15 Jul 15 Sep 15 General All Share FINANCIAL HISTORY & PROJECTIONS 2012A 2013A 2014A 2015E 2016E 2017E Revenue ( m) Y-o-y growth n.a % -21.4% 4.4% 45.2% 22.3% EIT ( m) EIT margin n.a. n.a. n.a. n.a. n.a. n.a. Net income ( m) EPS (diluted) ( ) DPS ( ) FCF ( m) Net gearing n.a. n.a. n.a. n.a. n.a. n.a. Liquid assets ( m) RISKS Risk include but are not limited to: weak balance sheet, small size, and low barriers to entry in core activities. COMPANY DATA As of 30 Jun 2015 Liquid Assets 0.70m Current Assets 3.30m Intangible Assets 0.60m Total Assets 4.00m Current Liabilities 5.90m Shareholders Equity -2.20m SHAREHOLDERS Dirk Kraus 19.5% Deutsche Industrie Holding 9.9% Institutional holdings 12.5% Other 10.9% Free Float 47.2% Analyst: Ellis Acklin, Tel. +49 (0)
2 amounted to -0.1m, while cash flow from financing was 1.1m, stemming from the capital increase and draw down of debt in Q2. In our view, the net cash outflow of 0.5m in H1/15 combined with a lower outlook could stretch the balance sheet next year if sales continue to be sluggish. Figure 1: Q2/15 results vs our forecasts in '000 Q2-15 Q2-15E Delta Q2-14 Delta H1-15 H1-14 Delta Revenues 2,327 3, % 2, % 4,382 4, % EITDA ,146 - Margin -24.8% -9.8% % % -25.8% - Net income ,170-1,473 - Margin -29.2% -11.6% % % -33.1% - EPS (in ) *figures are adjusted to reflect continuing operations Source: First erlin Equity Research; Cutting forecasts to account for regional developments As discussed in our previous updates, YOC replaced its Spanish team as part of its restructuring last year. The staff scored a major win with the Shazam partnership and sales have been growing albeit not as briskly as anticipated. UK operations disappointed in H1/15 prompting YOC management to replace the Managing Director. The successor will implement a new concept to get the ritish market back on track. We likewise believe this will take time to ramp up and expect the first significant pick up in sales in Q4/15. We therefore expect Q to remain flat Q/Q with an overall pick up in sales in the final quarter of For 2016, we look for sales to benefit strongly from the newly formed YOC Performance operations, which targets the acquisition of active users or its advertisers on a data-driven basis, i.e. from downloads of native apps to mobile transactions. Our lowered forecasts will weigh on the balance sheet, which had been stabilised with a capital increase in H YOC will receive a liquidity injection in Q3 of 0.8m from the aforementioned out-of-court settlement, and the company has arranged a credit facility of 0.1m to draw down if needed. Nevertheless, cash will remain tight over the near term and we cannot rule out the possibility of another capital increase to fund growth until operating cash flows turn positive with a pick up in sales. Figure 2: Adjustments to our forecasts 2015E 2016E in '000 old new Delta old new Delta Revenues 12,781 9, % 16,147 14, % EITDA -1,600-1, ,038 - Margin -12.5% -12.7% % -7.3% - Net income -1,841-1, ,258 - Margin -14.4% -15.7% % -8.9% - EPS (in ) Source: First erlin Equity Research Underlying positives still intact despite disappointing growth over the near term Despite the recent obstacles in Spain and the UK, we believe the company will get the underperforming business regions back on track and that the company is well positioned with its Mobile Advertising and Programmatic business model. The gross margin has improved with the addition of Programmatic, while operating costs are significantly more tenable after the restructuring. Management now target high single digit top-line growth for the year. Our adjusted forecasts result in a DCF fair value and price target of 2.80 (previously 4.00). Coinciding with the recent slide in the share price, this corresponds to a uy rating. Page 2/7
3 DCF VALUATION Our DCF valuation produces a total fair value of 9.4m adjusted for the net cash position of 0.36m at the end of H1/15 plus 0.75m we have assumed YOC will need to raise in order to facilitate the growth of its operations. We believe the company will able to tap the capital market again by means of subscription rights with existing shareholders, and have modelled for a capital increase in ased on fully diluted (post-money) shares outstanding of 3.4m, our fair value corresponds to 2.80/share. All figures in EUR ' A 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E Net sales 0 9,782 14,201 17,371 20,604 24,238 28,813 33,929 39,969 NOPLAT 0-1,413-1, ,061 1,344 + depreciation & amortisation Net operating cash flow 0-1, ,321 1,614 - total investments (CAPEX and WC) Capital expenditures Working capital Free cash flows (FCF) 0-1, ,009 1,607 1,991 PV of FCF's 0-1, All figures in thousands PV of FCFs in explicit period 4,696 PV of FCFs in terminal period 3,754 Enterprise value (EV) 8,449 + Net cash / - net debt (H1/15) Investments / minority interests 0 Shareholder value 9,337 Shares outstanding (diluted) 3,363 Fair value per share in EUR 2.80 Terminal growth rate WACC 16.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% Cost of equity 16.9% 10.0% Pre-tax cost of debt 11.0% 12.0% Tax rate 30.0% 14.0% After-tax cost of debt 7.7% 16.0% Share of equity capital 90.0% 18.0% Share of debt capital 10.0% 20.0% % 22.0% * please note our model runs though 2028 and we have shown only the abbreviated verson for formatting purposes WACC Page 3/7
