AlphaValue Corporate Services
Cette analyse a été commandée et financée par l’entreprise concernée et constitue donc un avantage non-monétaire mineur tel que défini par MIFID2

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 change15/06/2017

Update following the Q1 17 results

Changement d’EPS2017 : € 0,24 vs 0,26-5,57 %
2018 : € 0,25 vs 0,28-9,27 %

Following the Q1 17 results, we have updated our forecasts for the coming years. Our top-line estimate for 2017 is downgraded from €20.7m to €20.2m, mainly due to a cut in the Terminals business (-7.2% yoy vs. -3% previously) in the light of a difficult Q1. In addition, we now see growth of 9.7% in 2018 vs. 12.2% previously, in order to reflect a progressive recovery in the Terminals business.

Despite improvements in both segments, the bottom-line mechanically suffers from the higher share of Authorisations in the mix, for which the gross margin is much lower than Terminals.



Changement de DCF€ 2,48 vs 2,78-10,9 %

The DCF is negatively impacted by the top-line downgrade, which translates into a lower cash generation, despite unchanged long-term parameters.



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