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Technopolis uusi strategia

Inderes Q&A 17.07.2017 7:42 Technopolis

First of all apologies for writing in English (you can reply in Finnish, easier for me to communicate in English) and thanks for all your efforts in OMX Helsinki. I owuld like to ask about Technopolis and their new strategy that is not fully reflected on your review. I understand that you commented that it was a positive move, and I also understand that the price you set has remained unchanged, however, there are some areas that you did not update your review. For example, according to the new strategy dividend payout will be between 40-60% of direct result. According to your valuation, direct result EPS will be 37 cents until 2019. According to TPS announcement, we should be expecting 8-10% annual increase. Which in this case, outlook should be 37c (2017), 40c(2018), 43c (2019) with pessimistic figures. Also dividend should be progressively increasing. With 37c EPS, we should be looking at 15c (2017), 16c (2018), 17c (2019) dividend during next 3 years, using 40% of direct result allocated to dividend. Also I do not recall seeing the 200M EUR additions from M&A during these next 3 years within your valuation. Finally no assumptions have been made on the UMA concept that got the green light from the board, and according to Silverang will be a good direct result contributor in the future (although clear results will be seeing from 2020 onwards). As an indication (and I know this is completely irrelevant), OP has set target price of 3,90€ and dividend of 18c for 2017. Thanks a lot for your hard work keeping us informed and thanks for the roasts! They are always a pleasure!

Answer 

Hei,

vastataan Suomeksi kun sopii :)

Kommentoimme strategiaa ja yhtiötä laajassa raportissa täällä https://www.inderes.fi/arvo-alkaa-realisoitua

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