Link Mobility - Top Sparebank Idea for 24
Link Mobility, Europe’s biggest SMS communication company just sold its US business at 14 times EBITDA for USD 260 Million. Link trades at only 8 times now which indicates the upside.
Link is one of the cheapest stock vs its peers due to its high leverage. The leverage is now resolved by the sale of the US business.
Ready for price re-rating
The full investment summary below:
https://fitinvestmentideas.com/2024/01/24/link-mobility-sparebank-top-idea-for-2024/
Link is one of the cheapest stock vs its peers due to its high leverage. The leverage is now resolved by the sale of the US business.
Ready for price re-rating
The full investment summary below:
https://fitinvestmentideas.com/2024/01/24/link-mobility-sparebank-top-idea-for-2024/
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Serboss
14.08.2024 kl 08:24
2660
I andre kvartal hadde Link Mobility inntekter på 1,8 milliarder kroner. Det er en oppgang på drøyt 250 millioner siden samme kvartal i fjor.
Driftsresultatet kom på 380 millioner, mot 337 millioner i fjor.
Inntektene til Link for andre kvartal i fjor er i årets andrekvartalsrapport justert ned, fra 1,18 milliarder rapportert i fjor til 1,56 milliarder i onsdagens rapport. Det påvirker nøkkeltallene fra fjorårets andrekvartal.
EBITDA kom på 168 millioner, opp fra 106 millioner i fjor. Det ga et resultat før skatt på 78 millioner, som etter skatt endte på 62 millioner kroner. Det står i kontrast til fjoråret, da resultatet før og etter skatt var på henholdsvis minus 22 millioner og minus 16 millioner.
Driftsresultatet kom på 380 millioner, mot 337 millioner i fjor.
Inntektene til Link for andre kvartal i fjor er i årets andrekvartalsrapport justert ned, fra 1,18 milliarder rapportert i fjor til 1,56 milliarder i onsdagens rapport. Det påvirker nøkkeltallene fra fjorårets andrekvartal.
EBITDA kom på 168 millioner, opp fra 106 millioner i fjor. Det ga et resultat før skatt på 78 millioner, som etter skatt endte på 62 millioner kroner. Det står i kontrast til fjoråret, da resultatet før og etter skatt var på henholdsvis minus 22 millioner og minus 16 millioner.
NordicGuy
14.08.2024 kl 08:42
2600
LINK Q2: P&L beat and all-time-high order intake with increasing traction in CPaaS
Parebank says should trade up 5% today
Another raise tomorrow as brokers will come with upside revisions price targets
Parebank says should trade up 5% today
Another raise tomorrow as brokers will come with upside revisions price targets
NordicGuy
15.08.2024 kl 10:38
2366
I sold my whole position in Link. I believe the largest shareholder will be divesting in secondary public offering.
It has been comming for some time. I plan to buy it back at the offering.
It has been comming for some time. I plan to buy it back at the offering.
NordicGuy
20.11.2024 kl 11:51
1950
Spare Bank this morning:
(+) LINK MOBILITY: Positive RCS datapoints. According to Telnyx, which refer to Grand View Research, the text-message marketing industry in the US is expected to growth at a CAGR of 20.8% (!) until 2030. One of the drivers of this growth is highlighted as Rich Communication Service (RCS)..as we have highlighted in recent research notes this is key driver for growth and margin expansion going fwd.
(+) LINK MOBILITY: Positive RCS datapoints. According to Telnyx, which refer to Grand View Research, the text-message marketing industry in the US is expected to growth at a CAGR of 20.8% (!) until 2030. One of the drivers of this growth is highlighted as Rich Communication Service (RCS)..as we have highlighted in recent research notes this is key driver for growth and margin expansion going fwd.
NordicGuy
03.12.2024 kl 11:38
1678
Message from my broker today:
LINK MOBILITY: SEASONALITY
Q4 is LINK's largest quarter due to retail seasonality.
Our analyst notes that he has had 60% more black week marketing SMS received in the period 22 Nov to 2 Dec y/y.
BUY, PT 31 (equal to 17.5x '25 cEPS).
LINK MOBILITY: SEASONALITY
Q4 is LINK's largest quarter due to retail seasonality.
Our analyst notes that he has had 60% more black week marketing SMS received in the period 22 Nov to 2 Dec y/y.
BUY, PT 31 (equal to 17.5x '25 cEPS).
NordicGuy
14.01.2025 kl 10:44
1291
Arctic today:
LINK MOBILITY: BUY THIS DIP
Following a selloff in the shares, we think this is a bargain entry and model 11% organic GP growth and remain 7% above cons EBITDA into Q4 on lower opex.
