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EQS Group

Executive interview – EQS Group

Edison TV: | Media | 10 Dec 2018

Achim Weick, CEO, talks through the developing market for corporate governance, risk and compliance and how EQS’s tools help companies to fulfil their regulatory obligations. He describes how the newly launched and cloud-based COCKPIT platform makes these processes more efficient (illustrated). Andre Marques, CFO, then outlines the investment backing the project and briefly indicates highlights from the Q3 figures. EQS Group is a leading international provider of regulatory technology, operating in the fields of investor relations, corporate communications, and corporate compliance.

EQS Group

Continuing investment

Update | Media | 20 Nov 2018

Q3 figures were consistent with the previous indications during this year of peak investment in the EUR 9m programme to build a global regulatory tech platform business. FY18e guidance, however, has been tightened to the lower end of the range and we have reined in our FY19e and FY20e revenue and EBITDA forecasts. FY20e still shows a strong increase in return on sales, with EBITDA margin rising to 12%. EQS is building an attractive recurring revenue base (81% of total sales in Q318). It has its eyes firmly on the prize of being an integral part of companies’ corporate compliance and investor relations functions across the globe.

EQS Group

Transition year

QuickView | Media | 19 Nov 2018

EQS's interims showed good progress in its evolution into a leadingtechnology provider to corporate entities. With its revamped cloud-basedCOCKPIT platform scheduled for launch in Q418 and an ever-tighteningregulatory environment, the elements are in place to underpin mediumtermgrowth. Additional costs weigh on current-year profitability and FY18EBITDA guidance was reduced, but our view is that this is an investment inmaking the group a credible and scalable partner in investor relations andcompliance, with an attractive monthly recurring revenue base.

EQS Group

Transition year

Update | Media | 24 Aug 2018

EQS’s interims show good progress in its evolution into a leading technology provider to corporate entities. With its revamped cloud-based COCKPIT platform scheduled for launch in Q418 and an ever-tightening regulatory environment, the elements are in place to underpin medium- term growth. The additional costs are weighing on current-year profitability and FY18 EBITDA guidance has been reduced, but our view is that this is an investment in making the group a credible and scalable partner in investor relations and compliance, with an attractive monthly recurring revenue base.

EQS Group

Transition year

Outlook | Media | 24 Aug 2018

EQS’s interims show good progress in its evolution into a leading technology provider to corporate entities. With its revamped cloud-based COCKPIT platform scheduled for launch in Q418 and an ever-tightening regulatory environment, the elements are in place to underpin medium- term growth. The additional costs are weighing on current-year profitability and FY18 EBITDA guidance has been reduced, but our view is that this is an investment in making the group a credible and scalable partner in investor relations and compliance, with an attractive monthly recurring revenue base.

EQS Group

Investment on plan

Update | Media | 24 May 2018

EQS’s Q118 report shows performance in line with expectations, with 13% top-line growth and higher investment pushing the group into an EBITDA loss. All is on track for a Q418 launch of the new COCKPIT web-based product platform and our forecasts for FY18e, FY19e and FY20e are unchanged. New KPIs and segmental reporting highlight a strong recurring revenue base and will clarify the growth dynamics of customer numbers and associated revenues. EQS’s markets remain attractive, with corporate obligations become more numerous and complex, underpinning the rating.

EQS Group

Scale Update - Grasping the greater opportunity

Update | Media | 17 Apr 2018

EQS is investing to take advantage of the opportunity it has to build a far larger enterprise and broaden its client base. The market for cloud-based tech systems to log and control aspects of corporate governance, risk and compliance is attractive and sits comfortably alongside its existing offerings in digital investor relations. The pursuit of this adapted goal, becoming a global tech B2B provider with high levels of recurring income, is costing the group short-term profitability, but the potential rewards are substantial. The share price has performed well over the last year and, if management can deliver on its plan, further upside should result.

EQS Group

Grasping the bigger opportunity

Update | Media | 17 Apr 2018

EQS is investing to take advantage of the opportunity it has to build a far larger enterprise and broaden its client base. The market for cloud-based tech systems to log and control aspects of corporate governance, risk and compliance is attractive and sits comfortably alongside its existing offerings in digital investor relations. The pursuit of this adapted goal, becoming a global tech B2B provider with high levels of recurring income, is costing the group short-term profitability, as shown in our reinstated forecasts, but the potential rewards are substantial. Earnings multiples are consequently high, but DCF analysis indicates a value of EUR 86/ share.

EQS Group

Investing to build

Update | Media | 16 Nov 2017

EQS flagged in September that it was accelerating investment to grasp the market opportunity prompted by further regulation. Q3 figures show the impact of the additional cost, with year-to-date EBITDA of EUR 1.9m (prior year: EUR 2.5m). Our forecasts are unchanged on confirmed guidance. The newer cloud-based products are scalable and should build recurring revenues, with market interest to date very encouraging. The service range continues to broaden out, particularly in corporate governance and compliance, while the geographic reach is also extending. The valuation remains in line with global peers, reflecting EQS’s strong growth potential.

EQS Group

Accelerated investment

Update | Media | 16 Oct 2017

EQS has accelerated its investment plans to take advantage of the timing opportunity as new and complex regulations regarding data privacy, corporate governance, compliance and risk are introduced. With additional spend of EUR 2.2m planned in the current financial year and EUR 5.8m over the following three years, this obviously has an impact on short-term profitability. However, it opens up a broader set of revenue streams from a greater number of potential clients. We have revised our numbers to reflect the financial impact. The share price has reacted positively to the news and the valuation is now broadly in line with global peers.

EQS Group

Extra quality services

Outlook | Media | 22 Aug 2017

EQS continues to add functionality to its cloud-based offering, growing its potential share of client spend across investor relations, compliance and corporate communications. H117 top-line growth was boosted by the consolidation of ARIVA (67.5% owned), with good momentum into H217 as clients prepare to meet further regulatory requirements. Operating profits, which dipped 3% y-o-y, were held back by spending on developing new services and on geographic expansion. With the IT and geographic platforms now in place, the EBITDA margin is set to expand over the medium term. The share price has performed strongly over the last year, yet the valuation remains at a discount to larger, more mature peers.

EQS Group

Scale Update - Top-line growth offset by higher investment

Update | Media | 15 Aug 2017

EQS’s first half results show good revenue growth in its domestic market, boosted by the consolidation of ARIVA (67.5% owned). The build-up of business in new markets is starting to register, with Asia now breaking even. The costs of this expansion and investment in a number of new products and services is constraining operating profits, which were marginally (3%) below the comparative period. The group remains well positioned to benefit from trends in digitisation and globalisation and the growing complexity of corporate compliance requirements.