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
Upside 118%
Price (€) 0.99
Market Cap (€M) 23.3
Perf. 1W: -3.88%
Perf. 1M: -4.81%
Perf. 3M: -5.71%
Perf Ytd: -4.81%
10 day relative perf. to stoxx600: -2.94%
20 day relative perf. to stoxx600: -5.52%
EPS change24/11/2016

EPS downgrade offset by stronger cash flows

Change in EPS2016 : € 0.21 vs 0.23-9.30%
2017 : € 0.28 vs 0.27+3.63%

Following the Q3 results, we have downgraded our top-line forecasts for 2016 to account for the transitory weakness in the Terminals business, resulting in a c. 10% cut. However, the profitability should be maintained following a better than expected gross margin in Authorisations.

Change in DCF€ 2.89 vs 2.58+11.7%

The DCF valuation is driven up by a strong improvement in WCR needs, due to a better management of the trades & lease receivables which allowed for a greater cash flow generation.