NFON AG : New estimates and downgrading to Neutral
>Final 2022 accounts reflect a disappointing year - NFON released its 2022 accounts in details last night. The net income loss of € 1 5m and the FCF loss of € 12m were higher than we expected due to higher non-recurring items (€ 4m), taxes and capital expenditures (€ 9 m). Overall, 2022 was NFON’s most disappointing year since IPO with slower revenue growth (6% vs 12% in 2021 and German market growth estimated at 20% CAGR over 2022-26 according to Cavell group), highe...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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