NORCOM WKN: A12UP3 ISIN: DE000A12UP37 Kürzel: NC5A Forum: Aktien Thema: Hauptdiskussion

Zum Glück hab ich bei 35 nicht nachgelegt. Ich warte damit bis News kommen. Bin gespannt, wie's weitergeht.

Und schon wieder ein Spacko mehr ...

Und schon geht man jährlich um 1 Mio EBIT weniger aus

Hat Norcom Bauchschmerzen das er keinen Boden findet?

...und hat einen an der mermel!

Nee dann bleibt die Pappnase

Auch dann schon öffentlich ? Dann haben alle hier geschlafen Dann nehme ich die Pappnase zurück :)

Seit heute 20.06. auf der Norcom HP @TheMaker2018 - ist zwar von H&A vom 08.06., war aber bisher nicht zugänglich für Privatpersonen (hab‘ heute mit H&A telefoniert)

@losjetzt... meinst du eigentlich immer "murmel", wenn du von "mermel" sprichst?

https://docs.wixstatic.com/ugd/a9cf1e_33a2a6864df740bdbe48583348dda07c.pdf

@WCEnte, hahaha... wenn ich damit bei meiner Rechtsschutz auflaufen würde, würden die mir meine Krankenversicherung aufkündigen:))) und wenn der serioustrader allerdings an einen gewieften anwalt gerät, der in dem fall die ganz offensichtlich mangelnde zurechnungsfähigkeit seines gegenüber sofort durchschaut und zu nutzen weiß (Serious, wutschnaubend und entsetzt: "ich möchte momala anzeigen! krösus, mopsie und WCEnte sind meine Zeugen" - Anwalt: "muahahaha, äh, entschuldigung, da müssen wir dringend gegen vorgehen!),kann es teuer werden. definitiv aber nicht für mich:)))

Das war voher nicht veröffentlicht ! Pappnase Echt

GEIL

Global roll-out in sight but short term delays, chg est & PT After our roadshow with NorCom IT, we remain fully convinced in the dynamic earnings groth case but see some short term delays due to customer specific reasons: • Daimler revenues to kick in later: While the state-of-the art BigData analytics platform DaSense was rolled-out in time after the recent lighthouse deal with Daimler, the car manufacturer is seen to use the tool later than expected. We see the reasons in Daimler making some changes to its IT infrastructure, general bureaucracy and possibly other present issues like new Diesel call-backs. Given that Daimler is paying for the amount of data used, we decrease our revenue estimate to € 1m this year from € 3m for this individual customer. • Global partner expected: NorCom is currently in negotiations to take a global partner on board with a strong sales channel to all car manufacturers in order to be able to roll-out its unique BigData solutions to car OEMs around the globe. While NorCom has strong ties with BMW, Daimler and Audi who all use its solutions already, this move should put NorCom on the map of US and Asian manufacturers. We also expect large car suppliers such as Bosch or AVL to show interest. This could easily add € 4-5m revenues per additional car OEM. • Change in corporate legal structure: During the AGM in August NorCom plans to change the legal structure from AG to KGaA. The intention is to keep control of the company and avoid a hostile participation (ie ousting the CEO). Especially the possible global partners were asking for this change in order to have the visibility and assurance that NorCom’s solutions remain in place and will be further developed. This is important given that the development of the products is done in strong conjunction with the companies who also often participate in the R&D costs. Action: We decrease our 2018 and 2019 estimates given the expected later start by Daimler to use the software, which should however have only limited effect on 2020E. Overall, we remain positive on the appealing investment case given that NorComs car industry specific BigData solutions are currently unmatched in the industry and the race for autonomous driving is increasing the need for powerful solutions like DaSense. Given the high scalability of the software platforms, we see profitability increasing strongly vs. IT consulting (still c. € 8.5m revenues). Remains a BUY with a new PT of € 80 (Old: € 90) based on DCF. Y/E 31.12 (EUR m) 2014 2015 2016

https://www.norcom.de/research

https://www.norcom.de/research