AlphaValue Corporate Services Fundamental Analysis FR
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AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II

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CR
Bloomberg   KEYW BB
Smart Cards-Security  /  Belgium  Web Site   |   Investors Relation
The soft bet is paying off
EPS change24/11/2016

EPS downgrade offset by stronger cash flows

Change in EPS2016 : € 0.21 vs 0.23-9.30%
2017 : € 0.28 vs 0.27+3.63%

Following the Q3 results, we have downgraded our top-line forecasts for 2016 to account for the transitory weakness in the Terminals business, resulting in a c. 10% cut. However, the profitability should be maintained following a better than expected gross margin in Authorisations.



Change in DCF€ 2.89 vs 2.58+11.7%

The DCF valuation is driven up by a strong improvement in WCR needs, due to a better management of the trades & lease receivables which allowed for a greater cash flow generation.



Target
Upside 88.8%
Price (€) 1.14
Market Cap (€M) 26.8
Perf. 1W: 9.62%
Perf. 1M: -0.87%
Perf. 3M: 14.0%
Perf Ytd: 37.3%
10 day relative perf. to stoxx600: 2.94%
20 day relative perf. to stoxx600: 3.30%
Updates
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