NFON AG : Further slowdown in Q1 2023 (but higher margins)
>Q1 2023 at the low end of the 2023 target range for growth - NFON has reported revenue growth of 3% y-o-y for Q1 2023, of which 5% for telecom services revenues. Growth was driven by an increase in the user base (+7%) and a slight erosion to ARPU (-2%). Whilst service revenue growth remains within the target range of 5-10% for the full year, it is at the low end and represents another deceleration vs 2022 (+8.4%). In our view, this reflects growing competition in the...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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