TomTom Reports Better-Than-Expected 1Q Results; Maintaining EUR 9.20 FVE; Shares Undervalued
TomTom kicked off 2018 with top- and bottom-line results that beat our internal estimates. While revenue declined year over year because of continuing weakness in the firm’s consumer offerings, gross margin expanded more than expected as higher-margin data, software, and services revenue accounted for nearly 70% of total revenue. In addition, the telematics and automotive segments continue to grow. While growth in telematics is on the back of higher subscriber count, adoption of TomTom’s various...TomTom develops and sells of navigation and location-based solutions, which include among others, Portable Navigation Devices, sport watches, maps, traffic, navigation software and fleet management services. As of Dec 31 2014, Co. had four segments: Consumer business, which is focused on creating location-based products; Automotive business, which provides modular components, being maps, traffic and navigation software, to car manufacturers and head unit vendors; Licensing business, which sells TomTom map, traffic and navigation software as well as cloud-based products and platforms; and Telematics business, which provides fleet management solutions for commercial fleets of any size.
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