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

Keyware

CR
Bloomberg   KEYW BB
Smart Cards-Security  /  Belgium  Web Site   |   Investors Relation
The soft bet is paying off
EPS change12/11/2018

Change in EPS2018 : € 0.14 vs 0.18-23.9%
2019 : € 0.16 vs 0.20-17.0%

The company has reported its Q3 18 results, which showed revenue growth but lower operating profitability due to the transition from a hardware provider to a software developer. We have updated our model to integrate these most recent figures, which were slightly lower than we had expected at the beginning of the year. The costs of transition have been higher than our former forecasts, which explains the lower EPS in FY18 and FY19. However, we remain confident about the company’s capability to reap higher profits in the following years and continue to grow, particularly in the software division.



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%
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