4 INCOME STATEMENT All figures in EUR ' A* 2014A 2015E 2016E 2017E 2018E Revenues 11,917 9,368 9,782 14,201 17,371 20,604 Own work capitalised Other operating income 1,325 2,683 1, Total Ouput 13,305 12,319 11,454 14,681 17,881 21,114 Cost of goods sold -8,468-6,391-6,575-9,423-11,446-13,522 Gross profit 4,837 5,928 4,879 5,258 6,435 7,592 G&A -4,406-3,235-1,991-2,130-2,206-2,266 Personnel costs -6,657-3,963-4,075-4,118-4,221-4,945 Depreciation and amortisation Operating income (EIT) -7,206-1,581-1,413-1, Net financial result Pre-tax income (ET) -7,287-1,626-1,425-1, Income taxes Minority interests Net income / loss (continued operations) -7,981-1,745-1,486-1, Net income / loss (discontinued operations) -2,502 5, Net income/ loss -10,483 3,293-1,486-1, Diluted EPS (in ) EITDA¹ -6,226-1,270-1, Ratios Gross margin 32.8% 31.8% 32.8% 33.6% 34.1% 34.4% EIT margin on revenues n.a. n.a. n.a. n.a. n.a. 0.8% EITDA margin on revenues n.a. n.a. n.a. n.a. 0.0% 1.8% Net margin on revenues n.a. n.a. n.a. n.a. n.a. 0.8% Tax rate 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% Expenses as % of revenues G&A 34.5% 34.5% 20.4% 15.0% 12.7% 11.0% Personnel costs 42.3% 42.3% 41.7% 29.0% 24.3% 24.0% Depreciation and amortisation 2.5% 2.5% 2.0% 1.4% 1.2% 1.0% Y-Y Growth Revenues -45.1% -21.4% 4.4% 45.2% 22.3% 18.6% Operating income n.m. n.m. n.m. n.m. n.m. n.m. Net income/ loss n.m. n.m. n.m. n.m. n.m. n.m. * adjusted to reflect continuing operations ¹ 2014 EITDA is - 2.3m excluding the 1.0m one-off restructuring effects Page 4/7
5 ALANCE SHEET All figures in EUR ' A 2014A 2015E 2016E 2017E 2018E Assets Current assets, total 5,500 3,485 2,787 3,571 4,086 5,098 Cash and cash equivalents 531 1, ,070 Receivables 3,960 1,611 1,742 2,490 3,046 3,613 Other current assets Tax assets Assets for sale Non-current assets, total 2, Property, plant & equipment Goodwill & other intangibles 1, Other assets Total assets 7,728 4,135 3,401 4,209 4,742 5,788 Shareholders' equity & debt Current liabilities, total 11,723 5,720 5,372 6,765 7,817 8,798 Short-term debt Accounts payable 3,008 2,521 2,882 4,208 5,111 6,039 Current provisions Other current liabilities 8,150 3,199 1,911 1,979 2,040 2,094 Long-term liabilities, total Long-term debt LT provisions Other liabilities Minority interests Shareholders' equity -4,679-1,650-2,336-3,021-3,240-3,074 Total consolidated equity and debt 7,728 4,135 3,401 4,209 4,742 5,788 Ratios Current ratio 0.5x 0.6x 0.5x 0.5x 0.5x 0.6x Quick ratio 0.4x 0.5x 0.4x 0.5x 0.5x 0.5x Net working capital ,140-1,718-2,066-2,426 Net debt 596-1, ,070 Return on equity (ROE) n.m. n.m. n.m. n.m. n.m. n.m. Page 5/7
6 CASH FLOW STATEMENT All figures in EUR ' A 2014A 2015E 2016E 2017E 2018E Net income from continued operations -7,981-1,745-1,486-1, Net income from discontinued operations -2,502 5, Depreciation and amortisation 4, Changes in working capital Others 1,075-1, Result from disposals 1-4, Operating cash flow -4,815-1,920-1, Investments in PP&E Investments in intangibles Disposal of business units 5,000 2, Disposal of assets Others Cash flow from investing activities 4,417 2, Free cash flow , Debt financing, net -2, Equity financing, net 3, Other changes in cash Cash flow from financing activities , Net cash flows Cash, start of the year , Cash, end of the year 531 1, ,070 EITDA/share (in ) Y-Y Growth Operating cash flow n.m. n.m. n.m. n.m. n.m. 61.8% Free cash flow n.m. n.m. n.m. n.m. n.m % EITDA/share n.a. n.a. n.m. n.m. n.m % Page 6/7
7 FIRST ERLIN Equity Research FIRST ERLIN RECOMMENDATION & PRICE TARGET HISTORY Report No.: Initial Report Date of publication Previous day closing price Recommendation Price target 2 February uy May uy June uy Today 2.16 uy 2.80 Ellis Acklin First erlin Equity Research GmbH Mohrenstraße erlin Tel. +49 (0) Fax +49 (0) info@firstberlin.com FIRST ERLIN POLICY In an effort to assure the independence of First erlin research neither analysts nor the company itself trade or own securities in subject companies. In addition, analysts compensation is not directly linked to specific financial transactions, trading revenue or asset management fees. Analysts are compensated on a broad range of benchmarks. First erlin has received compensation from a third party where the subject company is a client. First erlin s opinion is based on its own findings. ANALYST CERTIFICATION I, Ellis Acklin, certify that the views expressed in this report accurately reflect my personal and professional views about the subject company; and I certify that my compensation is not directly linked to any specific financial transaction including trading revenue or asset management fees; neither is it directly or indirectly related to the specific recommendation or views contained in this research. In addition, I possess no shares in the subject company. INVESTMENT RATING SYSTEM First erlin s investment rating system is five tiered and includes an investment recommendation and a risk rating. Our recommendations, which are a function of our expectation of total return (forecast price appreciation and dividend yield) in the year specified, are as follows: STRONG UY: Expected return greater than 50% and a high level of confidence in management s financial guidance UY: Expected return greater than 25% ADD: Expected return between 0% and 25% REDUCE: Expected negative return between 0% and -15% SELL: Expected negative return greater than -15% Our risk ratings are Low, Medium, High and Speculative and are determined by ten factors: corporate governance, quality of earnings, management strength, balance sheet and financing risk, competitive position, standard of financial disclosure, regulatory and political uncertainty, company size, free float and other company specific risks. These risk factors are incorporated into our valuation models and are therefore reflected in our price targets. Our models are available upon request to First erlin