companyName

extensiveId

feedTypes

includeDividend

includeEstimates

includeOverview

includeOwnership

includeResearchContent

researchId

snapshotDate

CompanyName_Query

companySlug

CompanyMetaData

Company_query

company

query CompanyName_Query(
  $companyName: String!
  $extensiveId: ID
  $snapshotDate: String
  $researchId: ID
  $includeResearchContent: Boolean!
  $feedTypes: [ContentType!]!
  $includeEstimates: Boolean!
  $includeOverview: Boolean!
  $includeOwnership: Boolean!
  $includeDividend: Boolean!
) {
  ...CompanyMetaData_Ux1x9
  ...Company_query_1TiJKa
}

fragment AnalystData on Analyst {
  name
  pageUrl
  jobTitle
  imgUrl
}

fragment AuthorList on Content {
  __isContent: __typename
  id
  authors {
    __typename
    id
    name
    pageUrl
  }
}

fragment ChangePercentBlock_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      diff1mPercentage
      diff1yPercentage
      diff3yPercentage
      diffFromStartPercentage
    }
    id
  }
}

fragment CompactFeed_3NXCcw on Query {
  compactFeed: feedContent(companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...TeaserExtraCompact_content
        createdAt
        companies {
          viewerIsFollowing
          id
        }
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment CompanyAnalystQuery on Company {
  analysts {
    ...AnalystData
    name
    pageUrl
    jobTitle
    imgUrl
    id
  }
}

fragment CompanyCoverage_Company on Company {
  analysts {
    name
    id
  }
  isPayingCustomerOf
  isFormerCustomerOf
  isCorporateCustomer
  ...CompanyAnalystQuery
  defaultInstrument {
    ...TargetAndRecommendation_Company
    id
  }
}

fragment CompanyDescription_Company on Company {
  description
  websiteUrl
  name
}

fragment CompanyDisclaimer_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    isPayingCustomerOf
    isFormerCustomerOf
    id
  }
}

fragment CompanyDividendER_query on Company {
  name
  defaultInstrument {
    estimateData {
      reportingCurrency
    }
    dividendTransactions: estimateTransactions(first: 1, includeQuarters: false) {
      actualized {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
      estimates {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
    }
    id
  }
}

fragment CompanyDividendNonER_query on Company {
  name
  defaultInstrument {
    nonERDividendSet: nonERCompanyNumberSet(includeQuarters: false) {
      year
      dividend
      dividendYield
      epsReported
      sharePrice
      currency
    }
    id
  }
}

fragment CompanyDividend_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...CompanyDividendER_query
    ...CompanyDividendNonER_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyFinancials_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...NonERCompanyNumbers_query
    ...CompanyNumbers_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyHeader_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    id
    companyInsref
    name
    viewerIsFollowing
    followersCount
    isCorporateCustomer
    hasPinpointData
    hasDividendHistory
    sector {
      sectorname
      industry
    }
    regions
    extensiveExists
    researchContentExists
    defaultInstrument {
      symbol
      priceData {
        tradeCurrency
        lastPrice
        diff1dPercentage
      }
      marketplace {
        name
      }
      estimates: estimateTransactions(first: 1, includeQuarters: false) {
        date
      }
      nonERCompanyNumberSet(first: 1, includeQuarters: false) {
        year
      }
      id
    }
    topOwners {
      holders {
        name
      }
    }
    transactions: insiderTransactions(filter: {types: [BUY, SELL, SUBSCRIPTION]}) {
      edges {
        node {
          date
          id
        }
      }
    }
  }
}

fragment CompanyInsiderTransactions on Company {
  name
  regions
  insiderTransactions(filter: {types: [BUY, EXERCISE_OF_SHARE_OPTION, PLEDGE, RECEPTION_OF_SHARE_PREMIUM, SELL, SUBSCRIPTION]}) {
    edges {
      node {
        insider
        position
        volume
        price
        date
        unit
        type
        relatedParty
        id
      }
    }
  }
}

