companyName

extensiveId

feedTypes

includeDividend

includeEstimates

includeOverview

includeOwnership

snapshotDate

CompanyName_Query

companySlug

CompanyMetaData

CompanyContent_query

company

query CompanyName_Query(
  $companyName: String!
  $extensiveId: ID
  $snapshotDate: String
  $feedTypes: [ContentType!]!
  $includeEstimates: Boolean!
  $includeOverview: Boolean!
  $includeOwnership: Boolean!
  $includeDividend: Boolean!
) {
  ...CompanyMetaData_Ux1x9
  ...CompanyContent_query_3mc3wd
}

fragment AnalystData on Analyst {
  name
  pageUrl
  jobTitle
  imgUrl
}

fragment AuthorList on Content {
  __isContent: __typename
  id
  authors {
    __typename
    id
    name
    pageUrl
  }
}

fragment ChangePercentBlock_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      diff1mPercentage
      diff1yPercentage
      diff3yPercentage
      diffFromStartPercentage
    }
    id
  }
}

fragment CompactFeed_3NXCcw on Query {
  compactFeed: feedContent(companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...TeaserExtraCompact_content
        createdAt
        companies {
          viewerIsFollowing
          id
        }
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment CompanyAnalystQuery on Company {
  analysts {
    ...AnalystData
    name
    pageUrl
    jobTitle
    imgUrl
    id
  }
}

fragment CompanyContent_query_3mc3wd on Query {
  ...CompanyHeader_query_Ux1x9
  ...CompanyOwnership_query_Ux1x9 @include(if: $includeOwnership)
  ...CompanyFinancials_query_Ux1x9 @include(if: $includeEstimates)
  ...CompanyDividend_query_Ux1x9 @include(if: $includeDividend)
  ...CompanyInvestorConsensus_query_Ux1x9
  ...CompanyPageTop_query_Ux1x9 @include(if: $includeOverview)
  ...CompanyPageBottom_query_2bVJwf @include(if: $includeOverview)
  ...CompanyDisclaimer_query_Ux1x9
  ...Extensive_query_3u4Ry5
}

fragment CompanyCoverage_Company on Company {
  analysts {
    name
    id
  }
  isPayingCustomerOf
  isFormerCustomerOf
  isCorporateCustomer
  ...CompanyAnalystQuery
  defaultInstrument {
    ...TargetAndRecommendation_Company
    id
  }
}

fragment CompanyDescription_Company on Company {
  description
  websiteUrl
  name
}

fragment CompanyDisclaimer_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    isPayingCustomerOf
    isFormerCustomerOf
    id
  }
}

fragment CompanyDividendER_query on Company {
  name
  defaultInstrument {
    estimateData {
      reportingCurrency
    }
    dividendTransactions: estimateTransactions(first: 1, includeQuarters: false) {
      actualized {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
      estimates {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
    }
    id
  }
}

fragment CompanyDividendNonER_query on Company {
  name
  defaultInstrument {
    nonERDividendSet: nonERCompanyNumberSet(includeQuarters: false) {
      year
      dividend
      dividendYield
      epsReported
      sharePrice
      currency
    }
    id
  }
}

fragment CompanyDividend_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...CompanyDividendER_query
    ...CompanyDividendNonER_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyFinancials_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...NonERCompanyNumbers_query
    ...CompanyNumbers_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyHeader_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    id
    companyInsref
    name
    viewerIsFollowing
    followersCount
    isCorporateCustomer
    hasPinpointData
    hasDividendHistory
    sector {
      sectorname
      industry
    }
    regions
    extensiveExists
    defaultInstrument {
      symbol
      priceData {
        tradeCurrency
        lastPrice
        diff1dPercentage
      }
      marketplace {
        name
      }
      estimates: estimateTransactions(first: 1, includeQuarters: false) {
        date
      }
      nonERCompanyNumberSet(first: 1, includeQuarters: false) {
        year
      }
      id
    }
    topOwners {
      holders {
        name
      }
    }
    transactions: insiderTransactions(filter: {types: [BUY, SELL, SUBSCRIPTION]}) {
      edges {
        node {
          date
          id
        }
      }
    }
  }
}

