Her er det jo oppside nå😅
Mange mener det, men kursen siger likevel nedover.
Lav likviditet i aksjen i sommer, og en “fast” selger hver dag: STATE STREET BANK AND TRUST. Disse har noe over 1 mill aksjer igjen nå.
Får vi mer likviditet ev. en stor kjøper på banen kan det blir interessant.
Q2. Sp1 evaluerer tall og kursmål under review
- Zalaris (2Q22): Earlier today, ZAL delivered its 2Q22 report, where we look for 1) deviations on revenues, 2) development in EBIT margin and 3) free cash flow development and NIBD. ZAL 2Q22 is a bit messy and difficult to compare vs. our estimates because the newly acquired vyble is now classified as discontinued operations (please see note 9), but we had vyble as part of our revenues and reported EBIT. But please see below and we will try to make it easier to understand. All in all, the company get thumbs up from us with regards to the decision to sell vyble (it is dilutive from a capital allocation perspective, and hence for investors). The report in itself however, was weaker than feared on EBIT (minus NOK4.6m vs. our positive NOK1.9m estimate, both including vyble). Consequently, as highlighted in our “under review” update yesterday, we are likely to downgrade from Buy to Neutral as the trajectory on continued business – meaning Managed Services, Professional Services and New Business (APAC), is not performing according to our expectation and currently. Point being, the gap between the current EBIT margin and the company’s 10% cash-EBIT target and how to get there is to blurry for us and negative estimate revisions, as disclosed in our “under review” update is needed (even with vyble classified as discontinued operations).
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Hvordan ligger det an med nedsalget fra state street bank? Jeg hamstrer en del her nå…
De har 845 952 aksjer på dagens liste (som er beholdning sist mandag pga forsinkelse)
Ok, sikkert de som selger med sånn isfjell salg på rundt 25 i dag! Tipper de er nede på 500 000 nå da
Noen som kan dele oppdateringer fra Sp1, Arctic og/eller ABG? Synes aksjen fikk ufortjent mye juling i dag etter å ha falt massivt i forkant også. ABG med kursmål 62 forventet topplinje på 215 (210) og EBITDA på 23 (21). Det er i 2023-2025 selskapet virkelig skal hente ut skalaeffekter og marginer.
Sp1m 16. Sept:
Less confidence in 10% EBIT margin target and limited triggers
Conclusion
After we sat ZAL “under review” ahead of the 2Q22 report, we have now concluded and are unfortunately compelled to lower our recommendation from Buy to Neutral and lower our target from NOK60 to NOK25.
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Noen som vet hvilken aksjonær som har kjøpt de 903 733 aksjene som ble flagget solgt den 22. september?
- 28.02.2023 07:00
Zalaris ASA (Zalaris, OSE:ZAL) reported record-high revenues in the fourth quarter of 2022 of NOK 250.6 million, up 24.2 percent from the same period in 2021, reflecting strong underlying fundamentals. "The company grew more than 22 percent in the quarter in constant currency. We made several good wins in the fourth quarter, and several potential large new contracts are in the final contracting stage. We are well positioned to deliver on the landmark of generating NOK 1 billion in revenue by the end of 2023.” says Hans-Petter Mellerud, Chief Executive Officer of Zalaris.
The reported revenues of NOK 250.6 million in the fourth quarter of 2022 compares to NOK 201.7 million in the fourth quarter 2021. Adjusted EBIT*, excluding the APAC operations launched in the first quarter, was NOK 15.9 million in the fourth quarter, compared to NOK 10.2 million in the fourth quarter of 2021. The reported EBIT ended at NOK 9.7 million compared to NOK 1.5 million to the fourth quarter of 2021.
To increase earnings, a detailed plan for annual EBIT improvements of 40 - 50 million by the end of 2023 has been launched and is progressing according to plan. The increase will come through direct cost improvements, as increased use of delivery centers in Latvia, Poland and India, improved scheduling of resources and contribution from new signed contracts.
Saas-selskap som har vekst og lønnsomhet. Sikter på 1 mrdNOK omsetning og 100 mNOK EBIT fra 2024 kan jo bli bra. Mcap på kurs 39 er 832 mNOK.
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Petter Kongslie i SB1M etter rapporten:
We upgrade from Neutral to Buy and increase our target from NOK25 to NOK50 on higher FCF
Investorweb inviterer: Zalaris
Med oss har vi CEO Hans-Petter Mellerud i Zalaris.
