Analüütikud näevad täna esimese kvartali tulemused avaldanud kasiinofirma Olympic Entertainment Group’i (OEG) aktsiale endiselt omajagu tõusuruumi.
Tugevate tulemuste ootuses tõstsid juba mõnda aega OEG aktsia suhtes optimistlikud Swedbanki analüütikud paari nädala eest pärast esimese kvartali hasartmängutulu avalikustamist aktsia hinnasihi varasemalt 2,25 eurolt 2,3 eurole ning säilitasid ettevõttele tugeva ostusoovituse (strong buy – ingl k).
Praeguselt hinnalt prognoosivad nad aktsiale aasta lõikes ligi 19,2% suurust tõusupotentsiaali ning OEG aktsia hind on analüütikute hinnangul kiiresti kasvava tugeva bilansiga ettevõtte kohta soodne. Kasiinofirma 2016. aasta edasivaatav aktsia hinna ja kasumi suhe (P/E) on 9,5 ja EV/EBITDA (EV/EBITDA suhtarv saadakse ettevõtte väärtuse jagamisel EBITDAga –toim) on 5,9.
LHV analüütikud on oma analüüsis määranud OEG aktsia õiglase hinna vahemikuks 2-2,2 eurot, mis annaks praeguselt hinnalt ligi 4,2%-14,6% suuruse tõusupotentsiaali.
Kahetised tulemused
OEG käive ulatus esimeses kvartalis 45,6 miljoni euroni, mis on 16% rohkem kui mullu samal ajal. Puhaskasum langes läinud aastaga võrreldes ligi 7,3% võrra, 5,1 miljonile eurole. Aprilli keskel avaldatud Balti aktsiate esimese kvartali eelvaates ootasid aktsiat katvad Swedbanki analüütikud võrdselt 15% suurust müügi- ja puhaskasumi kasvu. Seega jäi OEG esimese kvartali kasum oodatule pea 19% võrra alla, samal ajal kui müük oli protsendi võrra oodatust parem.
Üsna oluliselt jäi Swedbanki analüütikute ootustele alla ka kontserni kulumieelne ärikasum (EBITDA), mis kasvas eelmise aasta sama perioodiga võrreldes 8,8 miljonilt eurolt 9 miljoni euroni (1,6%). Aktsiat analüüsinud analüütik Marek Randma oli oodanud EBITDAks 10,73 miljonit eurot.
Swedbanki analüütikute hinnangul võis kuu keskel avaldatud hasartmängutulude aruandest välja lugeda nii head kui halba, kuid positiivset oli siiski rohkem – Läti ja Eesti kasv kaalus üles Leedu ja Poola turgude languse. Kogu tänavuseks majandusaastaks prognoosivad analüütikud 22% suurust müügikasvu ning puhaskasumile 21% suurust kasvu. EBITDA kasvuks oodatakse aasta lõikes 20%.
Tasub teada
LHV on tulemustega rahul
Esimeses kvartalis olid LHV analüütikud OEG tulemuste prognoosis Swedbanki kolleegidest oluliselt pessimistlikumad. Nimelt ootasid nad OEG puhaskasumiks 4,1 miljonit eurot, käibeks 45,4 miljonit ning EBITDAks 7,3 miljonit.
LHV vanemanalüütik Joonas Joost märkis OEG värskeid tulemusi kommenteerides, et panga analüütikud eeldasid laienemistest tingitult järsku kulude kasvu ning sellega seoses olulist efektiivsuse langust, kuid tegelik efektiivsuse vähenemine oli väiksem kui prognoositud.
„Seetõttu osutus ka puhaskasum oodatust kõrgemaks ning hoolimata sellest, et see aastases võrdluses vähenes, oleme ettevõtte esimese kvartali tulemustega väga rahul,“ kinnitas ta.
Hirmu valmistab Läti
On selge, et kasvanud müügitulemuste, ent alla ootuste kasumikasvu põhjuseid võib otsida ettevõtte aktiivsest laienemisest – muu hulgas on aastaga ostetud rida väiksemaid kasiinosid nii Eestis, Lätis kui Itaalias ning avatud kontserni suurim kasiino Maltal. Lisaks laieneti OlyBeti spordiennustusportaaliga Leetu.
