Techstep (TECH)

[Johan07]

Liker Jens Rugset på aksjonærlisten med Karbon Invest, har truffet bra på flere It selskaper på børsen, blant annet med Crayon. Ser @savepig allerede har kommentert dette.

[pdx]

Tråden hadde feil tag, skal være i orden nå

[theroger]

https://newsweb.oslobors.no/message/512895

Rugseth kjøper 500k:
https://newsweb.oslobors.no/message/513034

Haudemann kjøper 500k:
https://newsweb.oslobors.no/message/513035

[Johan07]

Fin oppgang idag:)
Noen som har sett nærmere på oppkjøpet de gjorde tidligere i måneden?

[SJO73]

Relativt optimistisk melding fra Rugseth!

(https://finansavisen.no/nyheter/teknologi/2020/09/21/7568568/suksessinvestor-jens-rugseth-har-klokkertro-pa-techstep-og-mener-selskapet-er-rigget-for-a-ri-en-ny-megatrend)

[Kronn]

Eg har veldig tro på selskapet, det har eg hatt lenge, men har ikkje helt passet å ta posisjon likevel, så har aksjen vert svært lite bevegelse og volum i, så da har den falt litt utenfor interessen likevel.

[Savepig]

Ja samme, jeg glemte helt av den og så har den jammen meg goått akkurat sånn som jeg så for meg i januar når jeg fanget opp at rugseth var inne.

Fyren er en trollmann på børsen

[harpun]

Denne aksjen tror jeg skal opp mot 15 kr roughly regnet på P/S og EV/EBITDA mot utenlandske peers. Som Rugseth sa i FA mener han prisingen av aksjen er misforstått. Det mener jeg også. Flere er kanskje skremt vekk av kursutviklingen fra tidligere år, men historikken på selskapet før 2016 er nokså irrelevant for situasjonen nå. Selskapet var i utgangspunktet et børsskall etter at Birdstep ble solgt til USA og etter dette har selskapet blitt transformert fra et rent hardware-selskap (Mobil-distribusjon B2B) og nå til et hardware- og softwareselskap med stort fokus på sistnevnte. De omsetter for ca 1,4 mrd. og har en Market Cap på 850M. Nå er strategien å øke salg av software med høye marginer til eksisterende hardwarekunder og ikke-eksisterende kunder. Dette har de allerede levert på (ref. Q2).

Verdt å ha med seg at markedet de operer i, Managed Mobility Services (MMS), er det raskest voksende segmentet innen IT service og telecom med CAGR på 34%.

Jeg eier aksjer i selskapet

[anon80503862]

Denne aksjen tror jeg skal opp mot 15 kr roughly regnet på P/S og EV/EBITDA mot utenlandske peers.

Regnestykket, og hvem er peers?

[harpun]

Litt flåsete regnet kanskje, men her er i hvert fall en oversikt over peers og hva de er priset til på multiplene.

EBITDA anslagene etter ‘20 er tatt litt ut av luften. Utgangspunktet er bransjens CAGR. EBITDA for ‘20 har jeg muligens verdt noe vel forsiktig?

EBITDA for ‘20 bør vel komme på følgende: H1 ‘20 x 2 + EBITDA fra Optidev = 36 x 2 + 26 = 98. Høres mye ut.

Ser at antall aksjer i regnestykket er utdatert (pre optidev transaksjonen). Riktig mengde skal være 182,5M, ikke 162,8. Endringen utgjør ikke enormt stor forskjell i prisingen.

[harpun]

Gartner publiserte i april en utdypende rapport om bransjen og om de ulike spillerne innenfor MMS.

Nyttig lesing dersom du følger Techstep: https://www.gartner.com/doc/reprints?id=1-1YQ1N2Z8&ct=200403&st=sb&fbclid=IwAR3SiewecPN3llkGObWqKDUjYDwD0abZe3E8PLsTMZqk7tVF6dzHhz7x1xM

[theroger]

https://finansavisen.no/nyheter/aksjeanalyse/2020/10/14/7576668/arctic-securities-tar-opp-dekning-av-techstep

[harpun]

Herlig. Noen her som har tilgang til analysen?

