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 4/10 Good --- www.gpsbusinessnews.com http://www.gpsbusinessnews.com/xml/syndication.rss
| GPS BUSINESS NEWS is an online media providing business news about the consumer GPS industry. We cover the entire value chain of this market, providing information from semiconductors to retailers, on a global scale. ... |
Thursday, July 03, 2008 --- 57 days ago http://www.gpsbusinessnews.com/index.php?action=article&numero=935
 GPS Business News interviewed last week with Peter Friedland, equity analyst at Soleil Group. Peter has been in the equity research field for the last twelve years with a focus on GPS and wireless since the year 2000. In the most recent years he has been covering Garmin, TomTom, Tele Atlas, Navteq, Trimble and Harman. He recently added Intermap and GeoEye to its coverage. Willing to understand the steep decline of the TomTom share in the last weeks – the share tumbled this week below its 2005 IPO price – we asked him a few questions. GPS Business News: How shall we understand the low price of the TomTom stock? How would you compare that to Garmin? Peter Friedland: TOM2 and GRMN shares have both been under significant pressure so far this year due to: concern regarding the soft consumer spending environment and how that will impact the PND market; and weaker than expected Q1 results (both unit volumes and ASPs), which were partly attributable to excess channel inventory coming out of Q4. Specific to TOM2, we believe the stock has also been impacted by: significant deceleration in revenue growth, as the company now expects 2008 revenue growth of just 5-10%, down from 27% in 2007; and the use of €1.8 billion of debt to pay for the Tele Atlas acquisition, which has stretched the company's balance sheet. TOM2 and GRMN shares are currently trading at similar 2009 EV-to-EBITDA multiples of roughly 8x and 7x, respectively (based on our es ... |
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