Mr. Positive schreef op 9 mei 2015 21:07:
Tomtom could double or triple over this HERE bid process. If HERE goes for 2-3x Book Value (4-6bn) for a unique asset in the tech space growing at 15% top line with margin going from 3% in 2014 towards the top end of their 8-12% range in 2015, with potential to go north of 20% if they merely bring R&D/ Sales to 40% (note HERe don't capitalize R&D) that implies potentially 220-250m of EBIT for HERE.
Given no interest costs, just a stock market valuation for a business with these characteristics..8 fold increase in EBIT in 2 years, revenue acceleration at 15%+, strong gearing into the growth trend of increasing autonomity in vehicles could easily command 20 - 30x Earnings. Mobileye in the US trades on 40x sales for its camera technology geared into automated driving trends.
TomTom then becomes that last independent map company. imagine a scenario for a company like APPLE if Google maps is obviously owned by Google, HERE is owned by Microsoft and perhaps Samsung buys TomTOm.
With HERE gone there is a very strong market tension that could escalate quickly.