Announcement • Jun 24
NAGRAVISION Launches NAGRA Venturi Intelligence-Led Streaming Security NAGRAVISION had announced the launch of NAGRA Venturi, intelligence-led streaming security that helps service providers and rights holders detect threats, combat piracy, and safeguard revenue—faster and with greater precision. NAGRA Venturi brings NAGRAVISION’s streaming security capabilities together under a single intelligence-led model, shifting anti-piracy from fragmented, reactive tools to coordinated, data-driven action. Piracy has industrialized. Today’s pirate operations are automated and increasingly AI-assisted, scaling illegal services globally within minutes and targeting live sports during the narrow window when content is most valuable. Operators and rights holders are left managing growing volumes of data and alerts, without clarity on which actions will make the biggest difference. NAGRA Venturi answers that challenge by transforming security data into prioritized, decisive action. It aggregates and analyzes data from across the streaming ecosystem to create a real-time view of piracy activity, identifies the highest-value threats, and coordinates targeted intervention where it will have the greatest business impact. Rather than reacting to every signal, teams can focus on the threats that matter most to their business. Clarity, focus, and impact are the three principles of NAGRA Venturi. Clarity turns fragmented data from multiple sources into a single, real-time view of piracy activity. Focus prioritizes high-value, time-sensitive threats so teams can act decisively during critical moments such as live sporting events. Impact ties every intervention to measurable business outcomes, reducing revenue loss, preserving the audience experience, and coordinating disruption across the ecosystem rather than in isolation. Through its managed service option, NAGRA Venturi includes NEXUS, the NAGRA Anti-Piracy Center, where analysts coordinate monitoring, intelligence, investigation, and enforcement against a global view of piracy activity. Because NAGRAVISION tracks the wider ecosystem rather than a single network, it can uncover pirate infrastructure and leaked content that individual operators may never see, then coordinate disruption across multiple points at once to maximize impact. Individual solutions, including forensic watermarking and multi-DRM, remain available as standalone solutions within the NAGRA Venturi portfolio. Announcement • Apr 17
Kudelski SA Announces Board and Committee Appointments Kudelski SA announced that at the AGM held on April 14, 2026, approved the Ms. Hélène Béguin, nominated to stand for election, was elected as a member of the Board for a one-year term. Ms. Béguin was previously a partner at KPMG from 2004 to 2025 and served on the board of directors of KPMG Suisse from 2014 to 2024, including most recently as its chairwoman. She holds a Master's degree in Business Administration from HEC Lausanne and is a certified public accountant. She joins the Board of Directors as of April 14, 2026. The shareholders elected Messrs. Michael Hengartner, Pierre Lescure, Alec Ross and Claude Smadja and as members of the Remuneration and Nomination Committee for a period of one-year. Announcement • Mar 24
Kudelski SA, Annual General Meeting, Apr 14, 2026 Kudelski SA, Annual General Meeting, Apr 14, 2026, at 14:00 W. Europe Standard Time. Price Target Changed • Mar 17
Price target decreased by 9.9% to CHF1.30 Down from CHF1.44, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of CHF1.35. Stock is up 10% over the past year. The company is forecast to post a net loss per share of US$0.17 next year compared to a net loss per share of US$0.76 last year. Announcement • Mar 03
Kudelski SA to Report Fiscal Year 2025 Final Results on Mar 24, 2026 Kudelski SA announced that they will report fiscal year 2025 final results on Mar 24, 2026 Reported Earnings • Feb 27
Full year 2025 earnings: Revenues miss analyst expectations Full year 2025 results: Revenue: US$371.0m (down 3.3% from FY 2024). Net loss: US$42.4m (loss narrowed 72% from FY 2024). Revenue missed analyst estimates by 9.0%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Electronic industry in Switzerland. Major Estimate Revision • Jan 23
