contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

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

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


impala-nordic-seamless-distribution-systems-impala-nordic-publishes-equity-analysis

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

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.

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.

It looks like more of SDS’s management and board members are leaving.                   beQuoted Nyheter              MATS VICTORIN LÄMNAR VD-POSTEN PÅ SDS SAMT JOHAN WILSBY LÄMNAR SIN PLATS I...    I samband med att Leif Frykman avgått som styrelseordförande så har även Seamless Distribution Systems VD Mats Victorin och styrelseledamot Johan Wilsby meddelat att de lämnar si...                                               beQuoted Nyheter              ORDFÖRANDE LEIF FRYKMAN LÄMNAR SEAMLESS DISTRIBUTIONS SYSTEMS STYRELSE -...    SDS styrelseordförande Leif Frykman har meddelat styrelsen och valberedningen att han på eget initiativ avgår ur SDS styrelse med omedelbar verkan. Anledningen bakom beslutet är...

I’ve slightly fallen behind on following SDS since selling my position. Q1 is out, steady plodding. Investment in the future, challenges in profitability.  At least a couple of orders were pushed from Q1 onwards. https://investor.seamless.se/nyheter/interim-report-for-the-period-january-1-march-31-2022-95110 Interim report for the period January 1 - March 31, 2022 January - March  Net sales amounted to SEK 63.1 (61.5) million, an increase of 2.6% compared to the same period last year. EBITDA earnings amounted to SEK 9.3 (13.9) million. EBITDA margin amounted to 14.8% (22.6%). Profit after tax amounted to SEK -7.9 (3.6) million. Earnings per share amounted to SEK -0.8 (0.4). Total cash flow amounted to SEK 4.4 (0.9) million.  CEO’s comments "Intensive start to 2022  Net sales in level with the previous year  Net sales in the first quarter landed at SEK 63 million. This is an increase of almost 3% compared to the corresponding quarter last year, but lower than we had hoped for. The main reason is two large orders, which for reasons beyond the company’s control did not arrive as expected during the quarter. Profitability was thus weighed down by the increased personnel costs with the acquisition of Riaktr and EBITDA was just over 9 million, a decrease of 33% compared to the corresponding quarter in 2021. This again shows that the company’s development cannot be seen on a quarterly basis but requires a longer perspective. A quarter with investments for the future  A very important activity for the company’s development was the participation in the Mobile World Congress, MWC, in Barcelona in the shift February-March. The company’s management conducted more than 20 high-quality customer meetings with high-level management teams at both new and prospective customers. The newly defined and expanded product portfolio attracted great interest and led to several new business discussions. During the quarter, work was completed on the definition of our new product portfolio for the value chain we call Retail Value Management, RVM. Our mobile operator customers depend on the value chain being managed efficiently as a very large part of their revenue takes place through their dealer network. With our expanded and redefined product portfolio, we have clear solutions for all the steps, challenges and growth opportunities that the operator faces in RVM. We currently see no other supplier with such a clear and broad portfolio adapted for RVM - something that was also noticed by the operators we met at MWC. The acquisition of the analysis company Riaktr in the spring of 2021 has immediately proved successful, with a positive contribution to the result in 2021. In 2022, we will take further steps in the integration of the company into SDS. The product portfolio from Riaktr is now a natural and strategically important part of RVM, in addition to its ability to continue to address its own business opportunities. During the quarter, we intensified the work with cross-selling on the expanded customer base that came with the acquisition, and we are already starting to see results from this in new business discussions. The company carried out a directed issue of SEK 20 million during the quarter to the major owners. It feels good that all the owners surveyed participated and show continued confidence in the company and the organic growth investments the issue aims to enable. Sales development during the quarter  An important deal during the quarter was the additional order of SEK 2.7 million that the company received in Pakistan with one of the largest international operators in the region. This is an operator group that was added as a customer to SDS in 2021 and which with the order already shows us a strategically important continued confidence. The order concerned our component Smart Campaigns & Commissions, SCC, and the customer is thus expanding its installation in Pakistan with another component from our RVM portfolio. As the operator group has several local operators in the region - two of which have been SDS customers since 2021 - we see further opportunities for a successful implementation. In March, the formal and locally acclaimed agreement was signed with Vodafon Oman on site in Muscat. Vodafon Oman is making a major investment with its establishment in Oman and places great faith in SDS 'entire RVM portfolio. SDS has a volume-based business model with Vodafon Oman and the result during the quarter exceeded our forecast. Two major and important orders that were expected to arrive during the quarter were delayed due to customer-internal processes. Clear course  The market for our services remains stable and our price remains stable. With the issue supplement, we can implement the nearby growth initiatives we have identified for our organic growth. Strengthened by what we saw at MWC, we continue to see interesting opportunities for SDS in an expected market consolidation among suppliers. We consider ourselves well positioned to take a leading role in this consolidation as we have already made the necessary technology investments in Microservices, expanded and sharpened the product portfolio and demonstrated the ability for longterm profitability growth and to successfully integrate acquired companies.

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

SDS among the presenters at Redeye’s Growth Day 2021. Approximately 20-minute presentation. Surprisingly clear Swedish, I even managed to follow it somehow   The slides provide good background https://fast.wistia.net/embed/iframe/c840rawpfi A couple of slides from the video Riaktr strongly supports SDS’s other activities by integrating analytics into the service.   90% of the customer’s revenue goes through SDS’s services.

Seamless Distribution Systems

Impala Nordic publishes an equity analysis on Seamless Distribution Systems AB (publ) (“SDS” or the “Company”).SDS is a global provider of mission-critical sales and distribution (S&D) software...

<div class="mfn-body"><p><strong class="mfn-heading-1">Impala Nordic publishes an equity analysis on Seamless Distribution Systems AB (publ) (“SDS” or the “Company”).</strong></p><p>SDS is a global provider of mission-critical sales and distribution (S&amp;D) software systems for telecom operators, mainly in emerging markets. The Company’s core proposition is to digitize prepaid mobile credit for calls and data (airtime), and adjacent telecom retail flows, replacing physically distributed vouchers and manual reseller processes with real-time systems.&nbsp;</p><p>The current phase of SDS is centered around a completed operational and financial turnaround. The Company has gone through an organizational renewal, including new executive leadership and a strengthened commercial organization with a clearer focus on profitability and disciplined project execution. Key elements include platform modularization and the introduction of AI-driven product capabilities, as well as a comprehensive cost-efficiency program.</p><p><a href="https://www.impalanordic.se/assets/pdf/bevakning/sdr-analysis-260330.pdf" rel="noopener">Click here to read the full analysis.</a>&nbsp;</p></div><div class="mfn-footer mfn-ac61dc25f8ea"><p><strong class="mfn-heading-1">For additional information, please contact:</strong></p><hr><p><strong>Charlie Dahlström, Equity Research Analyst</strong><br>charlie@impalanordic.se</p></div><div class="mfn-footer mfn-fa081da01668"><p><strong class="mfn-heading-1">About Impala Nordic</strong></p><hr><p>Impala Nordic provides company analysis, coverage, and comprehensive investor relations (IR) services. The portfolio includes listed small-cap companies, where Impala Nordic acts as a communicative bridge between the companies and investors.</p><p>The material produced by Impala Nordic is independent but sponsored. This means that Impala Nordic has received payment from the client to produce the analysis and coverage. The client has not been able to influence Impala Nordic’s opinions expressed in the material.</p></div>