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

EasyVista

CR
Bloomberg   ALEZV FP
Enterpr. Software & Serv  /  France  Web Site   |   Investors Relation
Sustained growth now converted into profits
Pros
  • EasyVista deploys successful ITSM solutions, easy to implement and use. This offers significant growth (organic c.+20% p.a.)
  • Management and staff have been reinforced in past years to capture growth, both in Europe and the US (#1 ITSM market)
  • Breakeven was reached in H2 17 and the earnings outlook is made credible as the cost base is calibrated for future growth
Cons
  • Current earnings are somewhat boosted by changes in contracting mode (renewable licence vs. SaaS). Impact absorbed in Q4 18
  • After heavy investments (workforce + Knowesia acquisition), the gross cash position is just €2m. This caps in the short term the capacity to seize new opportunities
Target
Upside 32.0%
Price (€) 39.6
Market Cap (€M) 65.5
Perf. 1W: -1.00%
Perf. 1M: 2.59%
Perf. 3M: -2.94%
Perf Ytd: 7.61%
10 day relative perf. to stoxx600: -0.01%
20 day relative perf. to stoxx600: -0.58%