Consensus estimates of losses per share improve by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from US$390.5m to US$394.5m. EPS estimate increased from -US$0.279 per share to -US$0.241 per share. Electronic industry in Switzerland expected to see average net income growth of 39% next year. Consensus price target of CHF1.37 unchanged from last update. Share price was steady at CHF1.19 over the past week. New Risk • Jan 22
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$150m Forecast net loss in 2 years: US$7.2m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$93m). Currently unprofitable and not forecast to become profitable over next 2 years (US$7.2m net loss in 2 years). Market cap is less than US$100m (CHF66.8m market cap, or US$84.3m). New Risk • Jan 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swiss stocks, typically moving 5.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$93m). Share price has been volatile over the past 3 months (5.1% average weekly change). Market cap is less than US$100m (CHF65.7m market cap, or US$82.0m). New Risk • Sep 05
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -US$93m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$93m). Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (CHF76.3m market cap, or US$95.6m). Major Estimate Revision • Sep 01
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -US$0.215 to -US$0.24 per share. Revenue forecast of US$386.7m unchanged since last update. Electronic industry in Switzerland expected to see average net income growth of 49% next year. Consensus price target of CHF1.41 unchanged from last update. Share price fell 3.5% to CHF1.39 over the past week. Major Estimate Revision • Jul 18
Consensus EPS estimates upgraded to US$0.22 loss The consensus outlook for fiscal year 2025 has been updated. 2025 losses forecast to reduce from -US$0.265 to -US$0.222 per share. Revenue forecast unchanged from US$400.9m at last update. Electronic industry in Switzerland expected to see average net income growth of 51% next year. Consensus price target of CHF1.44 unchanged from last update. Share price was steady at CHF1.42 over the past week. New Risk • Jul 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swiss stocks, typically moving 4.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (4.9% average weekly change). Market cap is less than US$100m (CHF76.9m market cap, or US$95.9m). Major Estimate Revision • Jun 15
Consensus EPS estimates upgraded to US$0.26 loss, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from US$410.5m to US$400.9m. 2025 losses expected to reduce from -US$0.341 to -US$0.261 per share. Electronic industry in Switzerland expected to see average net income growth of 48% next year. Consensus price target of CHF1.44 unchanged from last update. Share price rose 17% to CHF1.40 over the past week. Major Estimate Revision • Jun 05
Consensus EPS estimates fall by 153% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -US$0.134 to -US$0.338 per share. Revenue forecast of US$396.1m unchanged since last update. Electronic industry in Switzerland expected to see average net income growth of 48% next year. Consensus price target of CHF1.44 unchanged from last update. Share price was steady at CHF1.19 over the past week. Board Change • May 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 7 highly experienced directors. 1 independent director (6 non-independent directors). Independent Vice-Chairman & Lead Director Claude Smadja was the last independent director to join the board, commencing their role in 1999. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • May 05
Kudelski SA to Report First Half, 2025 Results on Aug 26, 2025 Kudelski SA announced that they will report first half, 2025 results on Aug 26, 2025 Announcement • Feb 27
Kudelski SA to Report Fiscal Year 2024 Final Results on Mar 27, 2025 Kudelski SA announced that they will report fiscal year 2024 final results at 9:00 AM, Central European Standard Time on Mar 27, 2025 Major Estimate Revision • Feb 07
Consensus EPS estimates fall by 16%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$413.8m to US$429.2m. Forecast EPS reduced from -US$0.295 to -US$0.343 per share. Electronic industry in Switzerland expected to see average net income growth of 77% next year. Consensus price target of CHF1.51 unchanged from last update. Share price rose 13% to CHF1.45 over the past week. Announcement • Jan 25
