AlphaValue Corporate Services
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Keyware

CR
Bloomberg   KEYW BB
Cartes à puce -sécurité  /  Belgique  Web Site   |   Investors Relation
The soft bet is paying off
Objectif
Potentiel 109 %
Cours (€) 1,03
Capi (M€) 24,3
Perf. 1S: 0,98 %
Perf. 1M: -0,96 %
Perf. 3M: -4,63 %
Perf Ytd: -5,50 %
Perf. relative/stoxx600 10j: 0,04 %
Perf. relative/stoxx600 20j: -7,43 %
EPS change04/07/2019

The soft pushed up revenue, while the transition continues to impact profitability

Changement d’EPS2019 : € 0,10 vs 0,16-36,4 %
2020 : € 0,11 vs 0,17-34,2 %

Following the integration of the group’s annual results, the FY18 EPS has been slightly pushed down. The transition from a hardware provider to a software developer continues to weigh negatively on profitability. Our previous EPS forecasts (€0.16 for FY19, and €0.17 for FY20) were disconnected from the previous full-year results. Therefore, we have lowered our estimates to reflect the current issues better, which we believe will end in the medium term.



Changement d’Objectif de cours€ 2,06 vs 2,08-1,12 %

Amadeus IT Group and EdenRed were added to our peers’ valuation to reflect Keyware’s offers better.



Changement de DCF€ 2,28 vs 2,34-2,68 %

While we have slightly downgraded the EBITDA forecasts for the next three years, our DCF valuation is unchanged. The transition phase should continue to impact negatively, but we are confident that it is a medium-term issue. Consequently, and to reflect the market growth potential, we have decided to increase our long-term growth for both sales and EBITDA by +1.5%.



Mises à Jour

13 nov. 19 Publication Res./CA
The challenge remains intact

30 août 19 Publication Res./CA
Software continues to drive up the top-line

15 mars 19 Publication Res./CA
Still in transition

09 mars 18 Publication Res./CA
FY17 - a transition year

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