Kasiinofirma Eesti müügitulud ulatusid läinud kvartalis 9,5 miljoni euroni, kerkides mullusega võrreldes 14,2% võrra. EBITDA langes 15,3% võrra, 1,4 miljonile ning ärikasum 29,2% võrra, 0,8 miljonile. Hasartmängutulud kasvasid aastaga 14% ulatudes 9 miljoni euroni. Ülekaalukalt suurim kasv oli turgude lõikes Lätis, kus müügitulud kasvasid esimeses kvartalis 32,5% võrra, 16 miljoni euroni.
Just Läti turu suur osakaal kasumist on alates 2008. aastast OEG aktsionäride ridadesse kuulunud Rene Ilvese hinnangul ohumärk. „Müügitulu kasvab oodatult kiiresti, aga kasumiga on kehvasti – jäädi alla analüütikute ootustele ja Läti osakaal kasumist on hirmutav,“ nentis investor. „Kui seal peaks midagi maksukeskkonnas muutuma, siis võib see OEG aktsiale rängasti mõjuda."
Kui praegune dividend säilib, siis ta enda sõnul praegu otsest põhjust aktsia müümiseks ei näe. Tänavu pole OEG veel dividendide suurust kinnitanud, kuid viimasel kolmel aastal maksti osanikele välja 10 senti aktsia kohta. LHV prognoosib kasiinofirma tänavuseks dividendiks taas 10 senti aktsia kohta ning mõnevõrra optimistlikum Swedbank ennustab väljamakseks 13 senti aktsia kohta.
Kasiinofirma aktsia hind langes tulemuste järel Tallinna börsil veidi enam kui 190 000 euro suuruse käibe juures 0,5% võrra, 1,93 eurole.
http://www.aripaev.ee/borsiuudised/2016/04/26/kui-suurt-tousu-oodatakse-oeg-aktsiale
Wednesday, April 27, 2016
Monday, April 18, 2016
Amazon Ups the Ante on Streaming Video, Challenging Netflix
Prime membership will be offered monthly for the first time to all U.S. customers for $10.99
Amazon.com Inc. is firing a shot across the bow of Netflix Inc. by attempting to become a primary destination for streaming video.
The Seattle online retailer said Sunday it will begin offering its video-streaming service as a stand-alone option for the first time. A monthly subscription will cost $8.99, a dollar less than the most popular plan from Netflix.
The move pits the Seattle online retailer more directly against Netflix, which also happens to be one of the biggest customers of Amazon’s cloud-computing services. For years, the two have worked to one-up each other with exclusive content deals and original series like Netflix’s “House of Cards” and Amazon’s “Mozart in the Jungle.”
Amazon has been offering its video service as a perk for subscribers of its $99 annual Prime shipping service. Prime membership also will be offered monthly for the first time to all U.S. customers for $10.99, Amazon said Sunday.
An Amazon spokeswoman said the new monthly option could be turned off or on as customers wished, a possible benefit for shoppers during the busy holiday season.
The move to offer a stand-alone video service suggests Amazon is confident it has the robust programming needed to go head-to-head with Netflix. Amazon has snapped up deals for HBO’s older content, as well as with premium TV network Epix, whose catalog includes “Hunger Games: Catching Fire” and “World War Z.” More recently, Amazon has signed director Woody Allen for an exclusive TV series, and has become an aggressive buyer of independent movies, battling Netflix for film festival favorites.
The new $8.99-a-month pricing began Sunday in the U.S. Netflix plans range from $7.99 to $11.99 a month, though most customers pay $9.99 for more than one simultaneous stream per account. Hulu LLC’s basic streaming service is $7.99, with a commercial-free option of $11.99.
Representatives of Netflix and Hulu declined to comment.
“ Jeff Bezos is absolutely escalating the arms race with Netflix,” said Wedbush Securities analyst Michael Pachter, referring to Amazon’s chief executive. “The two services will compete more closely for customers, and Amazon has the marketing advantage by offering the full Prime service for just a little bit more each month.”
Amazon has experimented before with a month-to-month Prime subscription and in March began selling the $10.99 option to Sprint Corp. customers.
It raises the specter of customers buying a month of Prime around Black Friday to get all their Christmas shopping done with Amazon’s two-day shipping guarantees and, in some cities, same-day or same-hour options.
