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
From hardware provider to fintech specialist
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 101%
Price (€) 1.00
Market Cap (€M) 22.4
Perf. 1W: 2.05%
Perf. 1M: -7.01%
Perf. 3M: 48.5%
Perf Ytd: 19.9%
10 day relative perf. to stoxx600: -1.41%
20 day relative perf. to stoxx600: -8.67%
Updates

17 Mar 17 Earnings/sales releases
Top-line above expectations, litigation as the m...

24 Nov 16 Earnings/sales releases
Authorisations somewhat offset terminals, bette...

06 Sep 16 Earnings/sales releases
Solid H1 despite a relative weakness in Termin...

15 Jun 16 Initiation cov.
Initiation of coverage.

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