clients. Up until 16 May 2008, First erlin s investment rating system was three tiered and was a function of our expectation of return (forecast price appreciation and dividend yield) over the specified year. Our investment ratings were as follows: UY: expected return greater than 15%; HOLD: expected return between 0% and 15%; and SELL: expected negative return. ADDITIONAL DISCLOSURES First erlin s research reports are for qualified institutional investors only. This report is not constructed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer would be illegal. We are not soliciting any action based upon this material. This material is for the general information of clients of First erlin. It does not take into account the particular investment objectives, financial situation or needs of individual clients. efore acting on any advice or recommendation in this material, a client should consider whether it is suitable for their particular circumstances and, if necessary, seek professional advice. The material is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should be relied upon as such. Opinions expressed are our current opinions as of the date appearing on this material only; such opinions are subject to change without notice. Copyright 2015 First erlin Equity Research GmbH. All rights reserved. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without First erlin s prior written consent. The research is not for distribution in the USA or Canada. When quoting please cite First erlin as the source. Additional information is available upon request. Page 7/7
22 December 2015 YOC AG. FIRST BERLIN Equity Research
FIRST ERLIN Equity Research RATING Germany / Advertising Primary exchange: Frankfurt, Xetra 9M/15 Results PRICE TARGET 3.00 loomberg: YOC GR Return Potential 53.3% ISIN: DE0005932735 Risk Rating High Q3
More informationprice target of 7.40. We reiterate our Buy rating. Figure 1: Reported figures versus forecasts Source: First Berlin Equity Research, SFC Energy AG
FIRST ERLIN Equity Research RATING Germany / Energy Primary exchange: Frankfurt Q3 figures PRICE TARGET 7.40 loomberg: F3C GR Return Potential 38.1% ISIN: DE0007568578 Risk Rating High PROJECT DELAYS URDEN
More information20 May 2015 OpenLimit Holding AG. FIRST BERLIN Equity Research
FIRST ERLIN Equity Research RATING Switzerland / Software Primary exchange: Frankfurt Q1 figures PRICE TARGET 1.10 loomberg: O5H GR Return Potential 37.3% ISIN: CH0022237009 Risk Rating High STRONG SALES
More information5 November 2014 Pharming Group NV. FIRST BERLIN Equity Research. 9M 2014 Results & US Product Launch
FIRST ERLIN Equity Research Netherlands / iotechnology Primary exchange: Euronext Amsterdam / Secondary exchange: Frankfurt 9M 2014 Results & US Product Launch 5 P ha RATING UY PRICE TARGET 1.50 loomberg:
More informationBDI BioEnergy Intern. 20.0 Neutral. Activity level in Q3 might not support FY estimates
8/11/1 8/1/11 8/3/11 8/5/11 8/7/11 8/9/11 8/11/11 8/1/12 8/3/12 8/5/12 8/7/12 8/9/12 MATELAN Research Preview Note Price as of 9/11/12: 8.69 12 November 212 Company / Sector Fair Value Recommendation BDI
More informationDATRON AG. Investor day supports our positive view. Buy (Buy) 12.50 EUR (12.50 EUR ) BANKHAUS LAMPE // 1 17/09/2015
BANKHAUS LAMPE // 1 DATRON AG Investor day supports our positive view 17/09/2015 Buy (Buy) 12.50 EUR (12.50 EUR ) Close 15/09/2015 9.75 EUR Bloomberg: DAR GY WKN: A0V9LA Sector Engineering Share price
More informationBDI BioEnergy Internat. 14.5 Buy
20/08/13 20/10/13 20/12/13 20/02/14 20/04/14 20/06/14 20/08/14 20/10/14 20/12/14 20/02/15 20/04/15 20/06/15 MATELAN Research Update Note Price as of 20/08/15: 10.80 21 August 2015 Company / Sector Fair
More informationMATELAN Research. Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES
MATELAN Research Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES 2/5/12 2/7/12 2/9/12 2/11/12 2/1/13 2/3/13 2/5/13 2/7/13 2/9/13
More information2 February 2015 YOC AG
FIRST ERLIN Equity Research RATING Germany / Advertising Primary exchange: Frankfurt, Xetra Initiating Coverage PRICE TARGET 3.20 loomberg: YOC GR Return Potential 56.1% ISIN: DE0005932735 Risk Rating
More informationFinancial Formulas. 5/2000 Chapter 3 Financial Formulas i
Financial Formulas 3 Financial Formulas i In this chapter 1 Formulas Used in Financial Calculations 1 Statements of Changes in Financial Position (Total $) 1 Cash Flow ($ millions) 1 Statements of Changes
More informationSAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013
SAF-HOLLAND Annual Financial Statements 212 Detlef Borghardt, CEO Wilfried Trepels, CFO March 14, 213 Executive Summary business volume successfully expanded in 212 1 Group sales increased yoy by 3.4%
More informationEMERSON AND SUBSIDIARIES CONSOLIDATED OPERATING RESULTS (AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)
CONSOLIDATED OPERATING RESULTS (AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED) TABLE 1 Quarter Ended March 31, Percent Change Net Sales $ 5,854 $ 5,919 1% Costs and expenses: Cost of sales 3,548 3,583
More informationFSA Note: Summary of Financial Ratio Calculations
FSA Note: Summary of Financial Ratio Calculations This note contains a summary of the more common financial statement ratios. A few points should be noted: Calculations vary in practice; consistency and
More informationQuarter Report 2014 ESSANELLE HAIR GROUP AG
Quarter Report 2014 ESSANELLE HAIR GROUP AG Q1 2 Q1/2014 ESSANELLE HAIR GROUP KEY FIGURES for 1 January to 31 March 2014/2013 (IFRS) million 2014 2013 Change* Consolidated sales 32.3 30.8 +4.7% essanelle
More informationGRAND CITY Properties S.A.
