NFON: Challenging growth in shaky environment | BUY | EUR16 VS. EUR21 (+29%)
NFON - BUY | EUR16 VS. EUR21 (+29%)Challenging growth in shaky environment
In this report we are revising our forecasts for the group in light of the latest outlook and market conditions. Growth is more challenging than expected, but strong product and marketing push should bear fruits later in the year. Competition is important and macroeconic factors could play, but the market is still much underpenetrated. We are updating our TP to EUR16, vs EUR21 before it was put under review. Upside is still significant, Buy confirmed.
Nfon AG is a Germany-based company that provides cloud-based telephone systems. Its product and service offering includes primarily NFON Cloud Telephone System, a public multi-tenant PBX delivering servicing from the cloud, as well as specialist solutions. The Company's services enable communication for customers and their employees on various devices, including smartphones, tablets, personal computers, and desk phones. Its customers range from local small businesses to international large enterprises. The Company is active in various European countries, including Germany, Austria, Switzerland, the Netherlands, Poland, Hungary, the United Kingdom, Slovenia, Slovakia, Spain, Croatia, Romania and Portugal.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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