fragment CompanyInsiderTransactions on Company {
  name
  regions
  insiderTransactions(filter: {types: [BUY, EXERCISE_OF_SHARE_OPTION, PLEDGE, RECEPTION_OF_SHARE_PREMIUM, SELL, SUBSCRIPTION]}) {
    edges {
      node {
        insider
        position
        volume
        price
        date
        unit
        type
        relatedParty
        id
      }
    }
  }
}

fragment CompanyInvestorConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    companyInsref
    id
  }
}

fragment CompanyMetaData_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    description
    pageUrl
    defaultInstrument {
      estimateData {
        modelType
      }
      id
    }
    id
  }
}

fragment CompanyName_Slug on Company {
  slug
}

fragment CompanyNumbers_query on Company {
  name
  defaultInstrument {
    estimateData {
      modelType
      reportingCurrency
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      comparisonIndexName
      actualized {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
    }
    id
  }
}

fragment CompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      companyTransactions: estimateTransactions(first: 1, includeQuarters: false) {
        actualized {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
        estimates {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
      }
      id
    }
    id
  }
}

fragment CompanyOwners on Company {
  regions
  topOwners {
    recordDate
    compareDate
    source
    holders {
      name
      capitalPercent
      votingPowerPercent
      positionChange
      totalSharesChange
      shareChange
      isNew
      isRemoved
    }
  }
}

fragment CompanyOwnership_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    ...CompanyOwners
    ...CompanyInsiderTransactions
    id
  }
}

fragment CompanyPageBottom_query_2bVJwf on Query {
  ...GeneralFeed_data_3NXCcw
  ...CompactFeed_3NXCcw
  ...UpcomingEventsQuery_Ux1x9
  ...RiskRecommendMatrix_query_Ux1x9
  ...CompanyOverviewGraphs_query_Ux1x9
  ...NonERCompanyOverviewGraphs_query_Ux1x9
  company(companySlug: $companyName) {
    companyInsref
    ...ForumUpdates_Company
    defaultInstrument {
      coreId
      id
    }
    id
  }
  allFeed: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  main: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT, ANALYST_COMMENT, VIDEO, ARTICLE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  webcasts: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [WEBCAST]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  thirdPartyResearch: feedContent(first: 1, companySlug: $companyName, filter: {types: [THIRD_PARTY_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  releases: feedContent(first: 1, companySlug: $companyName, filter: {types: [STOCK_EXCHANGE_RELEASE, PRESS_RELEASE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyPageTop_query_Ux1x9 on Query {
  ...StockChart_ChartQuery_Ux1x9
  ...LatestReports_query_Ux1x9
  company(companySlug: $companyName) {
    isFund
    name
    ...CompanyCoverage_Company
    ...CompanyName_Slug
    ...CompanyDescription_Company
    ...FundNumbers_Company
    ...ChangePercentBlock_Company
    ...KeyEstimateFigures_Company
    ...InvestmentCompanyKeyFigures_Company
    defaultInstrument {
      id
      estimateData {
        modelType
      }
    }
    analysts {
      name
      id
    }
    id
  }
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment Extensive_query_3u4Ry5 on Query {
  company(companySlug: $companyName) {
    extensive(extensiveId: $extensiveId, snapshotDate: $snapshotDate) {
      publishedAt
      pageUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment ForumUpdates_Company on Company {
  name
  forum {
    threadUrl
    highlightedPosts {
      url
      author
      authorImgUrl
      text
      postedAt
      likesCount
    }
  }
}

fragment FundNumbers_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      lastPrice
      ath
    }
    id
  }
}

fragment GeneralFeed_data_3NXCcw on Query {
  generalFeed: feedContent(first: 20, companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...Teaser_content
        ...TeaserCompact_content
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment InvestmentCompanyKeyFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
    }
    estimateData {
      modelType
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      actualized {
        year
        quarter
        sharesTotal
        marketCap
        nav
        navPerShare
        dividendYield
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        dividendYield
      }
    }
    id
  }
}

fragment KeyEstimateFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
      lastPrice
      marketCap
    }
    sector
    fundamentalData {
      ebit
      eps
      sales
      dividend
    }
    estimateData {
      modelType
      estimates {
        firstEstimateYear {
          year
          bookValue
          netSales
          dividendA
          epsAdjusted
          ebitAdjusted
          hybridLoan
          noOfShares
          netDebt
          mvMinorities
          mvAssociated
          roePercent
        }
      }
    }
    estimatesSharePrice: estimateTransactions(first: 1) {
      estimates {
        sharePrice
      }
    }
    id
  }
}

