AlphaValue cuts TomTom to 'add' as recovery remains distant

TomTom NV

17/08/2026 07:44

** Alphavalue downgrades Dutch digital mapping specialist TomTom TOM2.AS to "add" from "buy," citing continued revenue declines, profitability pressure and meaningful growth unlikely before 2028
** While TomTom maintained its FY operating margin guidance of around 3%, its 8% margin in H1 implies a "steep H2 step-down," Alphavalue says
** It sees limited improvement in 2027, describing 2026-27 as transition years with "limited visibility on the recovery"
** TomTom's new automotive contracts should ultimately support growth, but AlphaValue expects their initial contribution to be marginal, saying most of the 2025 order intake will not convert into revenue until 2028
** The brokerage cuts its PT by nearly 26% to €5.21 per share
** Up to the previous session's close, shares were down 22.1%​ YTD
** Out of 4 analysts that cover TomTom, two rate the stock "strong buy" or "buy," one analyst rates "hold" and one rates the stock "strong sell"​​ - LSEG data 
 

(Reporting by Aleksandra Kret in Gdansk)
((aleksandra.kret@thomsonreuters.com))