NFON AG : Model adjusted for new 2019 guidance; no material effect on valuation or TP; Buy rating maintained
>Accelerated expansion execution - NFON’s recent newsflow (e.g. Austrian enlargement with focus on developing CEE, new regional market entries, the announced acquisition of DTS) indicates that management is accelerating the execution of its growth plans in 2019e. At its preliminary FY 2018 results conference call, management further underlined its geographic expansion, adding Italy and France to its core focus regions Germany, Austria, and UK. NFON is about to execute...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.
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.
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