fragment CompanyInvestorConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    companyInsref
    id
  }
}

fragment CompanyMetaData_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    description
    pageUrl
    defaultInstrument {
      estimateData {
        modelType
      }
      id
    }
    id
  }
}

fragment CompanyName_Slug on Company {
  slug
}

fragment CompanyNumbers_query on Company {
  name
  defaultInstrument {
    estimateData {
      modelType
      reportingCurrency
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      comparisonIndexName
      actualized {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
    }
    id
  }
}

fragment CompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      companyTransactions: estimateTransactions(first: 1, includeQuarters: false) {
        actualized {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
        estimates {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
      }
      id
    }
    id
  }
}

fragment CompanyOwners on Company {
  regions
  topOwners {
    recordDate
    compareDate
    source
    holders {
      name
      capitalPercent
      votingPowerPercent
      totalShares
      positionChange
      totalSharesChange
      shareChange
      isNew
      isRemoved
    }
  }
}

fragment CompanyOwnership_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    ...CompanyOwners
    ...CompanyInsiderTransactions
    id
  }
}

fragment CompanyPageBottom_query_2bVJwf on Query {
  ...GeneralFeed_data_3NXCcw
  ...CompactFeed_3NXCcw
  ...UpcomingEventsQuery_Ux1x9
  ...RiskRecommendMatrix_query_Ux1x9
  ...CompanyOverviewGraphs_query_Ux1x9
  ...NonERCompanyOverviewGraphs_query_Ux1x9
  company(companySlug: $companyName) {
    companyInsref
    ...ForumUpdates_Company
    defaultInstrument {
      coreId
      id
    }
    id
  }
  allFeed: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  main: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT, ANALYST_COMMENT, VIDEO, ARTICLE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  webcasts: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [WEBCAST]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  thirdPartyResearch: feedContent(first: 1, companySlug: $companyName, filter: {types: [THIRD_PARTY_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  releases: feedContent(first: 1, companySlug: $companyName, filter: {types: [STOCK_EXCHANGE_RELEASE, PRESS_RELEASE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyPageTop_query_Ux1x9 on Query {
  ...StockChart_ChartQuery_Ux1x9
  ...LatestReports_query_Ux1x9
  company(companySlug: $companyName) {
    isFund
    name
    ...CompanyCoverage_Company
    ...CompanyName_Slug
    ...CompanyDescription_Company
    ...FundNumbers_Company
    ...ChangePercentBlock_Company
    ...KeyEstimateFigures_Company
    ...InvestmentCompanyKeyFigures_Company
    defaultInstrument {
      id
      estimateData {
        modelType
      }
    }
    analysts {
      name
      id
    }
    id
  }
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment Company_query_1TiJKa on Query {
  ...CompanyHeader_query_Ux1x9
  ...CompanyOwnership_query_Ux1x9 @include(if: $includeOwnership)
  ...CompanyFinancials_query_Ux1x9 @include(if: $includeEstimates)
  ...CompanyDividend_query_Ux1x9 @include(if: $includeDividend)
  ...CompanyInvestorConsensus_query_Ux1x9
  ...CompanyPageTop_query_Ux1x9 @include(if: $includeOverview)
  ...CompanyPageBottom_query_2bVJwf @include(if: $includeOverview)
  ...CompanyDisclaimer_query_Ux1x9
  ...Extensive_query_3u4Ry5
  ...ResearchContent_query_14bL89
}

fragment Extensive_query_3u4Ry5 on Query {
  company(companySlug: $companyName) {
    extensive(extensiveId: $extensiveId, snapshotDate: $snapshotDate) {
      publishedAt
      pageUrl
      pdfUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment ForumUpdates_Company on Company {
  name
  forum {
    threadUrl
    highlightedPosts {
      url
      author
      authorImgUrl
      text
      postedAt
      likesCount
    }
  }
}