fragment LatestReports_query_Ux1x9 on Query {
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
}

fragment NonERCompanyNumbers_query on Company {
  name
  defaultInstrument {
    nonERNumberSet: nonERCompanyNumberSet(includeQuarters: true) {
      year
      quarter
      revenue
      ebitda
      ebitReported
      epsReported
      dividend
      sharesTotal
      roe
      roi
      enterpriseValue
      marketCap
      gearingRatio
      equityRatio
      dividendYield
      sharePrice
      currency
      evSales
      evEbitda
      evEbit
      pb
      netIncome
      ptp
    }
    id
  }
}

fragment NonERCompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      overviewGraphsData: nonERCompanyNumberSet(includeQuarters: false) {
        year
        revenue
        ebitReported
        epsReported
        dividend
        dividendYield
        currency
      }
      id
    }
    id
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment RiskRecommendMatrix_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      riskData: estimateTransactions(first: 1) {
        businessRisk
        valuationRisk
      }
      id
    }
    id
  }
}

fragment StockChart_ChartQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    isFund
    defaultInstrument {
      coreId
      id
      marketOpen
      marketClose
      marketplace {
        region
      }
      priceData {
        lastPrice
      }
      returns {
        day
        week
        month
        threeMonths
        sixMonths
        year
        threeYears
        fiveYears
        tenYears
        ytd
        total
      }
    }
    id
  }
}

fragment TargetAndRecommendation_Company on Instrument {
  estimateData {
    modelType
    researchCurrency
    estimates {
      date
      recommendation
      targetPrice
    }
  }
}

fragment TeaserCompact_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  isPremium
  pageUrl
  lang
  companies {
    ...CompanyTagList
    id
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  ...AuthorList
}

fragment TeaserExtraCompact_content on Content {
  __isContent: __typename
  id
  title
  createdAt
  pageUrl
  lang
  companies {
    name
    pageUrl
    viewerIsFollowing
    id
  }
}

fragment Teaser_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  pageUrl
  imgUrl
  isPremium
  lang
  companies {
    ...CompanyTagList
    id
  }
  publishers {
    imgUrl
  }
  authors {
    __typename
    id
  }
  ... on AnalystComment {
    preview
  }
  ... on Article {
    preview
  }
  ... on CompanyReport {
    preview
  }
  ... on ThirdPartyCompanyReport {
    preview
  }
  ... on QA {
    preview
  }
  ... on Video {
    preview
    liveTime
    videoDuration
  }
  ... on Webcast {
    preview
    liveTime
  }
  ...AuthorList
  ...Reactions
}

fragment UpcomingEventsQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      calendarEvents(first: 10) {
        edges {
          node {
            date
            type
            period
            id
          }
        }
      }
      id
    }
    id
  }
}


name

description

pageUrl

defaultInstrument

companyInsref

viewerIsFollowing

followersCount

isCorporateCustomer

hasPinpointData

hasDividendHistory

sector

regions

extensiveExists

topOwners

insiderTransactions

isPayingCustomerOf

isFormerCustomerOf

extensive

feedContent

Seamless Distribution Systems

Bulletin from the Extraordinary General Meeting of Seamless Distribution Systems AB

Year-end report for the period 1 January - 31 December 2025

SDS confirms SEK 14-16 million in secured EBT for 2026 - new system order of SEK 4 million shows leverage after restructuring

Seamless Secures Strategic Consultancy Contract in Northern Africa

NOTICE OF EXTRAORDINARY GENERAL MEETING OF SEAMLESS DISTRIBUTION SYSTEMS AB

Seamless Distribution Systems AB resolves on a directed share issue of units and proposes a directed share issue to management and the Board of Directors

SDS wins order worth SEK 8 million from existing customer in the Middle East - strengthens 2026 profitability outlook

The transformation is completed - SDS is ready for scalable and profitable growth in 2026

Seamless Distribution Systems Announces a Multi-Year Contract Renewal with Leading Middle Eastern Telecom Operator

Seamless Distribution Systems and TashiCell Bhutan hold a strategic session on collaboration opportunities for revenue growth through AI and process automation

SDS receives additional order worth approximately SEK 11 million - strengthens partnership with leading telecom operator

Asiacell and Seamless Advance Their Decade-Long Partnership with a Next-Generation Sales & Distribution Platform to Power Iraq's Retail Transformation

Interim report for the period 1 January - 30 September 2025

Seamless Distribution Systems (SDS) has received a strategically important order of SEK 4.8 million from an existing customer in Saudi Arabia.

