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 change17/03/2017

Update following the Q4 16 earnings release

Change in EPS2016 : € 0.21 vs 0.21+1.61%
2017 : € 0.26 vs 0.28-9.28%

Following the Q4 16 earnings release, we have updated our model with the final 2016 figures (except for divisional EBIT figures, which have yet to be communicated).

In 2017, the EPS comes in lower due to a higher opex run rate leading to a lower EBIT margin (18.6% vs. 20.1% previously) as well as due to a lower impact of the income from Magellan SAS (€200k vs. €600k).

In 2018, we have also integrated a €750k charge in case of an unsuccessful appeal.



Target
Upside 104%
Price (€) 0.98
Market Cap (€M) 22.1
Perf. 1W: 1.55%
Perf. 1M: -8.41%
Perf. 3M: 34.2%
Perf Ytd: 18.1%
10 day relative perf. to stoxx600: -1.48%
20 day relative perf. to stoxx600: -8.20%
Updates
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