Kudelski IoT, a division of the Kudelski Group Announces the Launch of RecovR ID Check Kudelski IoT announced the launch of RecovR ID Check, an advanced identity verification solution designed to strengthen dealership defenses against identity theft and fraud in the U.S. automotive market. RecovR ID Check offers dealerships a modern, affordable solution to safeguard test drives, sales, and financing transactions. Criminals are increasingly using fake and stolen identities to take advantage of automotive dealers--driving off with vehicles during test drives or securing financing fraudulently. Identity crime enables them to disappear without a trace, leaving dealers to absorb the financial loss. And the fraud is often only discovered after the fictitious buyer defaults on their loan payments, which can be up to 90 days after purchase. This solution integrates seamlessly into existing dealership workflows, providing a powerful tool to reduce fraud and protect valuable dealership assets. Unlike competitive solutions, RecovR ID Check has no special equipment costs or monthly fees. Dealers simply purchase a pre-paid package of ID checks based on their needs. Buy Or Sell Opportunity • Dec 16
Now 25% overvalued Over the last 90 days, the stock has fallen 1.1% to CHF1.41. The fair value is estimated to be CHF1.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to decline by 42% in a year. Earnings are forecast to grow by 77% in the next year. Buy Or Sell Opportunity • Nov 22
Now 24% overvalued Over the last 90 days, the stock has fallen 9.1% to CHF1.40. The fair value is estimated to be CHF1.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to decline by 41% in a year. Earnings are forecast to grow by 76% in the next year. Major Estimate Revision • Nov 05
Consensus EPS estimates fall by 37% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -US$0.225 to -US$0.308 per share. Revenue forecast unchanged at US$429.0m. Electronic industry in Switzerland expected to see average net income growth of 76% next year. Consensus price target of CHF1.51 unchanged from last update. Share price was steady at CHF1.38 over the past week. Buy Or Sell Opportunity • Oct 30
Now 20% overvalued Over the last 90 days, the stock has fallen 15% to CHF1.39. The fair value is estimated to be CHF1.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to decline by 39% in a year. Earnings are forecast to grow by 88% in the next year. Buy Or Sell Opportunity • Oct 15
Now 24% overvalued Over the last 90 days, the stock has fallen 3.7% to CHF1.42. The fair value is estimated to be CHF1.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to decline by 39% in a year. Earnings are forecast to grow by 88% in the next year. Buy Or Sell Opportunity • Sep 27
Now 21% overvalued Over the last 90 days, the stock has fallen 2.1% to CHF1.37. The fair value is estimated to be CHF1.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to decline by 39% in a year. Earnings are forecast to grow by 88% in the next year. New Risk • Sep 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swiss stocks, typically moving 7.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.0% average weekly change). Minor Risks High level of debt (55% net debt to equity). Market cap is less than US$100m (CHF81.3m market cap, or US$96.0m). Announcement • Sep 13
ASSA ABLOY AB (publ) (OM:ASSA B) acquired SKIDATA AG from Kudelski SA (SWX:KUD). ASSA ABLOY AB (publ) (OM:ASSA B) signed an agreement to acquire SKIDATA AG from Kudelski SA (SWX:KUD) for an enterprise value of €340 million on July 22, 2024. For the period ending December 31, 2023, SKIDATA AG reported total revenue of €305 million. The acquisition is subject to regulatory approval and customary closing conditions and is expected to close during the third quarter of 2024. The acquisition will initially have a small dilutive effect to EPS.
Goldman Sachs is acting as exclusive financial advisor and Nikolas Zirngibl, Andreas Thun, Thiemo Woertge, Alex Dolmans, Meg McIntyre, William Yavinsky, David Holland, Laura Asbati, Nicola Lemay, Marcus Schreibauer, Sarah-Lena Kreutzmann, Christoph Wünschmann, Lukas Rengier, Falk Schöning, Kerstin Neighbour, Sabrina Gäbeler, Maria Benbrahim, Mariëtte Vis and Falk Loose of Hogan Lovells International LLP is acting as legal advisor to Kudelski Group. Ben Marshall of Holding Redlich and Jacques Iffland of Lenz & Staehelin and Gerhard Hermann, Claudia Fochtmann-Tischler of Baker McKenzie acted as local counsel and Freshfields acted as legal advisor to Kudelski Group. Schoenherr Attorneys at Law acted as legal advisor to ASSA ABLOY AB.
