Report
Stephane Beyazian

ODDO : Reassuring Q1 2022 for NFON (growth) and Gamma (margins)

>NFON (Outperform): acceleration in customer growth in Q1 - NFON reported sales of € 20.3m, close to our estimate (€ 20.4m). There was a positive surprise from the number of users, which rose by 18,584 in Q1, beating our expectations (14,000) and previous quarters (14,000-15,000). Customer ARPU eroded a slight 2% as expected with the end of the Covid crisis (normalisation of fixed traffic). Services revenue growth therefore came to 9% over 12 months (vs 10% previously...
Underlyings
Gamma Communications

Gamma Communications is a communications company. Co. has two main operating segments: Indirect, which sells Co.'s products to channel partners; and Direct, which sells Co.'s products to end users in the SME, Enterprise and Public Sectors together with an associated service wrap. Both operating segments sell a combination of products and services (which is mainly voice traffic from which revenues are derived from channel partners and other carriers as well as rentals for wholesale lines) and growth products and services (which consists of IP voice traffic, rental income derived from SIP trunks, hosted IP voice systems and Gamma's hosted inbound product and data products)

NFON AG

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.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Stephane Beyazian

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