fragment FundNumbers_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      lastPrice
      ath
    }
    id
  }
}

fragment GeneralFeed_data_3NXCcw on Query {
  generalFeed: feedContent(first: 20, companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...Teaser_content
        ...TeaserCompact_content
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment InvestmentCompanyKeyFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
    }
    estimateData {
      modelType
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      actualized {
        year
        quarter
        sharesTotal
        marketCap
        nav
        navPerShare
        dividendYield
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        dividendYield
      }
    }
    id
  }
}

fragment KeyEstimateFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
      lastPrice
      marketCap
    }
    sector
    fundamentalData {
      ebit
      eps
      sales
      dividend
    }
    estimateData {
      modelType
      estimates {
        firstEstimateYear {
          year
          bookValue
          netSales
          dividendA
          epsAdjusted
          ebitAdjusted
          hybridLoan
          noOfShares
          netDebt
          mvMinorities
          mvAssociated
          roePercent
        }
      }
    }
    estimatesSharePrice: estimateTransactions(first: 1) {
      estimates {
        sharePrice
      }
    }
    id
  }
}

fragment LatestReports_query_Ux1x9 on Query {
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
}

fragment NonERCompanyNumbers_query on Company {
  name
  defaultInstrument {
    nonERNumberSet: nonERCompanyNumberSet(includeQuarters: true) {
      year
      quarter
      revenue
      ebitda
      ebitReported
      epsReported
      dividend
      sharesTotal
      roe
      roi
      enterpriseValue
      marketCap
      gearingRatio
      equityRatio
      dividendYield
      sharePrice
      currency
      evSales
      evEbitda
      evEbit
      pb
      netIncome
      ptp
    }
    id
  }
}

fragment NonERCompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      overviewGraphsData: nonERCompanyNumberSet(includeQuarters: false) {
        year
        revenue
        ebitReported
        epsReported
        dividend
        dividendYield
        currency
      }
      id
    }
    id
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ResearchContent_query_14bL89 on Query {
  company(companySlug: $companyName) {
    slug
    researchContentFeed @include(if: $includeResearchContent) {
      __typename
      id
      ...Teaser_content
    }
    researchContentIds @include(if: $includeResearchContent)
    researchContent(researchId: $researchId) @include(if: $includeResearchContent) {
      researchId
      researchTitle
      publishedAt
      pageUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment RiskRecommendMatrix_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      riskData: estimateTransactions(first: 1) {
        businessRisk
        valuationRisk
      }
      id
    }
    id
  }
}

fragment StockChart_ChartQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    isFund
    defaultInstrument {
      coreId
      id
      marketOpen
      marketClose
      marketplace {
        region
      }
      priceData {
        lastPrice
      }
      returns {
        day
        week
        month
        threeMonths
        sixMonths
        year
        threeYears
        fiveYears
        tenYears
        ytd
        total
      }
    }
    id
  }
}

fragment TargetAndRecommendation_Company on Instrument {
  estimateData {
    modelType
    researchCurrency
    estimates {
      date
      recommendation
      targetPrice
    }
  }
}

fragment TeaserCompact_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  isPremium
  pageUrl
  lang
  companies {
    ...CompanyTagList
    id
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  ...AuthorList
}

fragment TeaserExtraCompact_content on Content {
  __isContent: __typename
  id
  title
  createdAt
  pageUrl
  lang
  companies {
    name
    pageUrl
    viewerIsFollowing
    id
  }
}

fragment Teaser_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  pageUrl
  imgUrl
  isPremium
  lang
  companies {
    ...CompanyTagList
    id
  }
  publishers {
    imgUrl
  }
  authors {
    __typename
    id
  }
  ... on AnalystComment {
    preview
  }
  ... on Article {
    preview
  }
  ... on CompanyReport {
    preview
  }
  ... on ThirdPartyCompanyReport {
    preview
  }
  ... on QA {
    preview
  }
  ... on Video {
    preview
    liveTime
    videoDuration
  }
  ... on Webcast {
    preview
    liveTime
  }
  ...AuthorList
  ...Reactions
}