ASSA ABLOY AB (publ) (OM:ASSA B)completed acquisitiion of SKIDATA AG from Kudelski SA (SWX:KUD) on September 13, 2024. Reported Earnings • Aug 26
First half 2024 earnings released First half 2024 results: Revenue: US$192.0m (flat on 1H 2023). Net loss: US$34.6m (loss widened 35% from 1H 2023). Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electronic industry in Switzerland. Major Estimate Revision • Aug 22
Consensus revenue estimates decrease by 12%, EPS upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from US$675.9m to US$595.6m. EPS estimate increased from -US$0.177 to -US$0.137 per share. Electronic industry in Switzerland expected to see average net income growth of 38% next year. Consensus price target of CHF1.26 unchanged from last update. Share price rose 2.5% to CHF1.66 over the past week. Buy Or Sell Opportunity • Aug 05
Now 22% undervalued Over the last 90 days, the stock has risen 6.1% to CHF1.49. The fair value is estimated to be CHF1.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 28%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are also forecast to grow by 106% per annum over the same time period. Announcement • Jul 24
ASSA ABLOY AB (publ) (OM:ASSA B) signed an agreement to acquire SKIDATA AG from Kudelski SA (SWX:KUD) for an enterprise value of €340 million. ASSA ABLOY AB (publ) (OM:ASSA B) signed an agreement to acquire SKIDATA AG from Kudelski SA (SWX:KUD) for an enterprise value of €340 million on July 22, 2024. For the period ending December 31, 2023, SKIDATA AG reported total revenue of €305 million. The acquisition is subject to regulatory approval and customary closing conditions and is expected to close during the third quarter of 2024. The acquisition will initially have a small dilutive effect to EPS.
Goldman Sachs is acting as exclusive financial advisor and Nikolas Zirngibl, Andreas Thun, Thiemo Woertge, Alex Dolmans, Meg McIntyre, William Yavinsky, David Holland, Laura Asbati, Nicola Lemay, Marcus Schreibauer, Sarah-Lena Kreutzmann, Christoph Wünschmann, Lukas Rengier, Falk Schöning, Kerstin Neighbour, Sabrina Gäbeler, Maria Benbrahim, Mariëtte Vis and Falk Loose of Hogan Lovells International LLP is acting as legal advisor to Kudelski Group. Ben Marshall of Holding Redlich and Jacques Iffland of Lenz & Staehelin and Gerhard Hermann, Claudia Fochtmann-Tischler of Baker McKenzie acted as local counsel and Freshfields acted as legal advisor to Kudelski Group. Buy Or Sell Opportunity • Jul 19
Now 21% undervalued Over the last 90 days, the stock has risen 2.1% to CHF1.48. The fair value is estimated to be CHF1.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 28%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are also forecast to grow by 106% per annum over the same time period. Buy Or Sell Opportunity • May 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.1% to CHF1.40. The fair value is estimated to be CHF1.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 28%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings are also forecast to grow by 107% per annum over the same time period. Buy Or Sell Opportunity • Apr 30
Now 20% undervalued Over the last 90 days, the stock has risen 14% to CHF1.43. The fair value is estimated to be CHF1.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 28%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings are also forecast to grow by 107% per annum over the same time period. Buy Or Sell Opportunity • Apr 24
Now 22% undervalued Over the last 90 days, the stock has risen 19% to CHF1.40. The fair value is estimated to be CHF1.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 28%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings are also forecast to grow by 107% per annum over the same time period. Buy Or Sell Opportunity • Mar 19
Now 21% undervalued Over the last 90 days, the stock has risen 9.6% to CHF1.37. The fair value is estimated to be CHF1.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 28%. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings are also forecast to grow by 106% per annum over the same time period. Buy Or Sell Opportunity • Feb 26
Now 22% undervalued Over the last 90 days, the stock has risen 2.9% to CHF1.25. The fair value is estimated to be CHF1.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 26%. For the next 3 years, revenue is forecast to grow by 4.4% per annum. Earnings are also forecast to grow by 106% per annum over the same time period. Reported Earnings • Feb 25
Full year 2023 earnings released Full year 2023 results: Revenue: US$761.5m (up 7.9% from FY 2022). Net loss: US$29.4m (loss widened 42% from FY 2022). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Electronic industry in Switzerland. Major Estimate Revision • Jan 28