CORRECTION OF DATE IN NOTICE OF EXTRAORDINARY GENERAL MEETING OF SEAMLESS DISTRIBUTION SYSTEMS AB ON 31 OCTOBER 2025

Seamless Distribution Systems AB reports a financial covenant breach and a standstill agreement with bondholders, enabling the company to continue cost-saving efforts

Seamless Distribution Systems AB secures SEK 10 million loan facility

Seamless Distribution Systems AB (publ) achieves SEK 66 million in savings from its optimization program

SDS wins order worth SEK 5.5 million from an existing customer in the UAE

Seamless Distribution Systems AB informs about a breach of financial covenant

Interim report for the period 1 January - 30 June 2025

SDS AB utilizes the opportunity to pay a lower interest amount in August 2025.

SDS has entered into an agreement worth SEK 3.3 million

Nordic SME

Seamless Distribution Systems operates in the IT sector. Specialization is in digital distribution via the company's developed multi-access platform that handles various e-transactions. Customers are found among players in the telecom industry. Operations are held on a global level, with the largest presence in Europe, North America and Asia. The headquarters are located in Stockholm.

Vielä ajatuksia, miksi tästä itse kiinnostuin summautuvat hyvin Redeyen Q2-raportin kommenteissa Kuten mainittua Q2, kuten myös Q1, eivät vastanneet edellisen vuoden liikevaihtoa ja sitä kautta kasvuyhtiön leimassa on pientä haalistumaa.   Korona kuitenkin olennaisesti vaikuttaa varsinkin SDD-liiketoiminnan liikevaihtoon. Tämä on väistymässä eriyisesti Euroopassa, josta SDD saa nähdäkseni pääosan tuloista.   USD-SEK valuuttakurssin vaikutukset ovat merkittävät ja niistä korjattuna liikevaihto olisi ollut edellisen vuoden tasolla.   Uusia sopimuksia on tullut paljon ja backlogia kertynyt, jota ei 2021 lähdettäessä vielä ollut ja siitä johtuen Q1 ja Q2 jäivät hieman pehmeiksi ja näkyi myös kurssin putoamisena.   Lisää tilauksia ja sopimuksia on tekeillä, joten jatko näyttää merkittävästi paremmalta kuin tämän vuoden luvut toistaiseksi näyttävät.   Kannattavuus on pysynyt hyvänä kustannusten hallinnan kautta. Bruttokate varsinkin SDS-liiketoiminnassa on todella vahva.   Riaktor toi pienen lisäyksen liikevaihtoon Q2:lle, mutta EBITDA jäi vähän miinukselle. Projekteja siirtynyt Q2:lta, joten näkyvät jatkossa luvuissa positiivisesti. Aiemmin EBITDA ollut 40% tasolla ja liikevaihto tulee koko kvartaalilta mukaan, joten tällä on merkittävä potentiaali sekä liikevaihdon lisäyksen että kannattavuuden osalta.   Tietysti tuossa yllä olevassa on todella paljon luottamuksesta yrityksen eri osien kykyyn päästä ennusteisiin ja sitä kautta lunastaa mainitut näkemykset. Toistaiseksi oma näkemys on näiden puolesta ja kasvumahdollisuus on huomattavat. Mutta oma osaaminen ei toki riitä kattamaan Aasian tai Afrikan operaattoreiden toimintaa tai SDS:n tarjoomaa sinne. Tilaukset puhukoon puolestaan, Telenor on kuitenkin merkittävän kokoinen operaattori ja sitä kautta luottoa löytyy myös itseltä. Yritän löytää kasvu- ja käänneyhtiöitä, joilla on merkittävä kasvupotentiaali. Riskejäkin tällöin löytyy ja niihin pitää suhtautua osana sijoitusta. SDS:n kohdalla mielestäni Risk/Reward on kuitenkin huomattavan paljon positiivisen puolella ja sitä kautta päätyi salkkuunkin.  P/E luvuiltaan ei ole mikään halpa, kuten todettua avauksessa. 2020 ja 2021 koronan vaikutukset näkyvät. P/S sen sijaan on hyvin kohtuullinen, samoin EV/EBITDA. Oma sijoitusnäkemys on kasvuyhtiö, jolloin P/E:ssä joutuu hieman joustamaan, jos haluaa löytää tulevaisuuden tähtiä. Isompia huteja ei paljon ole mahdollista enää kuitenkaan tehdä.

