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Blancco Technology Group

Growth back in focus

Update | Technology | 02 Oct 2018

Blancco reported FY18 results marginally ahead of its recent trading update; despite the focus on stabilising the business and improving internal controls, profitability was maintained over the year. The new management team’s focus on three key markets (Mobile, Enterprise and IT Asset Disposition (ITAD)) and targeted investment in R&D should help the company maintain its market leadership and lead to a reacceleration of revenue growth.

Blancco Technology Group

Encouraging finish to a difficult year

Update | Technology | 11 Jul 2018

Blancco’s FY18 trading update confirms that despite weaker than expected revenue growth, work on reducing the cost base resulted in a better than expected operating margin of 11%. Positive cash flow in H2 reduced the net debt position to below our forecast. We have revised our forecasts to reflect lower revenues but stronger profitability, resulting in an upgrade to our normalised EPS forecasts of 49% for FY18e and 10% for FY19e. With the appointment of a permanent CFO, the new management team is now complete, and we expect more detail on strategy when the company reports FY18 results in September.

Blancco Technology Group

Clean slate

Update | Technology | 23 Mar 2018

Blancco’s H118 results reflect the non-recurrence of one-off licence deals signed in H117 as well as a period of restructuring. Despite the weak H1, management has a sufficiently strong sales pipeline that it expects to meet previous guidance for FY18. The company is now in better shape for the soon to be appointed new CEO to drive sustainable, cash-generative revenue growth.

Blancco Technology Group

Rebasing the business

Update | Technology | 17 Nov 2017

After a difficult six months for Blancco, we believe that management has stabilised the business and put it on a course for sustainable growth. A focus on recurring-type contracts should provide better visibility. We have taken a conservative approach to forecasts using the lower end of revenue guidance; if management is able to drive growth at a faster rate than this then we see scope for substantial upside to forecasts.

Blancco Technology Group

FY17 revenues hit by contract reversals

Update | Technology | 12 Sep 2017

Issues with revenue recognition have led to the reversal of two contracts worth GBP 2.9m in FY17, reducing expected growth from 40% to 29%. We have revised our FY17 estimates accordingly, resulting in a 76% cut to our FY17 EPS forecast. We have withdrawn our FY18 and FY19 forecasts pending clarity on underlying growth rates. The CEO has resigned; interim CFO Simon Herrick will also take on the CEO role until a new CEO is appointed.

Blancco Technology Group

Cleaning house

Update | Technology | 10 Jul 2017

Blancco expects to report FY17 revenue growth of 40%, in line with our forecast. After providing for a previously flagged late payer, adjusted operating profit is expected to be c GBP 5.5m. We have revised our forecasts to reflect the bad debt provision and slightly higher operating expenses, as well as reflecting the recent fund raise. We reduce our FY17e normalised EPS by 42% and FY18e and FY19e by 12%. We forecast net cash of GBP 1.5m at the end of FY17.

Blancco Technology Group

Growth from (data) destruction

Initiation | Technology | 15 Mar 2017

As the leading provider of data erasure software for the enterprise market, Blancco is well positioned to exploit the growing requirement for secure data erasure. With major investment in sales and support complete and regulatory changes in its favour, Blancco is in a good position to drive adoption of its software via its direct sales and partner channels. The company's patented technology and numerous certifications create a strong barrier to entry.

Blancco Technology Group

Now fully armed

Update | Technology | 25 Apr 2016

The major contract win for Xcaliber shows the value and potential of its mobile diagnostics solution and Blancco's (formerly Regenersis) move to bring Xcaliber fully within a broader security and diagnostics offering makes sense. We have raised our earnings forecasts accordingly and continue to believe the shares are attractively valued.

Blancco Technology Group

Visibility on Blancco's value

Update | Technology | 22 Mar 2016

Regenersis's interim results show the Blancco data erasure software business as the sole continuing operation for the first time, allowing us to assess more fully the quality, potential and value of the business. We are encouraged by what we find in both the financial and operational data. Based on traditional earnings multiples, the shares trade at a discount to listed comparators, while our reverse DCF scenario is substantially less optimistic about the widespread adoption of Blancco that management anticipates in the medium term.

Blancco Technology Group

Time to focus on erasure potential

Update | Technology | 16 Feb 2016

The €103.5m (£78m) price for the Repair Services business is more than 10% ahead of the estimate in our sum of the parts. We estimate that the return of £50m cash to investors could leave Blancco well-funded to drive growth of the data erasure business with net cash of approximately £10m. The disposal of the Digital Care business, the remaining part of the Aftermarket Services division placed under review in September 2015, should provide a relatively small but welcome further fillip to finances. The value of the legacy businesses is now clear and investor attention will be focused solely on the exciting opportunity for Blancco Technology Group, as it is to be renamed, as a leader in data erasure.

Blancco Technology Group

Disposal process on track

Update | Technology | 14 Jan 2016

The trading update confirms that trading is in line with expectations and, more importantly, that the disposal process for the Aftermarket Services division is going to plan, with a number of indicative offers having been received. We have increased our FY16 year-end net debt estimate by £1.4m, mainly as a result of exceptional deal costs, but we see no real change to the investment story, with our sum of the parts continuing to suggest that the shares are significantly undervalued.

Blancco Technology Group

Releasing and revealing value

Update | Technology | 12 Oct 2015

Client losses and foreign exchange pressures appear to have overshadowed the underlying growth and the fundamental changes that management has made at Regenersis. Management is exploring the possible sale of the aftermarket services business o a move that will allow investors to focus on the opportunity and value in the data erasure software business. Our sum-of-the-parts analysis suggests that the aftermarket services business is worth 89p per share and Blancco, the data erasure software business, could itself be worth 139p or significantly more.