Consensus EPS estimates fall by 44% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -US$0.23 to -US$0.332 per share. Revenue forecast unchanged at US$770.2m. Electronic industry in Switzerland expected to see average net income growth of 11% next year. Consensus price target of CHF1.58 unchanged from last update. Share price rose 7.8% to CHF1.24 over the past week. Announcement • Nov 29
Kudelski SA to Report First Half, 2024 Results on Aug 22, 2024 Kudelski SA announced that they will report first half, 2024 results on Aug 22, 2024 New Risk • Nov 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swiss stocks, typically moving 8.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.7% average weekly change). Minor Risks High level of debt (50% net debt to equity). Market cap is less than US$100m (CHF80.9m market cap, or US$90.8m). Price Target Changed • Nov 10
Price target decreased by 11% to CHF1.58 Down from CHF1.77, the current price target is an average from 3 analysts. New target price is 26% above last closing price of CHF1.25. Stock is down 54% over the past year. The company is forecast to post a net loss per share of US$0.049 next year compared to a net loss per share of US$0.37 last year. Price Target Changed • Aug 29
Price target decreased by 9.0% to CHF2.07 Down from CHF2.27, the current price target is an average from 3 analysts. New target price is 26% above last closing price of CHF1.64. Stock is down 41% over the past year. The company is forecast to post a net loss per share of US$0.17 next year compared to a net loss per share of US$0.37 last year. Reported Earnings • Aug 27
First half 2023 earnings released First half 2023 results: Revenue: US$335.3m (up 2.1% from 1H 2022). Net loss: US$31.1m (loss widened 48% from 1H 2022). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Electronic industry in Switzerland. Major Estimate Revision • Feb 28
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$820.9m to US$735.3m. EPS estimate fell from US$0.284 to US$0.129 per share. Net income forecast to grow 2,298% next year vs 8.2% growth forecast for Electronic industry in Switzerland. Consensus price target down from CHF2.40 to CHF2.27. Share price fell 3.6% to CHF2.29 over the past week. Price Target Changed • Feb 24
Price target decreased by 7.5% to CHF2.32 Down from CHF2.51, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of CHF2.30. Stock is down 33% over the past year. The company is forecast to post earnings per share of US$0.11 for next year compared to US$0.28 last year. Major Estimate Revision • Feb 13
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2022 has deteriorated. 2022 revenue forecast decreased from US$785.2m to US$772.5m. EPS estimate also fell from US$0.147 per share to US$0.111 per share. Net income forecast to grow 1,392% next year vs 8.4% growth forecast for Electronic industry in Switzerland. Consensus price target down from CHF2.51 to CHF2.40. Share price fell 7.7% to CHF2.29 over the past week. Major Estimate Revision • Feb 08
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2022 has been updated. 2022 EPS estimate increased from US$0.147 to US$0.167. Revenue forecast unchanged at US$786.3m. Net income forecast to grow 1,641% next year vs 8.6% growth forecast for Electronic industry in Switzerland. Consensus price target of CHF2.40 unchanged from last update. Share price rose 2.5% to CHF2.48 over the past week. Major Estimate Revision • Jan 24
Consensus EPS estimates increase by 28%, revenue downgraded The consensus outlook for fiscal year 2022 has been updated. 2022 revenue forecast fell from US$808.9m to US$785.3m. EPS estimate rose from US$0.115 to US$0.147. Net income forecast to grow 1,641% next year vs 8.6% growth forecast for Electronic industry in Switzerland. Consensus price target broadly unchanged at CHF2.51. Share price was steady at CHF2.55 over the past week. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. No experienced directors. 7 highly experienced directors. 1 independent director (7 non-independent directors). Independent Vice-Chairman & Lead Director Claude Smadja was the last independent director to join the board, commencing their role in 1999. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Oct 28
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from US$734.1m to US$749.6m. EPS estimate fell from US$0.13 to US$0.11 per share. Net income forecast to grow 1,104% next year vs 8.8% growth forecast for Electronic industry in Switzerland. Consensus price target of CHF2.54 unchanged from last update. Share price rose 2.0% to CHF2.74 over the past week. Reported Earnings • Aug 28
First half 2022 earnings released First half 2022 results: Revenue: US$328.4m (down 2.2% from 1H 2021). Net loss: US$21.0m (loss widened 246% from 1H 2021). Over the next year, revenue is forecast to grow 9.9%, compared to a 7.3% growth forecast for the Electronic industry in Switzerland. Price Target Changed • Aug 23
