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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Bloomberg   KEYW BB
Smart Cards-Security  /  Belgium  Web Site   |   Investors Relation
The soft bet is paying off
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 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%
Updates

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.

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