The figures for 2025 showed pro forma revenue growth of 5%. TMV is planning for revenue growth of 0% to 3% in 2026. It emphasises that Q1 and Q2 are likely to be weak (the same quarters last year benefited from price increases in the SMB segment). Based on 2025 EPS (€0.75), TMV is currently trading at an unusually low P/E ratio of around 7 for the current year. The reasons for this are lost confidence, the underperformance of the acquired 1E to date and the structurally weak remote SMB business,...
Die vorläufigen 2025er-Zahlen brachten auf Pro-forma-Basis noch ein Umsatzwachstum von 5%. Für 2026 plant TMV mit 0% bis 3%igem Umsatzwachstum. Dabei wird betont, dass Q1 und Q2 schwach werden dürften (die Vorjahresquartale hatten von Preisanhebungen im SMB-Bereich profitiert). Auf Basis des 2025er EPS (€ 0,75) handelt TMV derzeit mit einem ungewöhnlich niedrigen KGV um 7 für das laufende Jahr. Gründe hierfür liegen in verlorenem Vertrauen, der bisherigen Unterperformance der zugekauften 1E und ...
While we do not deny the uncertainties and risks associated with artificial intelligence (pricing pressures, organisational change, etc.), we remain constructive on this issue, given the significant volume opportunities in prospect for the sector with the integration of agentic AI. Moreover, improving growth momentum in 2026 should reduce pressure on sector valuations (discount >30% vs Stoxx 600 vs a premium of 10% four years ago). On this basis, we have upgraded Bechtle (Outperform vs Neutral),...
Sans nier les incertitudes et risques liés à l’IA (pressions tarifaires, changements organisationnels, etc.), nous restons constructifs sur cette thématique tant les opportunités de volumes autour de l’intégration de l’IA agentique sont importantes pour le secteur. D’autant plus que l’amélioration de la dynamique de croissance en 2026 devrait permettre de réduire la pression sur les valorisations du secteur (décote >30% vs Stoxx 600 contre une prime de 10% il y a 4 ans). Dans ce contexte, nous r...
A director at ASOS bought 132,455 shares at 381p and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Clos...
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