AlphaValue Corporate Services Fundamental Analysis FR
Back to
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


Bloomberg   KEYW BB
Smart Cards-Security  /  Belgium  Web Site   |   Investors Relation
The soft bet is paying off
EPS change15/06/2017

Update following the Q1 17 results

Change in EPS2017 : € 0.24 vs 0.26-5.57%
2018 : € 0.25 vs 0.28-9.27%

Following the Q1 17 results, we have updated our forecasts for the coming years. Our top-line estimate for 2017 is downgraded from €20.7m to €20.2m, mainly due to a cut in the Terminals business (-7.2% yoy vs. -3% previously) in the light of a difficult Q1. In addition, we now see growth of 9.7% in 2018 vs. 12.2% previously, in order to reflect a progressive recovery in the Terminals business.

Despite improvements in both segments, the bottom-line mechanically suffers from the higher share of Authorisations in the mix, for which the gross margin is much lower than Terminals.

Change in DCF€ 2.48 vs 2.78-10.9%

The DCF is negatively impacted by the top-line downgrade, which translates into a lower cash generation, despite unchanged long-term parameters.

Upside 89.9%
Price (€) 1.12
Market Cap (€M) 26.4
Perf. 1W: -0.88%
Perf. 1M: 3.70%
Perf. 3M: 5.66%
Perf Ytd: 2.75%
10 day relative perf. to stoxx600: -0.18%
20 day relative perf. to stoxx600: 6.35%

05 Sep 17 Earnings/sales releases
Mixed quarter, negatively impacted by a disapp...

15 Jun 17 EPS change
Update following the Q1 17 results

15 Jun 17 Earnings/sales releases
Strong authorisations offset weaker terminals

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.