Zalaris ble i 2000 grunnlagt av nåværende CEO Hans-Petter Mellerud. Selskapet er et IT-selskap som er spesialisert på cloudbaserte tjenester for bedrifters HR-avdelinger. Tjenestene brukes hovedsakelig for personal- og lønnsadministrasjon. Visjonen er å tilby løsninger som effektiviserer personaladministrasjon.
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Ny avtale i går, med ca 50 mill NOK i årlig omsetning etter full implementering.
https://newsweb.oslobors.no/message/585262
Og det kommer mer.
Virker som dette selskapet går litt under radaren hos de fleste. Spennende ting på gang!
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Veksten er uten tvil sterk, 10% årlig omsetningsvekst er ikke utenkelig. EV/S under 1x er attraktiv for denne, for min del er marginen noe lav. Håper på bedring i kommende kvartal ved salg av VYBLE og effektivisering
Noen som har en formening om rentevilkårene på det nye obligasjonslånet? Kunne ikke finne noe om det i børsmeldingen. I grunn litt rart at de ikke meldte det
The bond has a coupon of 3m EURIBOR + 5.25% p.a. and a five-year tenor.
En del høyere enn den forrige obligasjonen om jeg ikke husker helt feil?
ZAL: ARCTIC OPPJUSTERER KURSMÅL TIL 50 (40), GJENTAR KJØP
Oslo (Infront TDN Direkt): Arctic Securities oppjusterer kursmål på Zalaris til 50 kroner fra 40 kroner, og gjentar kjøpsanbefalingen på aksjen.
Det fremgår av en oppdatering tirsdag kveld.
“En høyere vekstrate, sterkt kommersielt moment og derisking fra bedre enn ventet Q4-tall berettiger en høyere multippel”, skriver meglerhuset.
Meglerhuset forventer en positiv førstekvartalsrapport med sekvensiell marginforbedring og 12 prosent organisk vekst.
Oppdatering fra Sp1M etter Q1:
Conclusion
We reiterate our Buy recommendation and NOK50 target price
Our analysis
- Post 1Q23 we make limited estimate changes to EBIT and FCF and reiterate our Buy recommendation, NOK50 target price and investment case. Indeed, this is based on 1) very high visibility in revenues in general, 2) strong outlook for growth with already signed contracts and demonstrated low single-digit churn, which 3) should support adj. EBIT margin expansion towards 10% in 2025 on our estimates (7.7% reported EBIT margin), 4) improved cash conversion (how much of EBITDA reported that ends up as cash flow from operations) with 5) a company that is trading at 12x and 10x our 2024 and 2025 cash EBIT.
- First, the revenue visibility in the company has never been an issue since we started covering the name. Indeed, roughly 80% of group revenues are recurring in nature with 5y contracts on Managed Services (72% of revenues). Moreover, since the inception in early 2000, the company has experienced low single digit churn (2.25% on average) and the company extended 18 of the 19 agreements that were up for renewal in 2022. On top of this comes already announced contracts that is expected to contribute NOK201m (up from NOK112m as of 4Q22) by 1Q24 assuming no material churn. Consequently, we model 17%, 9.0% and 5.4% organic revenue growth in 2023-2025, respectively. Moreover, coupled with several cost improvement measures (please see slide 5 for details), we expect reported EBIT margin to increase from 2.2% in 2022 to 5.3% in 2023, 6.6% in 2024 and 7.7% in 2025 (the latter in line with the 10% adj. EBIT margin target). Based on a historical regression, this will support improvements in EBITDA to cash flow from operations conversion from 7.6% in 2022 to 41.8% in 2023, 62% in 2024 and 76% in 2025. Consequently, we arrive at a cash-EBIT of NOK98m in 2024, which we argue is more correct from a valuation perspectives given i) close to full run-rate on signed contracts and ii) full effect on the announced cost initiatives. Assuming 14x (above steady-state multiple of 12x given below steady-state EBIT margin), we arrive at NOK50, which represent our target. Same calculation based on 2025 (normalized margins) give NOK55-70, where we need more comfort from reported data-points before we go there.
Fin sak i DN om selskapet.
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2023-05-02 09:35:48 CET
ZAL: ARCTIC OPPJUSTERER KURSMÅL TIL 55 (50), GJENTAR KJØP
Oslo (Infront TDN Direkt): Arctic Securities oppjusterer kursmål på Zalaris til 55 kroner fra 50 kroner, og gjentar kjøpsanbefalingen på aksjen.
Det fremgår av en oppdatering søndag.
Meglerhuset ligger rundt 10 prosent høyere enn konsensus på omsetning og rundt 30 prosent høyere enn konsensus på justert driftsresultat. Meglerhuset mener at konsensus ignorerer den kontraktsfestede ordreserven og/eller marginforbedringsbanen.
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