reports
- Stefan Gauffin
Sinch (Buy, TP: SEK45.00) - Looking for stability
We expect Q2 results (due at 07:30 CET on 19 July) to be similar to Q1’s, and forecast 4% organic gross profit growth (3% in Q1). We are largely in line with consensus on sales, gross profit and EBITDA, and estimate stable cash-flow generation of SEK400m. We reiterate our BUY and SEK45 target price.
- ABGSC Small Cap Research
- Karl Bokvist
AF B AF POYRY AB CLASS B
INDT INDUTRADE AB
RATO B RATOS AB CLASS B
VIT B VITEC SOFTWARE GROUP AB
HPOL B HEXPOL AB CLASS B
ADDV A ADDVISE GROUP
MCAP MEDCAP
A2DRL9 SDIPTECH AB B
BHG BHG GROUP
ADDT B ADDTECH AB CLASS B
LAGR B LAGERCRANTZ GROUP AB SERIES B
SWEC B SWECO AB CLASS B
SF STILLFRONT GROUP AB
SINCH SINCH AB
VIMIAN VIMIAN GROUP AB
BEIJ B BEIJER REF AB
LIFCO B LIFCO AB
NIBE B NIBE INDUSTRIER AB
INSTAL INSTALCO AB
HTRO HEXATRONIC GROUP AB
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
VESTUM VESTUM AB
EMBRAC B EMBRACER GROUP AB
GREEN GREEN LANDSCAPING GROUP AB (PUBL)
- ABGSC IT Research
- Daniel Thorsson
- Simon Granath
- Stefan Gauffin
Sinch (Buy, TP: SEK45.00) - 10% EFCF yield attractive
Q1 again disappointed on growth; organic gross profit growth was only 3% YOY, a level management expects to maintain throughout 2024. However, we believe Sinch is valued as a company without growth and see the current valuation offering good risk/reward. We reiterate our BUY, but have cut our target price to SEK45 (52).
- ABGSC IT Research
- Daniel Thorsson
- Simon Granath
- ABGSC IT Research
- Daniel Thorsson
- Simon Granath
- Stefan Gauffin
Sinch (Buy, TP: SEK52.00) - New reporting structure implemented
With a new reporting structure, focus will be on headline numbers (the Q1 report is due at 07:30 CET on 7 May). We forecast 6% organic gross profit growth YOY, and we believe this is about in line with consensus. We reiterate our BUY and SEK52 target price.
- Stefan Gauffin
- Stefan Gauffin
Sinch (Buy, TP: SEK52.00) - Forecasting return to modest growth
Due to easier comparables, we expect a return to low-single-digit organic net sales and gross profit growth in Q4. We are largely in line with consensus for Q4e, but expect consensus to be lowered on the back of negative FX. With the stronger SEK, all else being equal, we have cut our 2024e sales, gross profit, and EBITDA by c6%. We reiterate our BUY and SEK52 target price.
- Stefan Gauffin
Sinch (Buy, TP: SEK52.00) - RCS supports better outlook for Messaging
Apple has announced it will support RCS Universal Profile later in 2024. RCS will work alongside Apple’s own solution iMessage. We believe the interoperability between Android and Apple users could support a higher growth outlook for the Messaging segment, which represents c40% of Sinch’s 2024e gross profit.
- Stefan Gauffin
Sinch (Buy, TP: SEK52.00) - Showing the money
The Q3 report continued to show weak revenue trends affected by the macro economy, but Sinch had tight cost control. Due to net working capital rebounding from the negative in H1, FCF yield in Q3 alone was 3.5%. We reiterate our BUY but have trimmed our target price to SEK52 (54).
- Stefan Gauffin
Sinch (Buy, TP: SEK54.00) - Undervalued on FCF
With muted growth due to the tough macroeconomic environment, we believe investors are questioning what multiples to pay for Sinch. While we expect structural growth once conditions improve, we find Sinch undervalued on FCF, with an 8% yield for 2023e and 14% for 2024e. We have cut our target price to SEK54 (65) but reiterate our BUY. The Q3 results are due at 07:30 CET on 7 November.
