Ericsson (ERIC)

Os quería pedir vuestra opinión sobre Ericsson, para muchos un error de inversión de OCU porque, al poco de incluirlo en la cartera modelo y cuando aún tenía recomendación de compra, presentó unos resultados desastrosos que hicieron que su cotización se hundiese un 50%.

No sé si es un error de inversión o no, pero lo que no se le puede negar a la compañía sueca es ser decidida con sus medidas correctores. Para muestra un botón:

  • Incremento de los despidos previstos en 3000 despidos adicionales.
  • Ericsson compra una consultora especializada en la transformación de empresas de telecomunicaciones.
  • Ericsson pone en marcha procedimientos para reducir a la mita el tiempo de despliegue de las redes.

Alianza de Ericsson y China Mobile en Cloud e Internet de las Cosas para avanzar hacia el 5G.

Resultados del primer trimestre de 2017, en pleno proceso de reestructuración:

  • Pérdidas por 1.132 millones (en el primer trimestre de 2016 obtuvo 204 millones de beneficios).
  • Ventas netas: 4.816 millones (-11,2%).

Ericsson prepara un recorte de 25.000 empleos según la prensa sueca.

Ericsson pierde 1.700 millones hasta septiembre.

http://www.europapress.es/economia/noticia-ohl-vende-filial-concesiones-fondo-ifm-2235-millones-20171016222449.html

Resultados del primer trimestre de 2019:

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Otro ejemplo más de acción OCU en que quien siguió su operativa al pie de la letra, probablemente salió escaldado. Pero el que procuró mejorar su “timing” a día de hoy uno tendrá unas plusvalías del 90-100% en 1 año.

Me repito, la OCU acierta más que falla en sus consejos, pero por estrategia no le dan importancia al “timing” y entran/salen en momentos mucho peor que la media. Además, ellos hacen entradas de golpe, mientras que si nosotros con promediar a la baja y entrar fuerte en bajadas heavys, mejoraremos de mucho sus resultados.

Ejemplos: Veolia, Ericsson, ArcelorMittal, hasta incluso os diría que Pearson. Esperemos que la historia se repita con KHC, Teva, Vodafone…

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Ericsson reports second quarter results 2019

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Ericsson reports third quarter results 2019 (17/10/2019)

  • Sales were SEK 57.1 (53.8) b. Sales adjusted for comparable units and currency increased by 3% driven by strong growth in North America and North East Asia. Reported sales grew by 6%.
  • Operating income was impacted by cost provisions of USD -1.2 b. (SEK -11.5 b.) related to a resolution of the investigations by SEC and DOJ in the US and a refund of social security costs of SEK 0.9 b., referred to as “items affecting comparability” in the report.
  • Operating income was SEK 6.5 b. (11.4% operating margin) when excluding restructuring charges and items affecting comparability. Reported operating income was SEK -4.2 (3.2) b.
  • Gross margin excluding restructuring charges was 37.8% (36.9%) with improvements in Managed Services, Digital Services and Networks. Reported gross margin was 37.7% (36.5%).
  • Net income was SEK -6.9 (2.7) b., negatively impacted by items affecting comparability.
  • Free cash flow excluding M&A was SEK 5.5 (0.7) b. Net cash increased to SEK 37.4 (32.0) b.

Outlook

  • Sales ambition of SEK 230-240 b. for 2020 (previously SEK 210-220 b.), based on a SEK/USD rate of 9.50.
  • Operating margin target for 2020, excluding restructuring charges, remains unchanged at >10% of sales. This incorporates continued dilutive impact from strategic contracts, an initially higher cost level for newly introduced 5G products and a target adjustment for segment Emerging Business and Other to SEK -1.5 to -2.0 b. (previously break-even).
  • Operating margin target of 12-14% for 2022 (previously >12%), excluding restructuring charges, based on an ambition to grow faster than the market in combination with leverage from investments in market position and R&D.

Fourth quarter and full-year results 2019 (24/01/2020)

Fourth quarter highlights

  • Sales were SEK 66.4 (63.8) b. Sales growth was 1% adjusted for comparable units and currency. A reduction in North America was compensated by growth in other markets, primarily in the Middle East and North East Asia. Reported sales grew by 4%.
  • Operating income improved to SEK 6.5 (2.6) b., corresponding to an operating margin of 9.7% (4.0%) excluding restructuring charges. Reported operating income[1] was SEK 6.1 (-1.9) b.
  • Gross margin was 37.1% (32.0%) excluding restructuring charges. Reported gross margin was 36.8% (25.7%).
  • Networks gross margin excluding restructuring charges was 41.1% (41.0%). Operating margin excluding restructuring charges was 14.5% (17.5%) following the addition of the Kathrein[2] business and investments in R&D, digitalization, compliance and security.
  • Digital Services reported a positive operating income excluding restructuring charges.
  • Net income was SEK 4.5 (-6.5) b.
  • Free cash flow excluding M&A was SEK -1.9 (3.0) b. including payments of SEK 10.1 b. related to the resolution of the US SEC and DOJ[3] investigations. Net cash decreased to SEK 34.5 (35.9) b.

Full-year highlights

  • Sales increased by 4%, adjusted for comparable units and currency, with Networks growing by 6%. Reported sales increased by 8%.
  • Reported operating income improved to SEK 10.6 (1.2) b. Operating income was SEK 22.1 b. (operating margin 9.7%) excluding restructuring charges and SEK -10.7 b. in costs related to the resolution of the US SEC and DOJ investigations.
  • Gross margin was 37.5% (35.2%) excl. restructuring charges, with improvements in Networks, Digital Services and Managed Services.
  • Free cash flow excluding M&A amounted to SEK 7.6 (4.3) b. including payments of SEK 10.1 b. related to the resolution of the US SEC and DOJ investigations. Net cash at year-end was SEK 34.5 (35.9) b.
  • The Board of Directors will propose a dividend for 2019 of SEK 1.50 (1.00) per share to the AGM.