Lite relevant fakta från Redeye imellan lite onödiga konspirationsteorier skapta på luft.
Ser ut som att baissegänget (vet inte dock vem de försöker övertyga på Placera bla,verkar helt besatta av aktien hehe) får gå loss ett tag till men inget nytt,det tar lite tid att implementera nya lukrativa prismodellen.
https://www.redeye.se/company/anoto/580621/anoto-something-write-home-about?utm_source=avanza&utm_medium=RSS
Something to write home about
Solid sales & margins – to be improved when sales of the new pens begin
Sales and EBIT of SEK 32m and 1m came in as expected. The improved pen sales
compared to Q1 and the strong hardware gross margin (+45 %) were solely related to the
OEM business in South Korea and Livescribe while the license revenue only amounted to
SEK 2m. On the surface it might not look like something to write home about. However, one
must understand that the Q2 revenue in essence only includes sales of the old pens. The
big, existing customers have to a large extent came back to accept the new pricing model,
although it took almost three quarters for them to finally come around. The most important
aspect here is that they, as well as all customers, have to pay license fees before being
allowed to buy the new pens. Thus, we expect solid license revenue during the coming
quarters.
Agreements have been signed but orders yet to come
However, the report did not mention any new orders from e.g. Cevahir or Trata. One
understandable, general, first impression is therefore that not much happened during the
quarter. However, Anoto has actually signed two contracts during the period but for
secrecy reasons Anoto cannot disclose anything at all about these particular agreements,
meaning a press release would be completely pointless. In addition, Anoto has received
several smaller orders, which it has not announced as it has raised the bar for what to
press release and what not to. In our Q2 preview, we gave Anoto credit for not trying to
pump the stock price with vague press releases.
The changing of the business model have taken a bit longer than expected
The changing of the business model has taken a bit longer than we initially thought, which
together with the lack of larger orders during the past months forces us to lower our short-
term estimates. However, our long-term view and the valuation is still unchanged. The CEO
seems very confident and this view of his is backed up by him and his wife recently buying shares worth of SEK 0.9m.
No big orders yet but lots of activity under the radar
As mentioned above, there have not been any new, larger orders during the period although
lots of activity under the radar. Below are some reflections regarding various opportunities
mentioned by Anoto in the Q2 report.
In Japan, Anoto has previously done business exclusively through DNP. However, as this
exclusivity was terminated about one year ago, Anoto have been talking to DNP’s competitors
such as Toppan. The Anoto CEO does not like exclusivity in general and is not prepared to
give it, unless it is for a very short timeframe with large up-front payments. Overall,
Management’s priorities seem sound. One customer whose orders are delayed e.g. wants
Anoto to meet with its customer (i.e. the customer’s customer) to ensure the support. The
Anoto CEO’s polite response was that he is happy to do that – but only after the customer
has placed orders.
In Latin America, the potential government customers are related to various applications. One
interesting new, or rather revived, opportunity we have found is voting since the exclusivity
with Smartmatic is now over. Smartmatic seems to be in trouble following manipulation of
over 1 million votes in the last Venezuela election, , as can e.g. be seen in an article from
Reuters referencing Smartmatic’s CEO, which should make it extra interesting for
Smartmatic’s competitors to talk to Anoto. We do not see voting as a high volume play in
terms of pen quantities but the new business model should make it an exciting opportunity for Anoto.
