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
The soft bet is paying off
Target
Upside 121%
Price (€) 1.02
Market Cap (€M) 24.0
Perf. 1W: -2.86%
Perf. 1M: 5.15%
Perf. 3M: -6.42%
Perf Ytd: -6.42%
10 day relative perf. to stoxx600: -3.72%
20 day relative perf. to stoxx600: 1.95%
Target Change22/03/2018

Transition year is behind, brighter outlook

Change in Target Price€ 1.79 vs 2.16-17.5%

Change in EPS2018 : € 0.18 vs 0.20-8.03%
2019 : € 0.22 vs 0.26-17.3%

After a difficult year of transition for Keyware, which was mainly seen through the Payment Terminal (PT) division’s lower revenues and profitability, we have decreased our earnings forecasts for the years to come. The PT division should remain under pressure, but the company should quickly and quite strongly benefit from the development of its Software division and from its recent acquisitions. Thanks to these, we keep a positive opinion on the company which should quickly see synergies between its acquisitions and its home market. FY 17 looked like a transition year and Keyware’s evolution towards software is sound in the competitive PT market.



Updates

30 Aug 19 Earnings/sales releases
Software continues to drive up the top-line

15 Mar 19 Earnings/sales releases
Still in transition

09 Nov 18 Earnings/sales releases
Still in transition, the group showed revenue gro...

16 Oct 18 Earnings/sales releases
Strong revenue growth, but profitability still imp...

09 Mar 18 Earnings/sales releases
FY17 - a transition year

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