8% FCF yield and 13.4x cash earnings is too cheap here we think.
LINK MOBILITY: BUY THIS DIP
Following a selloff in the shares, we think this is a bargain entry and model 11% organic GP growth and remain 7% above cons EBITDA into Q4 on lower opex.
8% FCF yield and 13.4x cash earnings is too cheap here we think.
NordicGuy
30.01.2025 kl 09:22
1035
LINK Mobility awarded best RCS Business Messaging Solution Award by Juniper Research
30 Jan 2025 09:10 CET
LINK Mobility (LINK) has through its market leading position for enterprise
digital messaging in Europe been awarded the prestigious Platinum Juniper
Research Award for the Best RCS Business Messaging Solution in Europe. This
recognition from Juniper Research highlights our commitment to innovation and
excellence in communication technology, solidifying LINK Mobility's position as
a leader in the RCS space.
https://live.euronext.com/en/products/equities/company-news/2025-01-30-link-mobility-awarded-best-rcs-business-messaging
30 Jan 2025 09:10 CET
LINK Mobility (LINK) has through its market leading position for enterprise
digital messaging in Europe been awarded the prestigious Platinum Juniper
Research Award for the Best RCS Business Messaging Solution in Europe. This
recognition from Juniper Research highlights our commitment to innovation and
excellence in communication technology, solidifying LINK Mobility's position as
a leader in the RCS space.
https://live.euronext.com/en/products/equities/company-news/2025-01-30-link-mobility-awarded-best-rcs-business-messaging
NordicGuy
30.01.2025 kl 09:26
1023
LINK expects to receive NOK 167 million in earn-out from Message Broadcast divestment
30 Jan 2025 08:00 CET
Reference is made to the divestment of US based entity Message Broadcast, as
completed on 3 January 2024, where consideration amount comprised of an earn-out
related to full year 2024 revenue in Message Broadcast.
The Buyer has updated LINK on its unaudited revenue for Message Broadcast for
the full year 2024 and this impacts earn-out amount receivable in LINK. Based on
the Message Broadcast unaudited results, LINK will recognize a reduction in the
earn-out receivable of NOK 129 million in the fourth quarter results, impacting
discontinued operations in the income statement and will be a non-cash
adjustment.
Based on the SPA, an audit process on the Message Broadcast results, including
the earn-out, will follow.
After the reduction, total outstanding receivables related to the divestment of
Message Broadcast are NOK 286 million, whereof NOK 119 million in seller’s
credit and NOK 167 million in earn-out.
30 Jan 2025 08:00 CET
Reference is made to the divestment of US based entity Message Broadcast, as
completed on 3 January 2024, where consideration amount comprised of an earn-out
related to full year 2024 revenue in Message Broadcast.
The Buyer has updated LINK on its unaudited revenue for Message Broadcast for
the full year 2024 and this impacts earn-out amount receivable in LINK. Based on
the Message Broadcast unaudited results, LINK will recognize a reduction in the
earn-out receivable of NOK 129 million in the fourth quarter results, impacting
discontinued operations in the income statement and will be a non-cash
adjustment.
Based on the SPA, an audit process on the Message Broadcast results, including
the earn-out, will follow.
After the reduction, total outstanding receivables related to the divestment of
Message Broadcast are NOK 286 million, whereof NOK 119 million in seller’s
credit and NOK 167 million in earn-out.
NordicGuy
30.01.2025 kl 17:05
886
Carnegie right now:
Link Mobility (Buy): Robust growth and margin expansion in Q4(24e) - Q4 preview
________________________________________
Expecting 10% organic gross profit growth and adj. EBITDA 4% above consensus
For Q4(24), we forecast 9.6% organic gross profit growth, as we think LINK will see continued A2P volume tailwind Y/Y and growth in its CPaaS business. We expect 110bps adj. EBITDA margin expansion Y/Y due to operating leverage and cost measures, putting adj. EBITDA at NOK212m – 4% above the available FactSet consensus.