fragment UpcomingEventsQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      calendarEvents(first: 10) {
        edges {
          node {
            date
            type
            period
            id
          }
        }
      }
      id
    }
    id
  }
}


name

description

pageUrl

defaultInstrument

companyInsref

viewerIsFollowing

followersCount

isCorporateCustomer

hasPinpointData

hasDividendHistory

sector

regions

extensiveExists

researchContentExists

topOwners

insiderTransactions

isPayingCustomerOf

isFormerCustomerOf

extensive

slug

feedContent

Seamless Distribution Systems

Impala Nordic: Seamless Distribution Systems - Strong order flow continues to back turnaround execution

SDS vinner ny order på 5 miljoner SEK och bekräftar 45-55 miljoner SEK i resultat före skatt för 2026

SDS wins new order of SEK 5 million and reconfirms SEK 45-55 million in Earnings Before Tax for 2026

Impala Nordic: Seamless Distribution Systems - Impala Nordic publishes equity analysis

Impala Nordic: Seamless Distribution Systems bjuder in investerare till en investerarträff med Impala Nordic

Impala Nordic: Seamless Distribution Systems - Another ERS platform upgrade lifts secured 2026 EBT

SDS vinner ny order på 4 MSEK och bekräftar 18-20 MSEK i säkrat resultat före skatt för 2026

SDS wins new order of SEK 4 million and confirms SEK 18-20 million in Earnings Before Tax for 2026

Impala Nordic: Seamless Distribution Systems - Impala Nordic publishes teaser analysis

Kommuniké från extra bolagsstämma i Seamless Distribution Systems AB

Bulletin from the Extraordinary General Meeting of Seamless Distribution Systems AB

Year-end report for the period 1 January - 31 December 2025

Bokslutskommuniké för perioden 1 januari - 31 december 2025

SDS bekräftar 14-16 MSEK i säkrat resultat före skatt för 2026 - ny order om 4 MSEK visar hävstång efter omstrukturering

SDS confirms SEK 14-16 million in secured EBT for 2026 - new system order of SEK 4 million shows leverage after restructuring

Kalqyl: Seamless Distribution Systems: NGM Company Insights

Seamless vinner strategiskt konsultavtal i Nordafrika

Seamless Secures Strategic Consultancy Contract in Northern Africa

KALLELSE TILL EXTRA BOLAGSSTÄMMA I SEAMLESS DISTRIBUTION SYSTEMS AB

NOTICE OF EXTRAORDINARY GENERAL MEETING OF SEAMLESS DISTRIBUTION SYSTEMS AB

Seamless Distribution Systems AB beslutar om en riktad nyemission av units och föreslår en riktad nyemission till ledning och styrelse

Seamless Distribution Systems AB resolves on a directed share issue of units and proposes a directed share issue to management and the Board of Directors

Seamless Distribution Systems AB informerar om överträdelse av finansiell kovenant

SDS vinner order värd 8 miljoner SEK från befintlig kund i Mellanöstern - stärker lönsamhetsutsikterna för 2026

SDS wins order worth SEK 8 million from existing customer in the Middle East - strengthens 2026 profitability outlook

Nordic SME

Seamless Distribution Systems operates in the IT sector. Specialization is in digital distribution via the company's developed multi-access platform that handles various e-transactions. Customers are found among players in the telecom industry. Operations are held on a global level, with the largest presence in Europe, North America and Asia. The headquarters are located in Stockholm.

