Strong Q4 growth largely supported by one-off (hardware) revenues and overall solid organic growth.
Profitability falls behind guidance and expectations amid higher R&D investments and hardware sales.
2020 guidance reflects increased level of uncertainty amid continued telematics roll out and adjacent services.
Market celebrated topline beat and acquisition in hospital division with a sharp stock upsurge of 16%.
We see sliding valuation levels in H1 '20 presenting better buying opportunity for long-term (value) investors.