Hyvä avaus, mukava nähdä että jollain muullakin on tätä salkussa.  Ostin itse tätä viime keväänä. Ajoitus ei nyt ihan osunut kohdalleen, sen jälkeen tuli tuo Q2 -raportti, ja sijoitus on itselläni tässä kohtaa vielä tappiollinen. Mutta usko tähän on kova. P/E on tosiaan tässä korkealla, mutta toiminta porskuttaa koko ajan vahvasti eteenpäin. SDS:llä on jo nyt monta sopimusta isojen operaattoreiden kanssa (Zain, MTN jne.) ja lisää tulee tasaisen varmasti, ja tuo äsken julkistettu sopimus Vodafonen kanssa on varmasti erittäin merkittävä askel: Se on taloudellisesti merkittävä, mutta ennen kaikkea iso luottamuksen osoitus Vodafonelta sen käynnistäessä toimintaa Omanissa. Tämä voi poikia vielä paljon hyvää. Tässä ei voida missään nimessä puhua start upista, toiminta on jo hyvällä mallilla, asiakaskunta vahvaa mutta toiminta on silti vielä alkuvaiheessa. Markkinaa riittää, ja uusia tilauksia tosiaan tulee koko ajan. Q2 luvut olivat pienoinen pettymys, mutta toisaalta kvartaaleissa on reilusti eroa, ne eivät etene tasaisella tahdilla. Kurssireaktio silti varmasti ihan oikeutettu. Positiivista on että kannattavuushan tässä oli silti hyvällä tasolla, erityisesti yritysosto huomioiden. Riaktrin hankinta vaikuttaa myös strategisesti vahvalta vedolta, ja tulee näkymään luvuissa kunnolla luonnollisesti vasta jatkossa. Toki Q3:lla olisi mukava nähdä että topline lähtisi oikealle uralle, mutta nyt kun näitä julkistettuja tilauksia putoilee tähän tahtiin, en osaa olla pitkällä aikavälillä tästä kovin huolissani. Täytyy jossain vaiheessa päivittää omat ennusteet tästä, nyt se on jäänyt vähän vähälle huomiolle joten tämän viestin anti on varsin rajallinen.  Mutta potentiaalia tässä riittää!

Jäänyt kyllä edelleen tarkempi seuranta tämän(kin) osalta. Q3 luvut ulkona, ei näytä olennaista kehitystä tapahtuneen. Mutta Q3:n aikana ollut isompia tilauksia, joka lupaa jatkoon ainakin hieman parempaa.  Delårsrapport för perioden 1 januari - 30 september 2022 Juli - September  Nettoomsättningen uppgick till 76,1 (78,7) MSEK, en minskning med -3,3% jämfört med samma  period föregående år. Jämfört med andra kvartalet i år (68,9) så ökade omsättningen med 10,5%. EBITDA-resultatet uppgick till 19,2 (19,7) MSEK, en minskning med -2,5% jämfört med samma  period föregående år. Jämfört med andra kvartalet i år (15,4) så ökade EBITDA-resultatet med 25,0%. EBITDA-marginalen uppgick till 25,3% (25,1%). Resultat efter skatt uppgick till 0,1 (1,9) MSEK. Resultat per aktie uppgick till 0,01 (0,19) SEK. Periodens kassaflöde uppgick till -0,3 (-11,4) MSEK.  Januari - September  Nettoomsättningen uppgick till 208,0 (209,4) MSEK, en minskning med -0,7% jämfört med samma  period föregående år. EBITDA-resultatet uppgick till 43,9 (44,7) MSEK, en minskning med -1,7% jämfört med samma  period föregående år. EBITDA-marginalen uppgick till 21,1% (21,3%). Resultat efter skatt uppgick till -9,6 (0,6) MSEK. Resultat per aktie uppgick till -0,93 (0,06) SEK. Periodens kassaflöde uppgick till -7,8 (20,8) MSEK.  VD har ordet  Under årets tredje kvartal har SDS:s affärsverksamhet fortsatt på en hög nivå. Vi har tagit ett flertal nya affärer där genombrottsaffären med Sudatel för tre marknader samtidigt, var kvartalets höjdpunkt.  Edit: redeyn kommentit vielä perään                   redeye.se              Seamless Distribution Systems Q3: High business activity behind solid figures    Redeye expects to make smaller forecast adjustments on the back of this Q3 report, which was in line with our expectations. All financial metrics have recovered from low H1 2022 levels, and the compa                              Management commentary states that results are starting to recover from the soft H1 2022 levels and that it is building an attractive pipeline. It has, among other things, finalized large implementations of new products and completed the transition to a modern tech architecture (microservices). Both of these have taken longer than expected. This lays the foundation for future growth, margin expansion, and improved cash flows. SDS’s operations appear to progress well throughout H2 2022. It announced (1) its largest ever agreement together with Sudatel Group (more on here), (2) a SEK10m agreement with a Saudi telecom group, the largest market in the Middle East (more on here), and (3) a SEK3.4m order for its Smart Sales & Distribution product from an existing Sudanese customer.