NordicGuy
03.02.2025 kl 15:25
676
Pareto right now on LINK:
Link Mobility Group – RCS & M&A opportunity not priced in
We expect Q4 gross profit of NOK 436m (+7% y/y organic) and EBITDA adj. at NOK 207m, in-line with consensus. While we hold no ‘out-of-consensus’ view on Q4, we think hitting on expectations will be viewed as a positive, as the recent share weakness indicates market expectations to be lower. For 2025 we expect business momentum to continue but see upside potential from (i) RCS roll-out and (ii) M&A, where the latter could lift EBITDA by ~50%. At 8/9% levered FCF yield and a non-challenging relative valuation, neither the current business nor these kickers are priced in. BUY TP NOK 30/share
Link Mobility Group – RCS & M&A opportunity not priced in
We expect Q4 gross profit of NOK 436m (+7% y/y organic) and EBITDA adj. at NOK 207m, in-line with consensus. While we hold no ‘out-of-consensus’ view on Q4, we think hitting on expectations will be viewed as a positive, as the recent share weakness indicates market expectations to be lower. For 2025 we expect business momentum to continue but see upside potential from (i) RCS roll-out and (ii) M&A, where the latter could lift EBITDA by ~50%. At 8/9% levered FCF yield and a non-challenging relative valuation, neither the current business nor these kickers are priced in. BUY TP NOK 30/share
NordicGuy
07.02.2025 kl 14:53
484
Link is Pareto top idea for February:
LINK – BUY, TP NOK 30
We keep Link in our model portfolio over the upcoming figures. For Q4 we expect gross profit of NOK 436m (+7% y/y organic) and EBITDA
adj. at NOK 207m, both items in-line with consensus. Link faces a slightly tougher y/y comp this quarter, where last year’s +13% GP growth
was driven by strong market push around Black Week & Christmas. But since last year, (i) 3-month EURIBOR has dropped ~95bps (ii)
both consumer confidence and actual spending in the Eurozone has increased y/y. Although only ~20% of Link’s volumes stem from
marketing use-cases, improving macro suggests a positive contribution also in 2024 from this seasonal fourth quarter ‘swing-factor’. While
we hold no ‘out-of-consensus’ view on Q4, we think hitting on expectations will be viewed as a positive, as the recent share weakness
indicates market expectations to be lower. For 2025 we expect business momentum to continue but see upside potential from (i) RCS rollout and (ii) M&A, where the latter could lift EBITDA by ~50%. At 8/9% levered FCF yield and a nonchallenging relative valuation, neither
the current business nor these kickers are priced in. BUY / TP NOK 30.
LINK – BUY, TP NOK 30
We keep Link in our model portfolio over the upcoming figures. For Q4 we expect gross profit of NOK 436m (+7% y/y organic) and EBITDA
adj. at NOK 207m, both items in-line with consensus. Link faces a slightly tougher y/y comp this quarter, where last year’s +13% GP growth
was driven by strong market push around Black Week & Christmas. But since last year, (i) 3-month EURIBOR has dropped ~95bps (ii)
both consumer confidence and actual spending in the Eurozone has increased y/y. Although only ~20% of Link’s volumes stem from
marketing use-cases, improving macro suggests a positive contribution also in 2024 from this seasonal fourth quarter ‘swing-factor’. While
we hold no ‘out-of-consensus’ view on Q4, we think hitting on expectations will be viewed as a positive, as the recent share weakness
indicates market expectations to be lower. For 2025 we expect business momentum to continue but see upside potential from (i) RCS rollout and (ii) M&A, where the latter could lift EBITDA by ~50%. At 8/9% levered FCF yield and a nonchallenging relative valuation, neither
the current business nor these kickers are priced in. BUY / TP NOK 30.
d12m
13.02.2025 kl 12:19
272
Pareto
Link Mobility Group - Q4’24 Gross Profit & EBITDA adj. slightly ahead expectations
Link delivered gross profit spot on expectations, including an organic growth rate of +8% (on a tough y/y comp) and EBITDA adj. ~5/3% ahead cons/pas. The quarter included higher-than-expected adjustments relating to a NOK 18m phishing incident, creating some noise in the reported P&L. However, adjusting for this, cash EBIT was spot on our expectations. As we have not seen this event before, we regard it truly as a ‘one-off’ and should not impact estimates ahead. We thus expect to lift estimates marginally as Q4 1) confirms continued high-single digit organic GP growth into 2025 & 2) further margin expansion. We have a BUY TP NOK 30.
Link Mobility Group - Q4’24 Gross Profit & EBITDA adj. slightly ahead expectations
Link delivered gross profit spot on expectations, including an organic growth rate of +8% (on a tough y/y comp) and EBITDA adj. ~5/3% ahead cons/pas. The quarter included higher-than-expected adjustments relating to a NOK 18m phishing incident, creating some noise in the reported P&L. However, adjusting for this, cash EBIT was spot on our expectations. As we have not seen this event before, we regard it truly as a ‘one-off’ and should not impact estimates ahead. We thus expect to lift estimates marginally as Q4 1) confirms continued high-single digit organic GP growth into 2025 & 2) further margin expansion. We have a BUY TP NOK 30.
Redigert 13.02.2025 kl 12:21
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