ERICSSON med nok en betydelig nedskrivning på Vonage...

Det gjør stadig vondt for mange av LINKs konkurrenter...
I kveld meldte Ericsson (ERIC) nok en gang at de foretok en betydelig nedskrivning på LINKs store konkurrent Vonage.

NOVEMBER 2021 - ERICSSON KJØPTE VONAGE FOR SEK 63 MILLIARDER
I november 2021 kjøpte Ericsson en av LINKs store amerikanske konkurrenter Vonage for USD 6,2 milliarder (USD 21 pr aksje) betalt kontant: https://www.ericsson.com/en/press-releases/2021/11/ericsson-to-acquire-vonage-for-usd-6.2-billion-to-spearhead-the-creation-of-a-global-network-and-communication-platform-for-open-innovation

Dealen ble closet 21.7.2022 på SEK 63 milliarder (USD 6,2 milliarder), men prisingen baserte seg på november 2021-forutsetningene, og Ericsson klarte uheldigvis å time kjøpet nesten til toppen av markedseuforien for CPaaS-selskaper som baserte seg på en fortsettelse av sin enorme vekst, som hadde skutt fart under covid.

OKTOBER 2023 - ERICSSON NEDSKRIVER VONAGE MED 50 % - SEK 31,9 MILLIARDER
Mindre enn to år (17.10.2023) senere måtte Ericsson ta en nedskrivning av Vonage på SEK 31,9 milliarder ved 3Q-2023: https://www.ericsson.com/en/press-releases/2023/10/ericsson-reports-third-quarter-results-2023

Dette tilsvarer 50 % nedskrivning av bokført goodwill! Begrunnelsen var (https://www.sec.gov/Archives/edgar/data/717826/000119312523254551/d527215d6k.htm):

"Ericsson (NASDAQ: ERIC) today announced that, in accordance with IFRS accounting requirements, it will record a non-cash impairment charge of SEK 32 billion in the third quarter of 2023. The impairment charge represents 50% of the total amount of goodwill and other intangible assets attributed to Vonage. The impairment will be reported in segment Enterprise as an item affecting comparability.

The impairment is a consequence of the significant drop in the market capitalization of Vonage’s publicly traded peers, increased interest rates and overall slowdown in Vonage’s core markets. Ericsson continues to advance its enterprise strategy, with Vonage’s network API capabilities being central to this strategy and the development of a Global Network Platform (GNP). The impairment does not alter Ericsson’s positive outlook on the GNP market potential."

JULI 2024 - ERICSSON NEDSKRIVER VONAGE MED YTTERLIGERE 36 % AV NY BV - SEK 11,4 MILLIARDER
Etter børsslutt i USA i kveld, og før USA-fridagen 4. juli, meldte ERICSSON ytterligere nedskrivning av Vonage med nye SEK 11,4 milliarder: https://www.ericsson.com/en/press-releases/2024/7/ericsson-announces-non-cash-impairment-charge-mainly-relating-to-vonage

Dermed er et kjøp på SEK 63 milliarder nedskrevet med 43,3 milliarder på 2 1/2 år, tilsvarende nesten 70 %. Det understreker hvilken dramatisk feil-prising flere oppkjøp har hatt. Vonage er ikke noe dårlig selskap, men ble priset av Ericsson på fremtidige vekst-multipler som ikke var realistiske.

Begrunnelsen fra Ericsson for den nye nedskrivningen er: https://www.ericsson.com/en/press-releases/2024/7/ericsson-announces-non-cash-impairment-charge-mainly-relating-to-vonage):

"Ericsson (NASDAQ: ERIC) today announces that, in accordance with IFRS accounting requirements, it will record a non-cash impairment charge of SEK 11.4 billion in the second quarter of 2024, primarily reflecting lower anticipated market growth rates in Vonage’s current portfolio. The Net income impact after tax will be SEK 11.4 billion and reported in segment Enterprise.

Niklas Heuveldop, Head of Business Area Global Communications Platform and CEO of Vonage says: “Given deterioration in the market environment and elective decisions we have made to refocus our investments in strategically prioritized areas, we have reassessed certain growth assumptions, resulting in a non-cash impairment of SEK 11.4 billion.”

Niklas Heuveldop adds: “We continue to advance our strategy to build a Global Network Platform for network APIs, which was the strategic impetus for the Vonage acquisition. We recently announced additional partnerships with leading mobile network operators and we see continued positive momentum across the industry. Through this strategy, we are making advanced 5G network capabilities available to the world’s developer community to accelerate the innovation of value-added applications for industry and society. This will open up new revenue streams for our operator customers and spur growth in the telecom industry.”


Samtidig er det nok en påminnelse av kvaliteten på dealen LINK fikk til da de klarte å selge sitt ene dyre oppkjøp - Message Broadcast - for en liten gevinst i fast valuta, selv om ikke earn-out'en gir full uttelling.