[harpun]

Techstep med kapitalmarkedsoppdatering i dag.

Selskapet har i dag 200.000 mobile enheter under forvaltning, men forventer over 1 mill. mobile enheter under forvaltning innen fire år. I dag er inntekt per mobil under forvaltning 800 kr, men de forventer at denne vil øke til 1200 kr.

Dersom dette slår til vil det bety 1,2 mrd. i årlige inntekter for selskapet. De tar sikte på en EBITDA-margin på 30%.

Dette vil med andre ord bety 360 mill. i årlig EBITDA. Til sammenligning prises selskapet til ca 950 millioner i markedsverdi. Legger man til grunn at selskapet skal handles til nøkterne 10x EBITDA vil dette bety at selskapet skal prises til 3,6 milliarder kroner, altså 3-4x dagens markedsverdi.

Markedet de operer i, MMS, vokser med 31% (CAGR) hvert år. De har altså momentum med seg.

Jeg vil i så måte påstå at nedsiderisken for denne aksjen er begrenset og jeg eier derfor aksjer i selskapet.

Opptak av kapitalmarkedsdagen:

Capital Markets Update 2020

[SJO73]

Rugseth øker igjen!
NewsWeb (oslobors.no)

[theroger]

Techstep acquires eConnectivity and strengthens its Managed Mobility Services capabilities in the Nordics

NewsWeb

[TekBot]

Techstep ASA: Invitation to presentation of Q4 2020 results

Techstep ASA will release its fourth quarter 2020 results
on Friday 12 February 2021 at 07:00 CET. The quarterly report and presentation
will be made available on the company’s website www.techstepasa.no and
…

Vis børsmeldingen

through www.newsweb.no.

The presentation of Q4 results will be given in English by CEO Jens Haviken and
CFO Marius Drefvelin, and will be published as an audiocast with slides.

The Q&A session will subsequently take place as a virtual event facilitated
by Arctic Securities on 12 February 2021 at 10:00 CET. Please join online via
this link: Techstep Q4 Results Q&A
-session (https://teams.microsoft.com/l/meetup
-join/19%3ameeting_YzAwMWRjOTQtNGYxZS00Y2JlLTg3NGUtNGMzODg2NWM2YTE1%40thread.v2/0
?context=%7b%22Tid%22%3a%22d02701f9-3b23-4b3f-8fce
-29ed54632bf8%22%2c%22Oid%22%3a%220e4769c3-7b47-4dbd-a752
-df8039f73395%22%2c%22IsBroadcastMeeting%22%3atrue%7d).

Further information from:

Jens Haviken, CEO, Techstep ASA: +47 930 90 070
Marius Drefvelin, CFO, Techstep ASA: +47 958 95 690

About Techstep ASA

Techstep is purpose-built to become a leading Managed Mobility Services provider
in the Nordics. Techstep combines device management, software, hardware and
connectivity into a managed service. This enables enterprises and their
employees to do their work across mobile devices and locations, with a high
degree of security and operational stability. Techstep has 290 employees based
in Norway, Sweden and Denmark, serving 550+ enterprise customers across various
industries in the private and public sectors. The company is listed on the Oslo
Stock Exchange. For more information, see www.techstepasa.no.

Kilde

[Richardames]

Fikk se en boozt forrige kvartalsrapport, mulig de fortsetter trenden, gitt at kursen har falt litt tilbake igjen? Hvordan er q4 for denne bransjen som helhet?