FIRST ERLIN Equity Research RATING Luxembourg / Financial Services Frankfurt Initiation of Coverage PRICE TARGET 14.30 loomberg: GYC Return Potential 227.2% ISIN: LU0775917882 Risk Rating Medium UY LOW
More informationManagement Presentation Q2/2012 Results. 8 August 2012
Management Presentation Q2/2012 Results 8 August 2012 Cautionary statement This presentation contains forward-looking statements which involve risks and uncertainties. The actual performance, results and
More informationTrxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3
Siddharth Rajeev, B.Tech, MBA, CFA Analyst November 5, 2015 Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3 Sector/Industry: E-commerce Market Data (as of November 5, 2015) Current Price $1.15 Fair
More informationW.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9
W.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9 News Release GRAINGER REPORTS RESULTS FOR THE 2015 FIRST QUARTER Revises 2015 Guidance Quarterly Summary Sales of $2.4 billion, up 2 percent Operating
More informationEquity Analysis and Capital Structure. A New Venture s Perspective
Equity Analysis and Capital Structure A New Venture s Perspective 1 Venture s Capital Structure ASSETS Short- term Assets Cash A/R Inventories Long- term Assets Plant and Equipment Intellectual Property
More informationNumbers, Business, Market Update Scott Barnett, US Divisional Chief Financial Officer
James Hardie US Investor/Analyst Tour 14-17 September 2008 Denver, Colorado Numbers, Business, Market Update Scott Barnett, US Divisional Chief Financial Officer In this Management Presentation, James
More informationIntel Reports Fourth-Quarter and Annual Results
Intel Corporation 2200 Mission College Blvd. P.O. Box 58119 Santa Clara, CA 95052-8119 CONTACTS: Reuben Gallegos Amy Kircos Investor Relations Media Relations 408-765-5374 480-552-8803 reuben.m.gallegos@intel.com
More informationfor 2014 achieved but increased uncertainty due to reduced spending in the oil & gas industry 2014E figures: Underlying EBITDA above our expectations
A cc or # Targets $T ypcap$ 1628 1 0 4 2 Page 1/8 Equity flash Trading Update Alternative Energy BUY (BUY) Target EUR 6.50 (EUR 7.00) Price (last closing price) : 5.14 EUR Upside : 26% Est. change 2015e
More informationAhlers AG, Herford. ISIN DE0005009708 and DE0005009732 INTERIM REPORT
Ahlers AG, Herford ISIN DE0005009708 and DE0005009732 I N T E R I M R E P O R T for the first six months of the 2006/07 financial year (December 1, 2006 to May 31, 2007) BUSINESS DEVELOPMENT IN THE FIRST
More informationTIP If you do not understand something,
Valuing common stocks Application of the DCF approach TIP If you do not understand something, ask me! The plan of the lecture Review what we have accomplished in the last lecture Some terms about stocks
More informationExhibit 1: Financial summary of First Tractor in 1H12-1H14 1H12 2H12 1H13 2H13 1H14 (% YoY)
Capital Goods Manufacturing ector August 29, 214 Company Report Rating: HOLD TP: HK$ 4.8 H-hare price (HK$) 5.17 Est. share price return (7.16%) Est. dividend yield 1.39% Est. total return (5.77%) First
More informationHow To Report Third Quarter 2013 Results From Tomtom.Com
De Ruyterkade 154 1011 AC Amsterdam, The Netherlands corporate.tomtom.com ir@tomtom.com 30 October 2013 TomTom reports third quarter 2013 results Financial summary Group revenue of 244 million (Q3 '12:
More informationIntel Reports Second-Quarter Results
Intel Corporation 2200 Mission College Blvd. Santa Clara, CA 95054-1549 CONTACTS: Mark Henninger Amy Kircos Investor Relations Media Relations 408-653-9944 480-552-8803 mark.h.henninger@intel.com amy.kircos@intel.com
More informationFINANCIAL REPORT H1 2014
FINANCIAL REPORT H1 2014 HIGH SPEED BY PASSION 02_Key Figures 03_Group Status Report 05_Consolidated Financial Statements 10_Notes 11_Declaration of the Legal Representatives 02 PANKL KEY FIGURES EARNING
More informationBorussia Dortmund GmbH & Co. KGaA
BANKHAUS LAMPE // 58 Borussia Dortmund GmbH & Co. KGaA There is still potential 28/01/2016 Buy (Buy) 5.00 EUR (5.00 EUR ) Close 25/01/2016 3.93 EUR Bloomberg: BVB GY WKN: 549309 Sector Share price performance
More informationIturan Location & Control Ltd. In-line Quarter, Big Dividend, Maintain Outperform
EQUITY RESEARCH COMPANY UPDATE February 23, 2012 Stock Rating: OUTPERFORM 12-18 mo. Price Target $16.00 ITRN - NASDAQ $13.47 3-5 Yr. EPS Gr. Rate 8% 52-Wk Range $16.96-$11.27 Shares Outstanding 21.0M Float
More informationOverview of the key figures for the first half of the year
Half-Year Report 2015 Q2 Revenues increase in the first half of the year by 23% EBIT increased by 1.5 million euros compared to the previous year Order book is growing Overall annual forecast remains unchanged
More informationOverview of Financial 1-1. Statement Analysis
Overview of Financial 1-1 Statement Analysis 1-2 Financial Statement Analysis Financial Statement Analysis is an integral and important part of the business analysis. Business analysis? Process of evaluating