Further thoughts on why I became interested in this are well summarized in Redeye’s Q2 report comments. As mentioned, Q2, like Q1, did not match the previous year’s revenue, which slightly faded the company’s growth stock image.   However, the coronavirus significantly affects the revenue of the SDD business in particular. This is receding, especially in Europe, from where SDD, in my opinion, receives most of its income.   The effects of the USD-SEK exchange rate are significant, and adjusted for them, revenue would have been at the previous year’s level.   Many new contracts have been signed, and a backlog has accumulated, which was not present at the beginning of 2021, leading to a somewhat soft Q1 and Q2, which also reflected in the share price drop.   More orders and contracts are in the pipeline, so the future looks significantly better than this year’s figures currently suggest.   Profitability has remained good through cost management. Gross margin, especially in the SDS business, is really strong.   Riaktor brought a small addition to Q2 revenue, but EBITDA remained slightly negative. Projects were moved from Q2, so they will show positively in future figures. Previously, EBITDA was at 40%, and revenue from the entire quarter will be included, so this has significant potential in terms of both revenue increase and profitability.   Of course, the above relies heavily on trust in the ability of different parts of the company to meet forecasts and thereby deliver on the mentioned outlooks. So far, my view supports these, and the growth potential is considerable. However, my expertise is not sufficient to cover the operations of Asian or African operators or the SDS offering there. Let the orders speak for themselves; Telenor is a significantly sized operator, and therefore, I also have confidence. I try to find growth and turnaround companies with significant growth potential. Risks are also present, and they must be treated as part of the investment. In the case of SDS, I believe the Risk/Reward is significantly on the positive side, which is why it ended up in my portfolio.  In terms of P/E ratios, it’s not cheap, as stated in the opening. The effects of the coronavirus in 2020 and 2021 are visible. P/S, on the other hand, is very reasonable, as is EV/EBITDA. My investment view is a growth company, which means I have to be a bit flexible with P/E if I want to find future stars. However, it’s not possible to make many major mistakes anymore.

Good opening, nice to see someone else has this in their portfolio.  I bought this myself last spring. The timing wasn’t quite right, then came the Q2 report, and my investment in this is still at a loss at this point. But my belief in this is strong. The P/E is indeed high here, but the operations are constantly moving strongly forward. SDS already has many contracts with major operators (Zain, MTN, etc.) and more are steadily coming, and the recently announced contract with Vodafone is certainly a very significant step: It is financially significant, but above all a great show of confidence from Vodafone as it starts operations in Oman. This could lead to a lot of good things. This can by no means be called a startup; the operations are already well underway, the customer base is strong, but the operations are still in their early stages. There is plenty of market, and new orders are indeed coming in all the time. The Q2 figures were a slight disappointment, but on the other hand, there are considerable differences between quarters; they don’t progress at a steady pace. The stock reaction was certainly justified, though. The positive thing is that profitability was still at a good level, especially considering the acquisition. The acquisition of Riaktr also seems like a strategically strong move, and will naturally only be fully reflected in the figures in the future. Of course, it would be nice to see the topline get on the right track in Q3, but now that these announced orders are coming in at this pace, I can’t be too worried about this in the long term. I’ll have to update my own forecasts for this at some point; it has been neglected a bit, so the content of this message is quite limited.  But there is plenty of potential here!