[TekBot]

Techstep ASA: Q4 and FY 2020 results

·
Execution of growth strategy and successful acquisitions drive the financial
results
…

Vis børsmeldingen

· Stable full-year 2020 revenues of NOK 1 143 million delivered through
business model transition from lower margin hardware sales to higher margin
services
· Gross profit of NOK 149 million in the quarter and NOK 378 million for the
full year, compared with NOK 75 million in the fourth quarter and NOK 279
million for the full year 2019
· EBITDA adjusted increased to NOK 51 million in the quarter and NOK 96
million for the full year, compared with NOK 7.5 million in the fourth quarter
and NOK 29 million for the full year 2019
· ARR increased to NOK 63 million, including ARR from newly acquired Optidev
of NOK 24 million, up from NOK 37 million in the fourth quarter 2019
· Signed three new contracts for Techstep’s software-based managed mobility
service ‘Flow’, with an estimated value of NOK 25 million and 3,500 users

Commenting on the Q4 and FY 2020 report, Jens Haviken, CEO of Techstep says:

“2020 was both transformative and a strong year for Techstep, despite the
challenges the pandemic presented to us all. We delivered on our growth strategy
with sharp focus on helping customers adopt our Managed Mobility Services (MMS)
offering, as well as acquisitions and Nordic expansion. Moving into 2021, our
team and market position are even stronger with two new great companies being
integrated into Techstep. Being well positioned in an MMS market that is
expected to experience strong growth, we are excited about the many
opportunities ahead” said Jens Haviken, Techstep CEO.

"The months that have passed since the pandemic broke out, have indeed shown us
what a workforce can achieve even when outside the normal office environment.
But it has shown us even more what is possible to achieve with mobile technology
for that large part of the workforce that don’t have an office - the deskless
worker. Techstep is purpose-built to service the mobility needs of enterprises
and their workforce, regardless of how and where their employees work.

At the same time, Managed Mobility Services (MMS) is a market in its early
stages. And while we are positioned for leadership in the Nordic region, we
continuously need to educate our customers and the market, as well as
relentlessly making sure that our solutions deliver great customer, employee and
end-user experiences. In short, we need to ensure that our solutions are easy to
use and delivers clarity in an otherwise complex digital reality.

We want to help enterprises and the Nordic workforce experience great MMS
-solutions, and our ambition is to manage more than 1 million devices by 2025.
With more devices under management, we can drive our value creation further by
adding services and solutions. Techstep’s MMS-offering is based on a service
stack that can be combined into bundled solutions, and we will grow gross profit
by ensuring that existing, and new customers, adopt this MMS-offering. In
addition, we aim to add further customer value through the sale of new services.

We are confident that our mobility services and MMS-solutions will be
increasingly adopted across the Nordics, because we have clear and very strong
value propositions to our customers: Helping enterprises reduce cost, increase
productivity, transform employee capabilities and enhance their engagement,
driving business value and revenue growth, while at the same time delivering on
their ESG goals.

Providing Managed Mobility Services that benefit workers, enterprises, society
and our planet, energizes Techstep’s team of 300 dedicated mobility experts
every day, and we are highly motivated to continue delivering on our growth
journey and create stakeholder value in the years to come", Jens Haviken adds.

Material

Please find the report and presentation for Q4 2020 enclosed.

Presentation and audiocast:

Due to the COVID-19 situation and the government’s recommendation to limit
physical meetings, the presentation will be prerecorded as an audiocast with
slides. The presentation is released today at 07:00 CET and is delivered in
English by CEO Jens Haviken and CFO Marius Drefvelin. Link to audiocast:
https://youtu.be/5hmpoxoWXEc

The quarterly report and presentation will be made available on the company’s
website www.techstepasa.no and www.newsweb.no.

The subsequent Q&A session will take place as a virtual event facilitated by
Arctic Securities on 12 February 2021 at 10:00 CET. Please join via the
following link: http://bit.ly/3q49HhD

For more information please contact:

Jens Haviken, CEO, Techstep ASA: +47 930 90 070
Marius Drefvelin, CFO, Techstep ASA: +47 958 95 690

About Techstep ASA

Techstep is purpose-built to become a leading Managed Mobility Services provider
in the Nordics. Techstep combines device management, software, hardware and
connectivity into a managed service. This enables enterprises and their
employees to do their work across mobile devices and locations, with a high
degree of security and operational stability. Techstep has 290 employees based
in Norway, Sweden and Denmark, serving 550+ enterprise customers across various
industries in the private and public sectors. The company is listed on the Oslo
Stock Exchange. For more information, see www.techstepasa.no.

Kilde

[Richardames]

Snakk om smør på flesk…