Price target decreased to CHF2.59 Down from CHF2.79, the current price target is an average from 3 analysts. New target price is 5.5% below last closing price of CHF2.74. Stock is down 32% over the past year. The company is forecast to post earnings per share of US$0.068 for next year compared to US$0.28 last year. Major Estimate Revision • Aug 22
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from US$0.13 to US$0.07. Revenue forecast unchanged from US$785.7m at last update. Net income forecast to shrink 42% next year vs 7.5% growth forecast for Electronic industry in Switzerland . Consensus price target of CHF2.79 unchanged from last update. Share price fell 3.3% to CHF2.81 over the past week. Announcement • Jul 15
Reinhart Interactive TV AG entered into agreement to acquire iWedia S.A. from Kudelski SA (SWX:KUD) and others. Reinhart Interactive TV AG entered into agreement to acquire iWedia S.A. from Kudelski SA (SWX:KUD) and others on July 13, 2022. Under the terms of agreement, Reinhart Interactive is acquiring 40% stake iWedia from Kudelski and remaining from others. The divestment of the 40% equity represents a cash transaction for Kudelski. The transaction is subject to customary closing conditions. Announcement • Jul 13
Kudelski IoT Empowers Hardware Security for Semiconductor Manufacturers with New Secure Ip Portfolio Kudelski SA announced the launch of its Secure IP portfolio. Secure IP hardware enclaves give semiconductor manufacturers robust cryptographic capabilities when integrated into their system on chip products. Companies benefit from a rich array of security services, which are more powerful integrated in hardware than software, while also enabling compliance with most common industry security standards including NIST, FIPS, PSA and SESIP Level 3 or higher. Secure IP also gives SoC manufacturers, device manufacturers and end users access to services and features that ensure the longevity and profitability of devices and solutions. These features include remote feature authorization, secure firmware over the air updates, advanced data encryption to ensure privacy, and zero-touch or in-field provisioning to ensure secure and scalable operations. Kudelski IoT is uniquely positioned as a leader in this emerging space with its 30+ years of expertise in hardware security, protecting the high-value pay-TV business with advanced content protection and encryption set-top box security management technologies and services. The Kudelski portfolio includes IP covering everything from cellular devices needing the highest levels of security to IP for size/cost constrained devices requiring PSA or SESIP Level 3 certification. Kudelski IoT enables semiconductor manufacturers to easily integrate its Secure IP blocks with SoC lifecycle support such as JTAG and Secure Debug capabilities, and support for Secure Boot using only a very small footprint. Kudelski IoT has a full offer to integrate security through the entire value chain and does not stop at only providing the security enclave itself. Through Kudelski Lab IoT Center of Excellence services, the company also provides additional tools and services for SoC and device manufacturers to manage the lifecycle of the SoC and devices, including Threat Analysis and Risk Assessments, security and architecture design review, SoC and device evaluation for certification pre-evaluation (SESIP Level 3, CSPN). Secure IP can be used in combination with Kudelski IoT keySTREAM to manage the device lifecycle and provide a fully secure chip-to-cloud experience for its customers. This includes personalization, key provisioning in the factory as well as in the field, secure firmware updates, and attestation, from design of the IoT solution to refurbishment. As a result, Kudelski IoT fully supports the creation of secure and sustainable products that protect new business models, corporate reputation and regulatory compliance. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. No experienced directors. 7 highly experienced directors. 1 independent director (7 non-independent directors). Independent Vice-Chairman & Lead Director Claude Smadja was the last independent director to join the board, commencing their role in 1999. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 22
Kudelski SA Approves the Ordinary Distribution, Payable on April 28, 2022 Kudelski SA approved An ordinary distribution of CHF 0.10 per bearer share in the Annual General Meeting held on April 21, 2022. The dividend will be paid on April 28, 2022. CHF 0.05 will be funded from the capital contribution reserve upon presentation of coupon n 24 and CHF 0.05 will be funded from retained earnings upon presentation of coupon n 25. Distribution out of retained earnings is subject to 35% withholding tax. Upcoming Dividend • Apr 19
Upcoming dividend of CHF0.10 per share Eligible shareholders must have bought the stock before 26 April 2022. Payment date: 28 April 2022. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Swiss dividend payers (3.8%). Higher than average of industry peers (2.6%). Reported Earnings • Feb 28