More informationCONFERENCE CALL Q1-Q3 2010. 10 November 2010
CONFERENCE CALL Q1-Q3 2010 10 November 2010 Agenda Overview Q1-Q3 Q3 2010 Dr Helmut Leube, Chairman of the Management Board Key financials i Q1-Q3 Q3 2010 Dr Margarete Haase, CFO Outlook Dr Helmut Leube,
More informationInterim Financial Report 9M/2015
Interim Financial Report 9M/2015 Investor & Analyst Conference Call 5 November 2015 Investor Relations Agenda. 1. Financials 9M/2015 2. Outlook Page 2 SGL Group Investor Relations 05 November 2015 Performance
More informationAastra Technologies Limited First Quarter ended March 31, 2003
Aastra Technologies Limited First Quarter ended March 31, 2003 AASTRA TECHNOLOGIES LIMITED MESSAGE TO OUR SHAREHOLDERS First Quarter ended March 31, 2003 To our Shareholders: Aastra Technologies Limited
More informationHP Inc. Reports Hewlett-Packard Company Fiscal 2015 Full-Year and Fourth Quarter Results
HP Inc. 1501 Page Mill Road Palo Alto, CA 94304 hp.com News Release HP Inc. Reports Hewlett-Packard Company Fiscal 2015 Full-Year and Fourth Quarter Results Editorial contacts HP Inc. Media Relations MediaRelations@hp.com
More informationHMS Group 3 months 2015 IFRS Results Conference call presentation. 16 June 2015
HMS Group 3 months 2015 IFRS Results Conference call presentation 16 June 2015 Financial results Business & Outlook Appendix Financial Highlights Financial highlights, Rub mn 3m 2015 3m 2014 chg, yoy Revenue
More informationFinancial Results. siemens.com
s Financial Results Fourth Quarter and Fiscal 2015 siemens.com Key figures (in millions of, except where otherwise stated) Volume Q4 % Change Fiscal Year % Change FY 2015 FY 2014 Actual Comp. 1 2015 2014
More informationJan-December 2014 Results. Madrid, May 2015
Jan-December 2014 Results Madrid, May 2015 January- December 2014 Highlights Reported Net profit exc. PPA reaches 8.3 million, from the -3.2 million losses accounted in 2013. 2014 has been a year of transformation
More informationThird quarter results as of December 31, 2014. Investor presentation
Third quarter results as of December 31, 2014 Investor presentation February, 26 th 2015 Disclaimer Certain statements included or incorporated by reference within this presentation may constitute forwardlooking
More informationFIRST BERLIN Equity Research
FIRST BERLIN Equity Research ADD MYHAMMER HOLDING AG GERMANY / INTERNET SERVICES PRICE TARGET: 3.00 PREVIOUS CLOSE: 2.70 RETURN POTENTIAL: 11.1% INITIATING COVERAGE 7 SEPTEMBER 2010 FIRST BERLIN Equity
More informationInvestor & Analyst Conference Call
Interim Financial i lreport H1/2015 Investor & Analyst Conference Call 06 August 2015 Investor Relations Agenda. 1. Financials H1/2015 2. Review and outlook 2015 Page 2 SGL Group Investor Relations 06
More information9-MONTHS REPORT. Stable development of business in Q3 Lila Logistik confirms full-year forecast
/08 9-MONTHS REPORT Stable development of business in Q3 Lila Logistik confirms full-year forecast Key figures for the first three quarters of 2008 in accordance with IFRS 01.01. 01.01. Change in Change
More informationpotential of business still not fully exploited; PT raised to 64.00 Q3 2015 results vs. estimates IFRS Q3 15 Q2 15 qoq Q3 14 yoy Q3 15e delta
H y p o p or t A G # Scalability $T ypcap$ 1611 3 1 1 x 6519 2 Equity flash Quarterly earnings Financial Services Germany Hypoport AG Buy Target 64.00 EUR vs 57.00 EUR Price : 55.25 EUR Upside : 16 % Est.chg
More informationHerzogenaurach, Germany, July 27, 2004 PUMA AG announces its consolidated nd
P Quarter P Half-Year For immediate release MEDIA CONTACT: INVESTOR CONTACT: U.S.A.: Lisa Beachy, Tel. +1 617 488 2945 Europe: Ulf Santjer, Tel. +49 9132 81 2489 Dieter Bock, Tel. +49 9132 81 2261 Herzogenaurach,
More informationSignificant reduction in net loss
press release 12 May 2015 Royal Imtech publishes first quarter 2015 results Significant reduction in net loss Order intake in Q1 at a satisfactorily level of 912 million Revenue 3% down excluding Germany
More informationACCOUNTING III Cash Flow Statement & Linking the 3 Financial Statements. Fall 2015 Comp Week 5
ACCOUNTING III Cash Flow Statement & Linking the 3 Financial Statements Fall 2015 Comp Week 5 CODE: CA$H Administrative Stuff Send an email to trentnelson@college.harvard.edu if you have not been added
More informationInterim financial report third quarter 2014 Investor presentation. Koen Van Gerven, CEO Pierre Winand, CFO
Interim financial report third quarter 204 Investor presentation Koen Van Gerven, CEO Pierre Winand, CFO Brussels November, 4th 204 Investor presentation - Interim financial report 3Q4 2 Financial Calendar
More informationHP Q4 FY15 Earnings Announcement
HP Q4 FY15 Earnings Announcement November 24, 2015 http://www.hp.com/investor/home Forward-looking statements This presentation contains forward-looking statements that involve risks, uncertainties and
More informationKingdee (268 HK) Buy (maintained) Target price: HK$3.58. Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$3.
