Pauli teki uuden yhtiöraportin Tamtronin Tsekkiostoksen jälkeen. (toimitusjohtajalle Škoda)
Tamtron jatkaa yritysostovetoisen kasvustrategiansa toteuttamista ostamalla Tsekistä täydentävää liiketoimintaa yhtiön nykyisten operaatioiden rinnalle. Näemme yrityskaupassa synergiapotentiaalia palveluverkoston ja ristiinmyynnin saralla. Nostimme ennusteitamme varovaisesti huomioiden mm. kohonneen epävarmuuden liittyen kauppasotariskeihin, mikä voi välittyä Tamtronin kohdemarkkinoille, vaikka yhtiöllä ei suoraa myyntiä USA:han olekaan. Toistamme lisää-suosituksen ja 6,2 euron tavoitehinnan.
Tänään Tamtron julkaisi kaivinkoneen vaa’an ja esittelystä sain käsityksen että vastaavia ei juuri ole myynnissä. Melko tarkka (taisi olla 1-2%) ja jokaisen kauhallisen mittaus menee reaaliaikaisesti myös pilven kautta järjestelmiin.
Tenzona yrityskauppa ja tämä eli ihan positiivista virettä
I have been in touch with Tamtron over the spring and now wrote an update on the company’s growth prospects. Growth efforts seem to be progressing on several fronts, even though market demand is still not particularly active. At the same time, the stock seems to be flying under the radar and the valuation is moderate.
Pauli has provided his preliminary comments as Tamtron will publish its H1 half-year review on Thursday.
Analyst Pauli Lohi will comment on the earnings release in a live broadcast starting at 8:55 AM. We expect Tamtron’s demand environment to have brightened, but it is unclear whether this will be significantly reflected in H1 revenue or only later in the year. Our forecasts include a moderate pick-up in growth already for H1, but our earnings forecasts are stable relative to the strong comparison period.
LIVE CANCELED. The earnings release was published this time already at 8:30 AM, so I will now focus on writing about the results and the simultaneously announced acquisition for the morning review.
Here’s a quick comment from Paul on Tamtron’s results.
Tamtron published its H1 half-year review this morning, which was weaker than our expectations in terms of revenue and profit. The company anticipates large deliveries to be weighted towards the end of the year and describes the outlook for the end of the year as very positive, supported by strong order growth. The guidance remained unchanged, although the company also announced a small acquisition on the results day, which partly helps in reaching the guided revenue. The overall picture of the report, with a soft H1, is in our opinion slightly subdued, even though the improving outlook alleviates this. The company’s information session can be viewed via this link starting at 1 p.m.
00:00 Introduction
00:15 Factors behind the result falling short of expectations
02:18 Growth in order intake
03:58 Market situation in the Industrial segment
05:50 Sales of dosing systems in new markets
07:43 Outlook for the Onboard segment
10:47 Development of mScales
13:02 Effects of tariffs on Tamtron
14:44 Current guidance
Pauli has made a new company report after Tamtron’s H1.
The timing of larger deliveries weighed on the first half’s result and led to moderate forecast cuts, which slightly increased uncertainty about achieving the current year’s guidance. However, stable revenue streams continued to grow, and the business’s margin profile continued to strengthen, supported by digital services, among other things. A growth turnaround is expected for the end of the year, for which H1’s strong order intake and small acquisitions provide good prerequisites. International, capital-light growth efforts continue, which we believe could be more strongly reflected in the results if the industrial cycle strengthens. The valuation is reasonable even with this year’s results, so we reiterate our Add recommendation and a target price of 6.2 euros (unchanged).
Here is Paul’s comment regarding the private placement to the seller related to the Polish acquisition.
*Tamtron announced on Tuesday that it had completed the acquisition of Polish MASA and decided on a private placement to the seller, which will cover part of the purchase price. The new shares represent 0.59% of
Here are Pauli Lohi’s comments on how Tamtron’s forest machine scale received an important certification.
The MID certificate enables more versatile use possibilities for Tamtron’s One Timber timber scale, especially in the Central European market. Obtaining the certificate for a work machine scale in mobile use is not self-evident, and competing scales with the same certificate are rare. The certification supports the growth of the Onboard segment in the medium term, but according to our assessment, it does not cause a significant need for forecast changes.
Pauli Lohi has completed a new company report on Tamtron in his spare time.
We see Tamtron as an attractively valued and competitive company that could soon receive a boost to its earnings growth from, among other things, the revitalization of European industrial activity. In addition, the company has expanded the sales of its Finnish-origin products to new markets, which in turn supports growth regardless of economic cycles. The moderately developed share price combined with an upward cyclical timing, in our opinion, opens up an even more attractive buying opportunity for the stock than usual. This year’s guidance still includes a small risk due to deliveries being exceptionally heavily weighted towards the end of the year, which is, however, compensated by the attractive valuation. We raise our recommendation to buy (previously add) and the target price to 6.4 euros (previously 6.2 €).