I still haven’t kept a closer eye on this (either). Q3 numbers are out, and there doesn’t seem to have been any significant development. However, there were larger orders during Q3, which bodes at least slightly better for the future.  Interim report for the period 1 January - 30 September 2022 July - September  Net sales amounted to SEK 76.1 (78.7) million, a decrease of -3.3% compared to the same  period last year. Compared to the second quarter of this year (68.9), sales increased by 10.5%. EBITDA amounted to SEK 19.2 (19.7) million, a decrease of -2.5% compared to the same  period last year. Compared to the second quarter of this year (15.4), EBITDA increased by 25.0%. EBITDA margin amounted to 25.3% (25.1%). Profit after tax amounted to SEK 0.1 (1.9) million. Earnings per share amounted to SEK 0.01 (0.19). Cash flow for the period amounted to SEK -0.3 (-11.4) million.  January - September  Net sales amounted to SEK 208.0 (209.4) million, a decrease of -0.7% compared to the same  period last year. EBITDA amounted to SEK 43.9 (44.7) million, a decrease of -1.7% compared to the same  period last year. EBITDA margin amounted to 21.1% (21.3%). Profit after tax amounted to SEK -9.6 (0.6) million. Earnings per share amounted to SEK -0.93 (0.06). Cash flow for the period amounted to SEK -7.8 (20.8) million.  CEO’s statement  During the third quarter of the year, SDS’s business operations continued at a high level. We have secured several new deals, with the breakthrough deal with Sudatel for three markets simultaneously being the highlight of the quarter.  Edit: Redeye’s comments are also attached                   redeye.se              Seamless Distribution Systems Q3: High business activity behind solid figures    Redeye expects to make smaller forecast adjustments on the back of this Q3 report, which was in line with our expectations. All financial metrics have recovered from low H1 2022 levels, and the compa                              Management commentary states that results are starting to recover from the soft H1 2022 levels and that it is building an attractive pipeline. It has, among other things, finalized large implementations of new products and completed the transition to a modern tech architecture (microservices). Both of these have taken longer than expected. This lays the foundation for future growth, margin expansion, and improved cash flows. SDS’s operations appear to progress well throughout H2 2022. It announced (1) its largest ever agreement together with Sudatel Group (more on here), (2) a SEK10m agreement with a Saudi telecom group, the largest market in the Middle East (more on here), and (3) a SEK3.4m order for its Smart Sales & Distribution product from an existing Sudanese customer.

Redeye’s comment on the latest order. Valuation has taken big steps down along with the rest of the market, so I’ll have to keep a closer eye on it again   Seamless Distribution Systems: Worth the wait – SEK10m agreement from a new Saudi customer Redeye reiterates its fair value range and Base Case (SEK52) following a major agreement from a new customer: a leading Saudi telecom group. The deal is initially worth SEK10m but leads to meaningful upsell opportunities and increases SDS’s foothold in Saudi Arabia, the largest market in the Middle East. SDS received a SEK10m order through its partner Strategy& (a global strategy consulting firm and a part of the PwC network) to support a Saudi Arabia-based telecom operator group with its 5G buildout. The agreement regards SDS’s Smart Capex solution, essentially software for optimizing network investment planning for 5G and fibre. SDS expects most of the SEK10m to be recognized as revenues in Q3 2022 and states that this agreement could generate annual recurring revenues of the same size, should the customer continue using this product and renew its licenses. Management states to us that a typical lifetime for this product is about five to seven years (based on similar deployments). Delayed orders have materialized Sales in H1 2022 amounted to SEK132m (~SEK22m from Riaktr), growing 1% YoY but -11% organically (excluding Riaktr). SDS missed our sales expectations significantly (>10%) in Q1 and Q2 due to an underwhelming order intake. In Q1 2022, SDS stated that it was in negotiations regarding two large orders that were delayed. The first materialized in Q2 2022 and referred to an order for a Voucher Management System from a Dubai-based customer worth SEK8m. The second materialized today. This reflects well on management and its execution abilities. Positives: significant order from a new customer, large market, and strong value proposition There is a lot to like about this agreement: (1) SDS received its first order from this Saudi telecom group, which in itself is a meaningful catalyst. Should the deployment be successful, we think SDS is well-positioned to upsell additional solutions, including Smart Sales & Distribution and its RVM suite. (2) The company is establishing a significant foothold in Saudi Arabia, the largest market in the Middle East. Zain Saudi Arabia is a long-term customer of the group. With today’s announcement, SDS has business relations with two leading telecom groups in Saudi Arabia. (3) Smart Capex (developed initially by Riaktr) is a somewhat unproven solution. It generated sales of SEK9.3m in 2021 but has not led to any meaningful commercial breakthroughs until now. This agreement reflects well on Smart Capex’s value proposition and could act as a catalyst for additional deals. Restored confidence in management and outlook SDS’s share has been punished by weak earnings reports in Q1 and Q2 2022, trading down >50% YTD. Lack of organic growth, high management turnover, and uncertainty around the commercialization of Riaktr’s products have contributed to this negative sentiment. In our opinion, today’s agreement is essential as it restores confidence in management and the organic growth outlook. We set high expectations for H2 2022. While SDS is currently trading around our Bear Case, we reiterate our fair value range and Base Case of SEK52.