Equity Research Information Technology Aug 2, 21 Kingdee (28 HK) Buy (maintained) Target price: HK$.8 Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$.8 Lower-than-expected
More informationConsolidated Financial Results for the nine months of Fiscal Year 2010
Consolidated Financial Results for the nine months of Fiscal Year 2010 (Fiscal Year 2010: Year ending March 31, 2010) Noritake Co., Limited Company Name Stock Exchange Listings Tokyo, Nagoya Code Number
More informationRatio Analysis CBDC, NB. Presented by ACSBE. February, 2008. Copyright 2007 ACSBE. All Rights Reserved.
Ratio Analysis CBDC, NB February, 2008 Presented by ACSBE Financial Analysis What is Financial Analysis? What Can Financial Ratios Tell? 7 Categories of Financial Ratios Significance of Using Ratios Industry
More informationZetaDisplay. Europe leads the way. EPaccess
EPaccess Media Sweden 22 November 213 Equity Research +46 8 463 8 analys@penser.se ZetaDisplay Europe leads the way Risk and Return Potential Return Potential Risk High High Risk Current Price 4,8 High/Low
More informationINVESTMENT RESEARCH DATA MODUL AG. Data Modul AG Recommendation. Date: 08/13/2014. Buy. Clear profitability increase in H1
Recommendation Buy Company data before: as of - Sector Industrial Target price (EUR) 27.5 Market segment Prime Standard Price (Xetra) (EUR) 18.27 ISIN DE549891 8/12/14 5:36 PM Reuters DAMG.DE Share price
More informationPress Release July 2015 www.vallourec.com
Press Release July 2015 www.vallourec.com Vallourec reports second quarter and first half 2015 results H1 2015 financial results continue to be affected by reduced demand: Revenues at 2,070 million, down
More informationEarnings Release Q1 FY 2016 October 1 to December 31, 2015
Munich, Germany, January 25, 2016 Earnings Release FY 2016 October 1 to December 31, 2015 Strong start into the fiscal year earnings outlook raised»we delivered a strong quarter and are well underway in
More informationProfit attributable to: Owners of the parent 116,500 Non-controlling interest (w (ii)) 15,200 131,700
Answers Fundamentals Level Skills Module, Paper F7 (INT) Financial Reporting (International) June 2014 Answers 1 (a) Penketh Consolidated goodwill as at 1 October 2013 Controlling interest Share exchange
More informationHP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) (In millions, except per share amounts)
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (In millions, except per share amounts) 2015 Three months ended July 31, 2015 2014 Net revenue $ 25,714 $ 25,349 $ 28,406 Costs and expenses: Cost of sales
More informationService Tax Planning - Expected Revenue Growth in FY 2015
Munich, Germany, May 7, 2015 Earnings Release FY 2015 January 1 to March 31, 2015 Portfolio gains drive income»for business volume, we performed well in our markets. The profitability of our Industrial
More information3-month report January - March 2007 Published on August 10, 2007
3-month report January - March 2007 Published on August 10, 2007 3-month report January March 2007 1. Group management report for the first quarter of 2007 Overview of the first quarter in 2007 Continued
More informationJuly 30 th, 2015 2015 HALF-YEAR RESULTS
Disclaimer Confidential IMPORTANT NOTICE: By attending the meeting where this presentation is given, or by reading the presentation slides, you agree to be bound by the following limitations and qualifications:
More informationWESTERN DIGITAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS. (in millions; unaudited) ASSETS
CONDENSED CONSOLIDATED BALANCE SHEETS (in millions; unaudited) ASSETS Apr. 1, July 3, 2016 2015 Current assets: Cash and cash equivalents $ 5,887 $ 5,024 Short-term investments 146 262 Accounts receivable,
More informationMOBILE ADVERTISING YOC AG INTERIM REPORT FIRST HALF 2015 MOBILE ADVERTISING MOBILE ADVERTISING MOBILE ADVERTISING
MOBILE ADVERTISING YOC AG INTERIM REPORT FIRST HALF 2015 MOBILE ADVERTISING MOBILE ADVERTISING MOBILE ADVERTISING CONTENT PAGE Letter to the Shareholders 02 YOC at a Glance 04 Interim Consolidated Management
More informationEUROPE S LEADING ONLINE FASHION DESTINATION Q3 2015 Earnings Call 12 November 2015
EUROPE S LEADING ONLINE FASHION DESTINATION Q3 2015 Earnings Call 12 November 2015 Results highlights and business update 1 ACCELERATING GROWTH THROUGH TARGETED INVESTMENTS Strong Growth revenue accelerates
More informationIntercontinentalExchange Fourth Quarter & Year-End 2008. Earnings Presentation February 10, 2009
IntercontinentalExchange Fourth Quarter & Year-End 20 Earnings Presentation February 10, 2009 Forward-Looking Statements Forward-Looking Statements This presentation may contain forward-looking statements
More information(2)Adoptions of simplified accounting methods and accounting methods particular to the presentation of quarterly financial statements: None