Redeyen kommenttia viimeisimmästä tilauksesta. Valuaatio ottanut isoja askeleita alas muun markkinan mukana, pitääpä ottaa taas tarkempaan seurantaan   Seamless Distribution Systems: Worth the wait – SEK10m agreement from a new Saudi customer Redeye reiterates its fair value range and Base Case (SEK52) following a major agreement from a new customer: a leading Saudi telecom group. The deal is initially worth SEK10m but leads to meaningful upsell opportunities and increases SDS’s foothold in Saudi Arabia, the largest market in the Middle East.   SDS received a SEK10m order through its partner Strategy& (a global strategy consulting firm and a part of the PwC network) to support a Saudi Arabia-based telecom operator group with its 5G buildout. The agreement regards SDS’s Smart Capex solution, essentially software for optimizing network investment planning for 5G and fibre. SDS expects most of the SEK10m to be recognized as revenues in Q3 2022 and states that this agreement could generate annual recurring revenues of the same size, should the customer continue using this product and renew its licenses. Management states to us that a typical lifetime for this product is about five to seven years (based on similar deployments). Delayed orders have materialized Sales in H1 2022 amounted to SEK132m (~SEK22m from Riaktr), growing 1% YoY but -11% organically (excluding Riaktr). SDS missed our sales expectations significantly (>10%) in Q1 and Q2 due to an underwhelming order intake. In Q1 2022, SDS stated that it was in negotiations regarding two large orders that were delayed. The first materialized in Q2 2022 and referred to an order for a Voucher Management System from a Dubai-based customer worth SEK8m. The second materialized today. This reflects well on management and its execution abilities. Positives: significant order from a new customer, large market, and strong value proposition There is a lot to like about this agreement: (1) SDS received its first order from this Saudi telecom group, which in itself is a meaningful catalyst. Should the deployment be successful, we think SDS is well-positioned to upsell additional solutions, including Smart Sales & Distribution and its RVM suite. (2) The company is establishing a significant foothold in Saudi Arabia, the largest market in the Middle East. Zain Saudi Arabia is a long-term customer of the group. With today’s announcement, SDS has business relations with two leading telecom groups in Saudi Arabia. (3) Smart Capex (developed initially by Riaktr) is a somewhat unproven solution. It generated sales of SEK9.3m in 2021 but has not led to any meaningful commercial breakthroughs until now. This agreement reflects well on Smart Capex’s value proposition and could act as a catalyst for additional deals. Restored confidence in management and outlook SDS’s share has been punished by weak earnings reports in Q1 and Q2 2022, trading down >50% YTD. Lack of organic growth, high management turnover, and uncertainty around the commercialization of Riaktr’s products have contributed to this negative sentiment. In our opinion, today’s agreement is essential as it restores confidence in management and the organic growth outlook. We set high expectations for H2 2022. While SDS is currently trading around our Bear Case, we reiterate our fair value range and Base Case of SEK52.

