ketchup of catch-up schreef op 16 januari 2019 11:38:
""
while we expect TT to report results in line with guidance, we see clear downside to consensus for eps 2019e
despite continued weak car sales in Europe Q4, we think TT's revenues for 2018e will come in line with its guidance for 850 mio when it reports feb6th
combined with full-year gross margin in excess of 70% and opex around 560 mio and assuming eur35m in movement of def and unbilled revenues and related cost of sales in Q4, we think ist shud allow the company to report adj eps in line wih guidance of 0.35 euro
however for 2019e our forcast is well below consensus with 0.15 eur eps
our sales are 5% below consensus
we believe the market is overlooking the increase in opex , we believe mainly attributable to higher R&D
we think the street is currently pencilling in a too-low cost base for 2019e and beyond
assuming our 1 bio valuation for Telematics is correct we await news on the use of the cash proceeds from the sale
we think the vast majority cud be returned to shareholders through a capital reduction
we still wud not rule out the possibility of the company being take private