Financial Statement for the Six Months Ended September 30, 2015 Name of listed company: Mipox Corporation Stock Code: 5381 (URL http://www.mipox.co.jp) Name and Title of Representative: Jun Watanabe, President
More informationFocus on fleet customers SAF-HOLLAND Annual Financial Statements 2013
Focus on fleet customers SAF-HOLLAND Annual Financial Statements 213 Detlef Borghardt, CEO Wilfried Trepels, CFO March 13, 214 Agenda 1 Financials 3 2 Appendix 21 2 Executive Summary 1 2 3 Group sales
More informationGlossary and Formulas
A-B Accounts Payable Includes, but is not limited to, Trade Accounts Payable and Trade Acceptances, that is, amounts owed to vendors for goods and services purchased from outside suppliers and due within
More informationDATA GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS FOR 2014
For Immediate Release DATA GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS FOR 2014 HIGHLIGHTS Q1 2014 First quarter 2014 ( Q1 ) Revenues of 77.9 million, Q1 Gross Profit of 18.8 million and Q1 Net Income of
More informationWaste Management Announces Second Quarter Earnings
FOR IMMEDIATE RELEASE Waste Management Announces Second Quarter Earnings Collection and Disposal Income from Operations Grows 3.4% HOUSTON July 26, 2012 Waste Management, Inc. (NYSE: WM) today announced
More informationMangalam Cement Weak volumes marred performance
CMP* (Rs) 206 Market Cap. (Rs bn) 5.5 Free Float (%) 72 Shares O/S (mn) 26.7 Mangalam Cement Weak volumes marred performance Mangalam Cement (MCL) delivered a weak performance in 2Q but was marginally
More informationPress Release November 2015 www.vallourec.com
Press Release November 2015 www.vallourec.com Vallourec reports third quarter and first nine months 2015 results Q3 2015 financial results continued to be impacted by tough market conditions: Revenues
More informationDeutsches Eigenkapitalforum Fall 2009. November 9, 2009
Deutsches Eigenkapitalforum Fall 2009 November 9, 2009 Content Constantin Medien Group Constantin Medien Group Overview of Segments Interim Group Financials 2009 Outlook 2 Constantin Medien Group 3 Simplified
More informationEarnings Release Q3 FY 2015 April 1 to June 30, 2015
Munich, Germany, July 30, 2015 Earnings Release FY 2015 April 1 to June 30, 2015 Solid performance, softening market environment»overall our businesses delivered solid underlying profitability despite
More informationSatisfactory Top-Line; Disappointing Bottom-Line
: Tsingtao Brewery (00168 HK) 公 司 报 告 : 青 岛 啤 酒 (00168 HK) Satisfactory Top-Line; Disappointing Bottom-Line 销 售 增 长 理 想 但 盈 利 能 力 令 人 失 望 Sunny Kwok 郭 日 升 +852 2509 2642 sunny.kwok@gtjas.com.hk GTJA Research
More informationSecond Quarter Results of Operations
PRESS RELEASE Besi Posts Strong Q2 and H1-15 Results. Significant Expansion of Net Cash Position vs. 14 Duiven, the Netherlands, July 23, - BE Semiconductor Industries N.V. (the Company" or "Besi") (Euronext
More informationXING Q2 2012 results presentation. August 14, 2012
XING Q2 2012 results presentation August 14, 2012 Disclaimer This presentation was produced in August 2012 by XING AG (the "Company") solely for use as an information source for potential business partners
More informationArrow Reports Solid First Quarter Operating Results and Strong Asset Quality Ratios
250 Glen Street Glens Falls, NY Contact: Timothy C. Badger Tel: (518)745-1000 Fax: (518)745-1976 TO: All Media DATE: Tuesday, April 19, 2011 Arrow Reports Solid First Quarter Operating Results and Strong
More informationSimplex Infrastructures
2QFY216 Result Update Infrastructure November 17, 215 Simplex Infrastructures Performance Highlights Quarterly highlights - Standalone Y/E March (` cr) 2QFY16 1QFY16 2QFY15 % chg (yoy) % chg (qoq) Net
More informationTO OUR SHAREHOLDERS PROFITABLE GROWTH COURSE INTERNATIONALIZATION FURTHER EXTENDED US MARKET IN FOCUS
QUARTERLY STATEMENT AS OF MARCH 31, 2015 TO OUR SHAREHOLDERS Patrik Heider, Spokesman of the Executive Board and CFOO The Nemetschek Group has made a dynamic start in the 2015 financial year and continues
More informationEUROPE S LEADING ONLINE FASHION DESTINATION Q3 Earnings Call 26 November 2014
EUROPE S LEADING ONLINE FASHION DESTINATION Q3 Earnings Call 26 November 2014 Results highlights and business update 1 CLEAR FOCUS ON EXECUTION Continued strong revenue growth above market (Revenue in
More informationConsolidated Settlement of Accounts for the First 3 Quarters Ended December 31, 2011 [Japanese Standards]
The figures for these Financial Statements are prepared in accordance with the accounting principles based on Japanese law. Accordingly, they do not necessarily match the figures in the Annual Report issued
More information2015 Fourth Quarter Earnings. January 28, 2016
