Wielerfanaat schreef op 19 februari 2019 07:56:
ING herhaalt koopadvies
TomTom/Follow the cash/BUY
TomTom's underlying improvement driven by impressive automotive growth becomes visible when looking at the strong cash flow (P&L earnings are heavily distorted by bookkeeping). In this update we cut our EBITDA estimates substantially, but increase our FCF estimates for FY19 and FY20. We believe that TomTom's long-term uncertainties are compensated for by an attractive valuation and by upside risk from further strategic action. We reiterate our BUY rating and €9.50 target price (which is 55% based on cash).