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: US$0.28 (up from US$0.42 loss in FY 2020). Revenue: US$753.9m (up 3.4% from FY 2020). Net income: US$15.7m (up US$38.9m from FY 2020). Profit margin: 2.1% (up from net loss in FY 2020). Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 5.2%, compared to a 11% growth forecast for the industry in Switzerland. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Buying Opportunity • Feb 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.6%. The fair value is estimated to be US$4.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.7% per annum over the last 3 years. The company has become profitable over the last year. Announcement • Feb 26
Kudelski SA to Report Fiscal Year 2021 Final Results on Mar 24, 2022 Kudelski SA announced that they will report fiscal year 2021 final results on Mar 24, 2022 Price Target Changed • Feb 22
Price target decreased to CHF2.74 Down from CHF3.04, the current price target is an average from 3 analysts. New target price is 17% below last closing price of CHF3.29. Stock is down 31% over the past year. The company is forecast to post earnings per share of US$0.29 next year compared to a net loss per share of US$0.42 last year. Major Estimate Revision • Feb 18
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from US$0.25 to US$0.29. Revenue forecast steady at US$761.0m. Net income forecast to grow 23,604% next year vs 3.2% growth forecast for Electronic industry in Switzerland. Consensus price target of CHF3.14 unchanged from last update. Share price was steady at CHF3.24 over the past week. Major Estimate Revision • Dec 18
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from US$0.28 to US$0.35. Revenue forecast steady at US$778.7m. Net income forecast to grow 31,193% next year vs 6.1% growth forecast for Electronic industry in Switzerland. Consensus price target of CHF3.14 unchanged from last update. Share price was steady at CHF3.42 over the past week. Announcement • Jun 16
RecovR Lot Management and Theft Recovery Solution Rolls Out Nationwide RecovR, a two-in-one lot management and theft recovery solution by Kudelski IoT – a unit of the Kudelski Group announced that it has successfully deployed multiple large multi-location dealerships in Arizona, Texas, California, Hawaii, Colorado and Illinois. RecovR enables car dealers to manage their lots more efficiently, improve the sales process and create a new revenue stream, all while providing consumers with the most advanced and reliable wireless theft recovery solution on the market. The product is now helping dealerships across the country optimize their operations and boost their Finance & Insurance (F&I) revenues. An entire, multi-location dealership can be quickly pre-loaded with RecovR and all staff trained, providing improved efficiencies and faster sales with its rich lot management features. This helps staff find cars faster for customers, tracks down misplaced cars in seconds, enables instant inventory audits, creates a potential reduction on garage keepers insurance and provides a high-quality, high-tech F&I product that creates significant revenue at the F&I desk. Not only does RecovR benefit dealerships, it is also giving consumers peace of mind and financial benefits if their car is stolen. According to the National Insurance Crime Bureau, nearly 2 cars are stolen every minute in the U.S., and RecovR helps ensure quicker recovery through its easy-to-use app with the ability to share vehicle location instantly with law enforcement via a live tracking URL. The solution can also be used by the car’s owner to find a vehicle when misplaced in a parking lot and can be used to get immediate alerts if a vehicle is moved unexpectedly from its assigned location (“geofencing”). Many insurance companies also provide a discount for the use of secondary theft recovery solutions, as car manufacturers’ integrated solutions can be easily disabled by experienced thieves. Upcoming Dividend • Apr 12
Upcoming dividend of CHF0.10 per share Eligible shareholders must have bought the stock before 19 April 2021. Payment date: 21 April 2021. Trailing yield: 2.2%. Lower than top quartile of Swiss dividend payers (3.5%). Higher than average of industry peers (1.9%). Analyst Estimate Surprise Post Earnings • Mar 03
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 584%. Over the next year, revenue is forecast to grow 7.0%, compared to a 6.6% growth forecast for the Electronic industry in Switzerland. Reported Earnings • Mar 01
Full year 2020 earnings released: US$0.42 loss per share (vs US$0.81 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: US$729.5m (down 10.0% from FY 2019). Net loss: US$23.2m (loss narrowed 48% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 22% per year.