The Prime service has become a crucial component in Amazon’s growing retail dominance. In addition to providing a reliable revenue stream of membership fees, Prime customers spend as much as double what non-Prime customers do in a year, by some estimates. Amazon has bulked the service up with add-ons like exclusive discounts and streaming music.
Highlighting its ruthlessly competitive streak, Amazon is rolling out the new streaming-video option on the eve of Netflix’s first-quarter earnings report Monday. Price increases to $9.99 from $7.99 for grandfathered customers of Los Gatos, Calif.-based Netflix take effect next month, two years after they were announced. Those customers could opt to continue paying $7.99, but would lose out on high-definition streaming and the ability to have two streams at once.
As long ago as 2012, Netflix CEO Reed Hastings predicted Amazon would offer its streaming service on a stand-alone basis.
Amazon’s move comes as a plethora of new streaming video services are flooding the market to target so-called cord-cutters, people who are dropping pay-TV subscriptions. Traditional TV networks like HBO and CBS have launched their own stand-alone services, while cable-television providers like Comcast and Dish Network Corp. are offering slimmed-down, inexpensive streaming packages of channels.
Amazon spends about $3 billion on streaming video content annually, compared with $4 billion for Netflix, not including overseas rights or DVDs, said Wedbush’s Mr. Pachter.
For its part, Santa Monica, Calif.-based Hulu has become a competitive buyer of library and original programming, increasing its content outlays from $600 million in 2014 to $1.5 billion in 2015, according to estimates from Nomura Securities.
Netflix had about 43.4 million paying U.S. customers at the end of last year, which it expected to rise to 45.4 million by the end of March. It has about 75 million total customers globally. Amazon doesn’t disclose its Prime membership totals, but estimates range from 40 million to 60 million world-wide.
By GREG BENSINGER
http://www.wsj.com/articles/amazon-ups-the-ante-on-streaming-video-1460944802
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Rene Ilves
Friday, April 1, 2016
Tesla Model 3 Orders Surge Even Before Its Unveiling
Tesla Motors says its new Model 3 is, at $35,000 each, meant to bring the company’s electric vehicle technology to the masses. And with more than 115,000 orders before the car was even introduced, it is well on its way.
A crowd of Tesla fans cheered as the Model 3, a sleek five-seater, was unveiled Thursday evening at the company’s design studio in Hawthorne, Calif. Interested customers lined up at Tesla dealerships around the country, and the enthusiasm was matched with a torrent of comments online.
The Model 3 is “the final step in the master plan, which is a mass market, affordable car,” Tesla’s chief executive, Elon Musk, said at the unveiling. “It was only possible to do after going through the prior steps.”
The vehicle comes after years of lower-volume production of Tesla’s initial Roadster, Model S and Model X.
“With any new technology, it takes multiple iterations and it takes economies of scale before you can make it great and affordable,” Mr. Musk said.
The Model 3 will be able to travel at least 215 miles on a single charge and can go from 0 to 60 miles per hour in less than six seconds.
Each advance order included a charge of $1,000, and the company took in more than $115 million within 24 hours. If those orders all translate into sales, revenue from the Model 3 will exceed $4 billion. A screen at the debut event Thursday showed online reservations continuing to tick past 133,000.
“This is kind of crazy,” Mr. Musk said in announcing the number of advance orders.
Although the Model 3 unveiling generated intense buzz, the company faces competition from automotive giants like General Motors and Renault-Nissan, which have also begun manufacturing electric vehicles. Low fuel prices could hurt overall sales of electric vehicles.
But on Thursday, Mr. Musk’s biggest worry appeared to be satisfying demand for his new car. Delivery of the Model 3 is scheduled to begin at the end of 2017, first for customers on the West Coast of North America, then the East Coast, and then overseas.
“I do feel fairly confident it will be next year,” Mr. Musk said to laughter from the audience.
Meeting anticipated interest in the cheaper model will require a sharp increase in Tesla’s production capacity. Last year the company delivered 50,580 vehicles.
Mr. Musk said Thursday that he believed the company’s factory in Fremont, Calif., could produce as many as 500,000 vehicles annually.
“It’s very doable,” he said.
The expansion also requires the construction of a huge battery production plant. Tesla began construction of its Gigafactory 1 in northern Nevada in 2014. It is now operational, and once it is at full capacity, it will “produce more lithium ion batteries than all other factories in the world combined,” Mr. Musk said.
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