SDS has a new order from Ghana, not a big one, but an order nonetheless. A completely new customer https://investor.seamless.se/nyheter/sds-receives-an-order-worth-sek-3-0-million-from-a-new-custo-91946  Seamless Distribution Systems (SDS) has received an order worth 3.0 million SEK from a brand-new customer in Ghana. The deal concerns the commissioning of SDS’s flagship product ERS 360 °, which will replace the customer’s existing solution and facilitate the digitization of the customer’s sales and distribution channel.

SDS’s Q3 report was out last week  Growth at a good level and new agreements with larger operators, which have been previously highlighted, have been made. However, the order book is smaller than expected, and the challenging economic situation keeps customers’ new investments limited.  https://investor.seamless.se/nyheter/delarsrapport-for-perioden-1-januari-30-september-2021-90222  July - September  Net sales amounted to SEK 78.7 (68.4) million, an increase of 15.1% compared to the same period last year. EBITDA result amounted to SEK 19.7 (12.0) million. EBITDA margin amounted to 25.1% (17.6%). Profit after tax amounted to SEK 1.9 (1.8) million. Earnings per share amounted to SEK 0.19 (0.22). Total cash flow amounted to SEK -11.4 (0.2) million.  January - September  Net sales amounted to SEK 209.4 (224.5) million, a decrease of -6.8% compared to the same period last year. EBITDA result amounted to SEK 44.7 (38.8) million. EBITDA margin amounted to 21.3% (17.3%). Adjusted EBITDA result amounted to SEK 50.0 (38.8) million, adjusted for acquisition costs. Adjusted EBITDA margin amounted to 23.9% (17.3%), adjusted for acquisition costs. Profit after tax amounted to SEK 0.6 (10.3) million. Adjusted profit after tax amounted to SEK 5.9 (10.3) million, adjusted for acquisition costs. Earnings per share amounted to SEK 0.06 (1.26). Total cash flow amounted to SEK 20.8 (-1.3) million.   full report:           l.cdn.bequoted.com              Interim-Report-Q3-2021.pdf    3.45 MB                            Redeye also published an updated analysis sds-group-3q21-update.pdf (499.6 KB) Base case increases from 72SEK to 80SEK  Fair value unchanged Redeye forecasts

The service’s functionality and competitiveness have once again proven successful. Vodafone’s first delivery to Oman, full service, and in the future even 10-15% of recurring service revenue                   beQuoted Nyheter              SDS får genombrottsorder Software-as-a-Service (SaaS) från Vodafone -...    Seamless Distribution Systems (SDS) har fått en storaffär från Vodafone Oman på hela sitt produkterbjudande. Affären är den första med Vodafonegruppen och innebär att SDS blir st...                             Translate that press release into “London English”  Seamless Distribution Systems (SDS) has received a major deal from Vodafone Oman on its entire product offering. The deal is the first with the Vodafone group and means that SDS will be the strategic supplier of technology to Vodafone Oman, which is part of one of the world’s largest telecom groups … … A SaaS agreement that extends over three years has been signed, which may provide recurring revenues amounting to approximately 10-15% of SDS’s current support revenues if Vodafone succeeds with its market penetration during the contract period.  Edit:  Here’s the same press release in “London English”                   beQuoted Nyheter              SDS receives an order worth SEK 7.7 million from a new telecom operator group...    Seamless Distribution Systems (SDS) has received a strategic order worth SEK 7.7 million via a global system supplier. The order refers to the implementation of SDS transaction s...

Seamless Distribution Systems

7.60 SEK

+2.70 %