Pointer Telocation (PNTR)

Business description

Pointer Telocation is a leading provider of MRM services and products to the automotive and insurance industries. Key services are asset tracking, fleet management and monitoring goods in transit/IoT. Its main markets are Israel, Brazil, Argentina, Mexico and Europe.

Stock data

Market cap.US$136.2m
Last closeUS$16.95
High / Low (52 weeks)US$18.9 / US$6.8
Stock market listingTel Aviv Stock Exchange, US
Forecast net debt (US$m)2.3
Forecast gearing ratio (%)4
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(6.6)10.1124.5
Relative *(8.6)2.290.2

* % Relative to local index

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Company news

Pointer Telocation Ltd. Reports Results for the Fourth Quarter and Full Year 2016

Thu, 02 Mar 2017 11:03:45 GMT

5 Reasons Pointer Telocation Is Pointing Upwards

Mon, 25 Sep 2017 15:31:40 GMT

Pointer Telocation Reports Third Quarter 2017 Financial Results

Wed, 15 Nov 2017 11:15:00 GMT

Pointer Telocation Announces the Appointment of Yaniv Dorani as Incoming CFO

Thu, 30 Mar 2017 12:56:15 GMT

Pointer Telocation's CEO Discusses 'Best Ever Results'

Thu, 18 May 2017 12:33:45 GMT

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2015A 60.6 8.8 6.4 66.8 25.4 11.3
2016A 64.4 9.8 6.6 61.8 27.4 14.5
2017E 79.3 13.8 10.3 95.8 17.7 11.3
2018E 88.9 16.4 12.7 115.8 14.6 9.4

Last updated on 27/11/2017

Investment summary

Pointer Telocation (PNTR) achieved a strong performance in both product and services revenues in the third quarter supported by 16% y-o-y organic subscriber growth and a boost to product margins from increased sales of higher-quality telematics units. PNTR looks set to derive substantial cost synergies in 2018 from the integration of Cielo Telecom’s operations in Brazil and we foresee the potential for the new CelloTrack Nano IoT tracker product to emerge as a major profit driver following strong recent interest in the market. We have increased our 2017 and 2018 EBITDA forecasts and reduced our fair discount to peer multiples, resulting in an increase in our peer multiple valuation from $15.4 to $19.3 (NIS 67.8) per share, and an 11% increase in our DCF valuation to $18.1 (NIS 63.6)per share.

Last updated on 27/11/2017

Industry outlook

The global telematics market (services and products) is forecast to grow at an 18.9% CAGR between 2015 and 2020 according to Driscoll & Associates, reflecting the growing sophistication and integration of telematics devices into business frameworks and increasing legislation requiring the use of telematics. Less developed markets such as Latin America and Africa are forecast to achieve higher CAGRs of 15.6% and 17.3% respectively during this period.

Last updated on 02/11/2017

Key management

David Mahlab, CEO
Zvi Fried, CFO

Company address

4 Hamelacha Street,
Rosh Ha’ayin
48091
Israel
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