TomTom to Possibly Sell Telematics; Shares Soared 19% and Are now Fairly Valued
TomTom stock spiked nearly 19% today after the company said it may sell its Telematics business to focus more on the automotive segment. Today’s reaction, which has brought the stock back to a 3-star rating, comes a week after TomTom shares declined 27% and went into 4-star territory as the Renault-Nissan-Mitsubishi Alliance announced it will use Google’s Android operating system for its cars’ infotainment starting in 2021, impacting TomTom’s automotive revenue. While we applaud the firm’s decis...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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