- Christian Klingenberg Theodorsen
- Hanna Lindbo
- Johannes Grunselius
- Jørgen Lian
- Martin Arnell
- Ole-Andreas Krohn
- Stefan Gauffin
- Steffen Evjen
- Stefan Gauffin
Sinch (Buy, TP: SEK65.00) - Good cost control in weak climate
While organic growth remained muted in Q2, cost control was tight. The soft spot in the report was cash flow, but here management was firm that net working capital (NWC) should swing back in H2. We reiterate our BUY, but have lowered our target price to SEK65 (70) due to weaker top line growth.
- Stefan Gauffin
Sinch (Buy, TP: SEK70.00) - Poised for improved growth
After two consecutive quarters with weak volumes and price pressure from large enterprises, we expect better performance in Q2, with a return to organic gross profit growth YOY and improvement in all business segments. We reiterate our BUY and SEK70 target price.
- Alexander Aukner
- Johan Skoglund
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Patrik Ling
- Stefan Gauffin
Change in the number of shares and votes in Sinch AB (publ)
Change in the number of shares and votes in Sinch AB (publ) Stockholm, Sweden – 28 April 2023 – Sinch AB (publ), which powers meaningful conversations between businesses and their customers through its Customer Communications Cloud, today announced that the number of shares and votes in Sinch AB (publ), registration number 556882-8908 (“Sinch”), amounts to 839,622,828 on 28 April 2023. The change in the number of shares and votes in April is a result of 1,020,580 new shares issued upon exercise of warrants within the frame of incentive programs LTI 2018 and LTI 2019. For further informatio...
Ändring av antalet aktier och röster i Sinch AB (publ)
Ändring av antalet aktier och röster i Sinch AB (publ) Stockholm, Sverige – 28 april 2023 – Sinch AB (publ), som hjälper företag att kommunicera med sina kunder genom sitt Customer Communications Cloud, meddelade idag att antalet aktier och röster i Sinch AB (publ), org.nr 556882–8908 (”Sinch”), uppgår till 839 622 828 den 28 april 2023. Förändringen av antal aktier och röster under september har föranletts av 1 020 580 aktier som har emitterats med anledning av utnyttjande av teckningsoptioner under incitamentsprogram LTI 2018 och 2019. För mer information, vänligen kontakta Ola Elmel...
- Stefan Gauffin
Sinch (Buy, TP: SEK70.00) - The future is looking brighter
Sinch reported below consensus on all headline numbers, and cash flow was weak due to a negative contribution from net working capital. With easier comparable quarters in all segments in Q2, we see an acceleration to 9% YOY organic gross profit growth. We reiterate our BUY and SEK70 target price.
- Aurore Tigerschiöld
- Douglas Lindahl
- Emil Jonsson
- Frank Maaø
- Geir Hiller Holom
- Håkon Astrup
- Helene Kvilhaug Brøndbo
- Jacob Berg Nielsen
- Jesper Ingildsen
- Johannes Grunselius
- Karl-Johan Bonnevier
- Martin Hoang Nguyen
- Martin Huseby Karlsen
- Mattias Holmberg
- Niclas Gehin
- Nicolas McBeath
- Niklas Wetterling
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Patrik Ling
- Simen Aas
- Stefan Gauffin
- Steffen Evjen
- Tomi Railo
NDA DKK NORDEA BANK AB
DSV DSV PANALPINA A/S
SOBI SWEDISH ORPHAN BIOVITRUM AB
PGS PGS ASA
EPR EUROPRIS ASA
CARL B CARLSBERG A/S CLASS B
MORG SPAREBANKEN MORE
TREL B TRELLEBORG AB CLASS B
METSB METSA BOARD OYJ CLASS B
KOG KONGSBERG GRUPPEN ASA
MEDIO MEDISTIM ASA
CATE CATENA AB
RESURS RESURS HOLDING
SHOT SCANDIC HOTELS GROUP
CGCBV CARGOTEC OYJ CLASS B
SKF B SKF AB CLASS B
ESSITY B ESSITY AB CLASS B
BIOA B BIOARCTIC AB
ATCO A ATLAS COPCO AB CLASS A
VOW VOW ASA
LYKO A LYKO GROUP
NSKOG NORSKE SKOG
SINCH SINCH AB
DNB DNB ASA
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