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
Target
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%
Target Change18/05/2022

Integration of the FY21 figures

Change in Target Price€ 2.33 vs 2.05+13.8%

Change in EPS2022 : € 0.09 vs 0.09+1.12%
2023 : € 0.12 vs 0.10+20.5%

We have integrated the FY21 figures which came in higher than our expectations owing to strong growth across the three segments. Low comps due to the pandemic and the completion of the transition to a new transaction partner drove both the top and bottom lines. Looking forward, the strong FY21 figures have boosted our expectations for the coming years although we also expect some normalization.



Change in DCF€ 3.32 vs 2.54+30.4%

Our DCF has been upgraded due to the revised earnings estimates for FY21 thanks to the reasons outlined above.



Updates

03 Oct 22 Earnings/sales releases
A smooth start to the year

18 May 22 Target Change
Integration of the FY21 figures

13 Jan 22 M&A /Corp. Action
Strategic acquisition of Payment Solutions

16 Sep 21 Earnings/sales releases
Back in positive territory thanks to recovery in a...

30 Mar 21 Earnings/sales releases
Change of Authorisations' partner for further pro...

16 Sep 20 Earnings/sales releases
A pivotal year for the Authorisations division

26 May 20 Earnings/sales releases
The right time to establish itself as a software pr...

18 Mar 20 Earnings/sales releases
Positioned to take advantage of increasing pow...

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