2015 Fourth Quarter Earnings January 28, 2016 Safe Harbor Statement Forward-Looking Statements Information in this presentation contains forward-looking statements. Any statements about our expectations,
More informationADP Reports Third Quarter Fiscal 2014 Results
April 30, 2014 ADP Reports Third Quarter Fiscal 2014 Results Revenues Rise 7%, Nearly all Organic, to $3.3 Billion for the Quarter; EPS Rises 7% ROSELAND, N.J., April 30, 2014 (GLOBE NEWSWIRE) -- ADP (Nasdaq:ADP),
More informationChallenging quarter for Mobile Devices. Daily order rates improving. Free Cash Flow > Net Income. FCT acquisition. Page 3
August 7, 2013 Page 1 Statements in this release that are not historical are forward-looking and are subject to various risks and uncertainties that could cause actual results to vary materially from those
More informationNote 2 SIGNIFICANT ACCOUNTING
Note 2 SIGNIFICANT ACCOUNTING POLICIES BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS The consolidated financial statements have been prepared in accordance with International Financial Reporting
More informationEckert & Ziegler AG Germany - High-tech Engineering
Germany - High-tech Engineering Buy (old: Buy) 06-January-15 Price target: EUR 30.00 (old: EUR 30.00) Price: EUR 19.00 Next result: Q4 26.03.15 Torben Teichler Bloomberg: EUZ GR Market cap: EUR 97.6 m
More informationSEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) June 28, ASSETS Current assets: Cash and cash equivalents $ 2,259 $ 1,708 Short-term investments 47 480 Restricted cash and investments 4 101 Accounts
More informationPromising FY 2018 targets
A cc or # $TypCap$ 1628 1 0 4 2 Page 1/7 Equity flash Trading Update Automotive BUY (BUY) Target EUR 2.30 (EUR 2.00) Price (last closing price) : 1.10 EUR Upside : 109% Est. change 2015e 2016e EPS - -
More informationConsolidated Nine-month Report of Baader Bank AG as of 30 September 2012
Consolidated Nine-month Report of Baader Bank AG as of 30 September 2012 Overview of key figures EARNINGS 1 Jan. - 30 Sept. 2012 1 Jan. - 30 Sept. 2011 Change % Net interest income thou. 4.06 4.66-13.0
More informationSUPPLEMENTAL INVESTOR INFORMATION. Fourth Quarter 2012
SUPPLEMENTAL INVESTOR INFORMATION Fourth Quarter 2012 Kevin Bryant Tony Carreño VP Investor Relations and Strategic Director Investor Relations Planning & Treasurer 816-556-2782 816-654-1763 anthony.carreno@kcpl.com
More informationEUROPE S LEADING ONLINE FASHION DESTINATION Q1 2015 Earnings Call 12 May 2015
EUROPE S LEADING ONLINE FASHION DESTINATION Q1 2015 Earnings Call 12 May 2015 Results highlights and business update 1 REACCELERATED REVENUE GROWTH WHILE PROFITABILITY IMPROVEMENTS CONTINUE Strong Revenue
More information2015 Results and Prospects
PRESS RELEASE Paris, 23 March 2016 2015 Results and Prospects Revenues: 2,579.3 million, up 3.2% EBITDA: 342.0 million, an operating margin of 13.3% 2016 Objectives: revenues close to 3 billion and an
More informationDiluted net income per share. Six months ended Sep. 30, 2012 0.40 0.39 Six months ended Sep. 30, 2011 (1.09) -
November 9, 2012 Summary of Consolidated Financial Results for the Second Quarter of Fiscal Year Ending March 31, 2013 (Six Months Ended September 30, 2012) [Japanese GAAP] Company name: Japan System Techniques
More informationMedia Contact: Mike Conway Director, Corporate Communications Sherwin-Williams Direct: 216.515.4393 Pager: 216.422.3751 mike.conway@sherwin.
The Sherwin-Williams Company Reports First Quarter 2012 Financial Results Consolidated net sales increased 15.1% to a record $2.14 billion Diluted net income per common share increased 50.8% to a record
More informationDATA GROUP LTD. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS FOR 2015
For Immediate Release DATA GROUP LTD. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS FOR 2015 SECOND QUARTER HIGHLIGHTS Second quarter 2015 ( Q2 ) Revenues of $73.4 million, a decrease of 4.3% year over year
More informationPress Release April 2015 www.vallourec.com
Press Release April 2015 www.vallourec.com Vallourec reports first quarter 2015 results Q1 2015 financial results significantly affected by severe drop in Oil & Gas markets Sales at 1,052 million, down
More informationUnaudited Nine Months Financial Report
RECRUITING SERVICES Amadeus FiRe AG Unaudited Nine Months Financial Report January to September 2015 Temporary Staffing. Permanent Placement Interim Management. Training www.amadeus-fire.de Unaudited Nine
More informationYear-end Dec 2013A 2014E 2015E 2016E Key data. # Priced at market close, 29/09/14
This research is intended for UK institutional investors only and market professionals. It is not intended for retail customers and any retail customer should seek professional, independent advice before
More information