Faktisk ikke fanget opp dette før idag, men Norne har kommet ut med en oppdatert analyse av Huddlestock på mandag inneværende uke.
Etter mine bedømmelser helt utrolig at aksjen omsettes på dette nivået, men det er bare min mening etter selv å ha analysert selskapet over noen måneder nå. Inntektsøkning på over 100% fra q3 til q4 og stor reduksjon i underskudd. De var usle 260k fra å oppnå pluss i q4. Overskuddet vil etter alle solemerker komme i q1 allerede og imens venter vi flere nye kontrakter og mulige oppkjøp.
Analytiker Marina Tarakanova var tilstede på den engelske presentasjonen og fikk tydelig mange svar.
Når til og med analytikeren skriver “Important client launches in the not-too-distant future are seen as a major trigger for the stock providing further technology validation and de-risking the investment case.” er det helt spesielt å se på kursutviklingen, men tenker noen skal få løpe etter om kort tid.
Anbefaling: KJØP
Kursmål: NOK 7.-
Important launches likely in not-too-distant future Huddlestock reported its 4Q21 earnings last Thursday. Quarterly revenues and EBITDA came better than expected, while for the full year the pro-forma revenues topped the management’s guidance and adj. EBITDA fell in the middle of the guided range. We keep our positive stance on the stock at an unchanged TP of NOK 7/sh. Important client launches in the not-too-distant future are seen as a major trigger for the stock providing further technology validation and de-risking the investment case. Better figures on strong activity in consulting Last Thursday Huddlestock reported its 4Q earnings. Revenues came higher at NOK 13.9m vs. NOK 7.5m expected by us. The revenue split between consulting and technology segments was NOK 13.4m and NOK 0.5m respectively. Stronger revenues led to a better EBITDA figure of NOK -0.3m, while adj. EPS landed in-line as the company booked a higher negative result from financials. Looking at the full-year pro-forma figures, the company’s 2021 revenues were at NOK 41.5m, exceeding the management’s targeted range of between NOK 38-41m. The pro-forma adj. EBITDA landed at NOK -5.0m, being in the middle of the guided range (NOK -3.5m to NOK -5.5m). Cash position at the end-4Q21 stands at NOK 17.8m vs. NOK 10.2m at the end-3Q21, improved by the private placement conducted in December. Working hard to deliver Huddlestock continues to see good momentum in the consultancy business following a significant uptick in client demand in 4Q. All consultants are said to be booked for 1Q22 and almost fully booked for 2Q22. At the same time, the Technology segment is also seeing a good level of activity, but the management notes that reorganization of the company’s operations in Germany takes time, however, it already sees good progress while being more in charge of client relationships and technology development. Seeing strong market opportunities in Germany, it is one of the key priorities to expand its business here. M&A is also outlined as an important strategic opportunity. The company has ~ 10 million in treasury shares which gives room for expansionary or complementary M&A opportunities if any arise. Buy kept while focusing on the potential within technology segment The financial targets were not provided for 2022, however, the 2024 revenue target of NOK 200m remains unchanged, which is important in our view. The management notes that exciting news is to come in the not-toodistant future. It is currently in the final stages of bringing two clients on board and more are yet to come. We have made limited changes to our estimates: consulting revenues were somewhat increased while technology launches were shifted to March/April. In our view, those launches are pivotal for technology validation, will likely de-risk the investment case, and act as a trigger for the stock. Thus, Buy recommendation is maintained at an unchanged TP of NOK 7.0/sh.
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