Analize delnice in družbe

Na tej strani so objavljene analize delnice in družbe Datalab, ki jih štirikrat letno pripravlja borznoposredniška hiša Alta, d. d. Dvakrat letno bo objavljena daljša analiza, ki vsebuje pregled oz. komentar rezultatov, investicijsko tezo in tveganja pri investiranju, relativno vrednotenje, DCF (discounted cash flow) vrednotenje, in sicer ob objavi letnih in polletnih rezultatov ter dvakrat letno krajša analiza, ki vsebuje pregled rezultatov in komentar relativnega vrednotenja, in sicer ob objavi rezultatov za prvo in tretje četrtletje.

Analiza po poslovnem letu 2014 (december 2014)

»Datalab: Top line growth did not translate into bottom line growth. Revenues continued to grow at relatively high pace with Farm Accounting project shows potential for growth acceleration in future years. Namely total revenues are up 9.9% YoY while sales revenues 13% YoY. Nevertheless bottom line for now failed to deliver growth. All in all we remain cautions (conservative) regarding forecast, albeit growth is still estimated to accelerate. Valuation remains relatively unchanged at EUR 5.1 per share as well as most investment points / underlying risks. Recommendation therefore remains buy, however upside narrowed considerably as stock price almost doubled in the last year.«

Analiza po poslovnem letu 2014 (november 2014)

»Datalab: Top line growth did not translate into bottom line growth. Revenues continued to grow at relatively high pace with Farm Accounting project shows potential for growth acceleration in future years. Namely total revenues are up 9.9% YoY while sales revenues 13% YoY. Nevertheless bottom line for now failed to deliver growth. All in all we remain cautions (conservative) regarding forecast, albeit growth is still estimated to accelerate. Valuation remains relatively unchanged at EUR 5.1 per share as well as most investment points / underlying risks. Recommendation therefore remains buy, however upside narrowed considerably as stock price almost doubled in the last year.«

Analiza po poslovnem letu 2013 (november 2013)

»Datalab: Double digit growth or revenues and net income. Namely revenues increased by 11.7% YoY, propelled by high growth on foreign markets. With this they slightly surpassed guidance. On the other hand margins deteriorated more than expected. EBIT therefore increased by 9.2% YoY. Net income was helped by better tax environment and net financial result and surged 18.2% YoY. Nevertheless this represents guidance and expectations miss. The investment story still stands on future accelerated growth and for now we stick with our target price of EUR 5 per share and a buy recommendation.«

Analiza po tretjem kvartalu poslovnega leta 2013 (maj 2013)

»Datalab: Good 3Q13, therefore our 2013 estimates are achievable. Sales revenues increased by 13.9% YoY in 9M12 driven by non-EU markets growth. Total revenues increased by 16.8% while operational cost increased by 13.6% YoY in 9M12. EBIT and net income growth is 58.3% and 32.0% respectively with 3Q13 growth rates accelerating. Stock price also surged in recent months, but multiples remain on attractive levels.«

Analiza po poslovnem letu 2012 (november 2012)

»Datalab: Revenues in 2012 achieved our expectations, while net income surpassed our expectation, but also due to deferred taxes. Their 2013-2016 is very ambitious in terms of revenues growth and margin expansion. We believe these numbers are achievable given the trends, but on the other hand we remained cautious and conservative in our valuation expectations given difficult macro environment. Multiples remain very attractive.«

Analiza po tretjem kvartalu poslovnega leta 2012 (maj 2012)

»High growth: Datalab has a high growth rate of users, customers and value of installed base. Namely it had an average yearly growth of 51.5% in 1998 to 2011 period for installed value in EUR, a 44.3% CAGR for costumers (companies) and 47. 9% CAGR for number of users. Respective average annual growth rates in 2007 to 2011 period are 17.1%, 16.9% and 20.3%. Slowdown of growth is expected as the company was started in 1998 and that in the first years the growth rates were exceptionally high. Nevertheless growth rates still show that Datalab remains a growth company. Here we have to also note that Datalab is a rare IT company listed on the exchange on the domestic market (as well as in region).«

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