Tecnotree's Q4 report exceeded our estimates for both net sales and earnings. However, the outperformance was largely explained by higher-than-expected capitalization of product development costs. With investments and working capital tied up, cash flow was well below zero. The guidance for the current year was strong on earnings, which led us to raise our earnings estimates for the coming years. However, we also updated our cash flow projections for working capital and investments, which lowered our free cash flow projections for the next few years. The valuation of the stock is favorable on earnings multiples (2023e P/E 10x), but we are paying more and more attention to cash flow multiples in the valuation. These don't support the valuation this year and next year's multiplier (13x) is fairly neutral.
Tecnotree
Tecnotree är verksamt inom IT-sektorn. Bolaget är specialiserat inom utveckling av digitala kommunikationslösningar. Tjänsterna inkluderar exempelvis tjänster för affärsprocesser och abonnemangshantering för företagskunder inom telekom och andra digitala tjänsteleverantörer. Verksamhet innehas på global nivå, med störst närvaro runtom Asien, Afrika och Mellanöstern.
Read more on company pageKey Estimate Figures2023-02-27
2022 | 23e | 24e | |
---|---|---|---|
Omsättning | 71,6 | 80,2 | 86,7 |
tillväxt-% | 11,53 % | 12,00 % | 8,14 % |
EBIT (adj.) | 18,3 | 21,0 | 25,5 |
EBIT-% | 25,57 % | 26,21 % | 29,38 % |
EPS (adj.) | 0,04 | 0,05 | 0,06 |
Utdelning | 0,00 | 0,00 | 0,00 |
P/E (just.) | 16,80 | 5,40 | 4,40 |
EV/EBITDA | 9,42 | 2,87 | 2,01 |