Redeye: Talkpool - Awaiting the IoT breakthrough

Talkpool's earnings in Q3 were negatively affected by costs related to roll-outs of its IoT solutions in Haiti. Our interpretation is that it regards one-offs and that its gross margin should return to normal levels already during Q4. On the positive side, the business in Saudi Arabia is developing very well, and the company states that its IoT solutions are approaching commercialization. We have made some estimate changes, leading to updated fair values in our base and bull cases whereas our bear case remains unchanged.

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