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 %
Target Change15/10/2018

Changement d’Objectif de cours€ 1,98 vs 1,73+14,6 %

Changement d’EPS2018 : € 0,18 vs 0,18-0,63 %
2019 : € 0,20 vs 0,22-8,20 %

We have upgraded our earnings forecast for FY18 due to the transition phase going well. Although the results have been affected by higher exceptional charges (significant terminal obsolescences and payment defaults by customers) in H1 18, we expect growth in operating profitability for the full FY18.



Changement de DCF€ 2,17 vs 1,51+43,9 %

Our DCF valuation is supported by the increase in our forecasts in the medium to long term. Indeed, we believe that the strategy to become more of a software group will be profitable. The company, currently in the middle of its transition phase, is facing significant costs linked to its two recent acquisitions (Magellan and EasyOrder) but we expect that this will be largely compensated by the software sales growth in the following years.



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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