Launching Coverage of TomTom With No Moat, Stable Trend, and Fair Value Estimate of EUR 8
We are initiating coverage of TomTom with no-moat and stable trend ratings and a fair value estimate of EUR 8. While the firm is well-known for its portable navigation devices, or PNDs, this business is in a secular decline. TomTom is pivoting by using its mapping data to develop products for advanced driver assistance systems, or ADAS, in the autonomous-car market, and navigation and tracking tools used in fleet management. While we expect revenue growth from those products to more than offset ...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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