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 change06/09/2016

Change in EPS2016 : € 0.23 vs 0.22+5.97%
2017 : € 0.27 vs 0.26+4.42%

Following the H1 results, we have upgraded our forecasts. The EPS benefit from the increase in both the top-line (massive increase in the Authorisations business) and in the bottom-line (Authorisations’ operating margin up to c.10% from 3% previously), slightly offset by the lower than expected profitability in the Terminals business (c.31% vs. 33%).



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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