November 9th, 2021 | 12:02 CET
SAP, Qualtrics, TeamViewer, Osino Resources - Watch out, these stocks are way too cheap!
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Born in Munich, he first studied economics and graduated in business administration at the Ludwig-Maximilians-University in 1995. As he was involved with the stock market at a very early stage, he now has more than 30 years of experience in the capital markets.
SAP - Subsidiary Qualtrics performs exceptionally well
Qualtrics is the American subsidiary of the German software company SAP and a specialist in enterprise feedback management. According to the Company, Qualtrics software is used by more than 11,000 corporate customers worldwide. In November 2018, Qualtrics was acquired as a bargain by SAP for about USD 8 billion. From January to September 2020, Qualtrics' 3,300 employees were already generating revenue of USD 550 million.
SAP then listed its subsidiary in the US at the end of January 2021. The Company raised the price range for its shares from USD 24 to USD 30 given the high demand, which put the proceeds from the IPO at around USD 1.5 billion. The allotment then also took place at USD 30. Today, the stock is trading at USD 43.5 and has a market capitalization of a hefty USD 22.5 billion. It is already one of the few successful US IPOs in German history.
Following this success, the first capital increase at Qualtrics is now taking place ten months later. The SAP subsidiary aims to raise up to USD 1 billion by issuing new shares. The offer price of USD 42 is based on the current share price. At the moment, you probably have to ride the wave on the NASDAQ because German technology companies have rarely achieved higher issue proceeds in the USA. This is good for the parent company SAP as well as for the subsidiary.
With the positive newsflow, SAP recently left its downward trend and is preparing to climb back up the old upward trend. It is not an easy undertaking, as there is still massive resistance at EUR 128 on the upside. Should this fall, the target price is EUR 143.50. However, with the current operational progress, especially in the cloud business, the move should ultimately succeed.
Osino Resources - Capital increase successfully placed
Osino Resources may be receiving a lot of encouragement from its investors. Its portfolio of exclusive exploration licenses is located within the prospective Damara mineral belt in Namibia, mainly near the producing Navachab and Otjikoto gold mines on a total area of about 6,700 sq km.
In the current drill program, Osino Resources hopes to significantly expand on the initial estimate from the second quarter of this year of 430,000 ounces at 1.00-1.08 g/t gold (indicated and inferred, respectively). The necessary capital was currently raised through a capital increase. Osino placed 9.545 million shares at CAD 1.10, including a half warrant at CAD 1.35 for 22 months. The use of the capital is primarily for exploration purposes at the Twin Hills Gold Project. It is also intended for assays, technical studies, acquisition of surface rights and general corporate purposes. We believe the current financing should cover all obligations until the end of 2022.
Overall, analysts at Sprott Equity Research are very optimistic and see further high-grade discoveries in the upcoming 75,000m drill program. From the current level at around CAD 1.26, the share is expected to move up 100% with a buy recommendation. The Osino share has already gained 20% in only five trading days and is poised to reach the high of about CAD 1.60 again.
TeamViewer - Bad figures and what is next?
A black shadow has been hanging over the TeamViewer share for several months now. In the third quarter, investors were once again disappointed. TeamViewer was able to gain around 5,000 new customers, but in the previous quarters, there were about 20,000 additions in each case. The current customer retention rate is 99%, which is somewhat encouraging. In the second quarter, this rate was only 88%. It seems business is returning to normal after the pandemic hype. Nevertheless, the Company must now show that it can perform well in a normal environment.
Management currently provides the following guidance: For fiscal 2021, the company is forecasting an adjusted EBITDA margin of only 44% to 46% instead of the previous 49% to 51%. At EUR 495 to 505 million, sales are also expected to be around 7% lower than the EUR 525 to 540 million forecast. This is not a great forecast, but it is not a disaster for the heavily discounted share price.
The analysts have adjusted their ratings accordingly and now expect an average share price of EUR 19.5 on a 12-month horizon. However, the analysts at DZ Bank only confirm a hold recommendation for TeamViewer with a low price target of EUR 16.20. The analysts continue to expect earnings per share of EUR 0.67 in the current year and EUR 0.81 in 2022. Therefore, the P/E ratio for 2022 is just under 18, which is not too expensive for a growth stock.
Now the Management Board must win back the lost trust of its investors as quickly as possible. The first opportunity will be at the upcoming Capital Markets Day tomorrow, November 10. Wait for the event with confidence and observe what comes to light here; jump on the bandwagon if necessary.
SAP and TeamViewer are currently developing quite differently. With its branding, TeamViewer has become very dependent on SAP. Because of the lower valuation, a takeover could be imminent. SAP is well on the way to regaining its former strength. At Osino Resources, all lights are green following the capital increase.
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