SDS:lle uutta tilausta Ghanasta, ei mikään iso, mutta kuitenkin. Kokonaan uusi asiakkuus https://investor.seamless.se/nyheter/sds-receives-an-order-worth-sek-3-0-million-from-a-new-custo-91946  Seamless Distribution Systems (SDS) has received an order worth 3.0 million SEK from a brand-new customer in Ghana. The deal concerns the commissioning of SDS’s flagship product ERS 360 °, which will replace the customer’s existing solution and facilitate the digitization of the customer’s sales and distribution channel.

SDS:n Q3 raportti oli viime viikolla  Kasvu hyvällä tasolla ja aiemminkin esille olleita uusia sopimuksia isompien operaattoreiden kanssa tehtynä. Tilauskanta kuitenkin pienempi kuin odotettu, samoin haastava taloustilanne pitää asiakkaiden uudet investoinnit rajallisina.  https://investor.seamless.se/nyheter/delarsrapport-for-perioden-1-januari-30-september-2021-90222  Juli - september  Nettoomsättningen uppgick till 78,7 (68,4) MSEK, en ökning med 15,1% jämfört med samma period föregående år. EBITDA-resultatet uppgick till 19,7 (12,0) MSEK. EBITDA-marginalen uppgick till 25,1% (17,6%). Resultat efter skatt uppgick till 1,9 (1,8) MSEK. Resultat per aktie uppgick till 0,19 (0,22) SEK. Totalt kassaflöde uppgick till -11,4 (0,2) MSEK.  Januari - september  Nettoomsättningen uppgick till 209,4 (224,5) MSEK, en minskning med -6,8% jämfört med samma period föregående år. EBITDA-resultatet uppgick till 44,7 (38,8) MSEK. EBITDA-marginalen uppgick till 21,3% (17,3%). Justerat EBITDA-resultat uppgick till 50,0 (38,8) MSEK, justerat för förvärvskostnader. Justerad EBITDA-marginal uppgick till 23,9% (17,3%), justerat för förvärvskostnader. Resultat efter skatt uppgick till 0,6 (10,3) MSEK. Justerat resultat efter skatt uppgick till 5,9 (10,3) MSEK, justerat för förvärvskostnader. Resultat per aktie uppgick till 0,06 (1,26) SEK. Totalt kassaflöde uppgick till 20,8 (-1,3) MSEK.   koko raportti:           l.cdn.bequoted.com              Interim-Report-Q3-2021.pdf    3.45 MB                            Redeye julkaisi myös päivitetyn analyysin sds-group-3q21-update.pdf (499,6 Kt) Base case nousee 72SEK → 80SEK  fair value ennallaan Redeye ennusteet

Palvelun toimivuus ja kilpailukyky osoitettu taas toimivaksi. Vodafonelle ensimmäinen toimitus Omaniin, täysi palvelu ja jatkossa jopa 10-15% jatkuvasta palveluliikevaihdosta                   beQuoted Nyheter              SDS får genombrottsorder Software-as-a-Service (SaaS) från Vodafone -...    Seamless Distribution Systems (SDS) har fått en storaffär från Vodafone Oman på hela sitt produkterbjudande. Affären är den första med Vodafonegruppen och innebär att SDS blir strategisk leverantör av teknologi till Vodafone Oman, som ingår i en av...                             Translate käännöksellä lontooksi tuosta tiedotteesta  Seamless Distribution Systems (SDS) has received a major deal from Vodafone Oman on its entire product offering. The deal is the first with the Vodafone group and means that SDS will be the strategic supplier of technology to Vodafone Oman, which is part of one of the world’s largest telecom groups … … A SaaS agreement that extends over three years has been signed, which may provide recurring revenues amounting to approximately 10-15% of SDS’s current support revenues if Vodafone succeeds with its market penetration during the contract period.  Edit:  laitetaan vielä sama tiedote lontooksi                   beQuoted Nyheter              SDS receives an order worth SEK 7.7 million from a new telecom operator group...    Seamless Distribution Systems (SDS) has received a strategic order worth SEK 7.7 million via a global system supplier. The order refers to the implementation of SDS transaction system ERS 360 ° and support over five years. The end customer is a...

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Seamless Distribution Systems

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