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GB Group

CEO to retire; leaves GBG in good shape

Update | Technology | 20 Apr 2016

GB Group's (GBG) CEO Richard Law has announced his intention to retire. He will remain at GBG for as long as required to ensure a smooth transition to a new CEO once appointed. He will be leaving the group in good shape; 27% of revenues are now from the strategically important international markets and the year-end trading update points to strong momentum, with FY16 EBITA 11% ahead of our forecasts.

GB Group

Expanding eIDV in the US

Update | Technology | 13 Feb 2019

GB Group (GBG) has acquired IDology, a US identity verification business, for an enterprise value of $300m/GBP 231m. It has placed 39m shares at 410p per share to fund GBP 160m of the purchase price, with the remainder coming from a new credit facility. We estimate that the deal offers significant cross-selling potential and will boost GBG’s international revenues to close to 50%.

GB Group

Scaling up down under

Flash note | Technology | 22 Oct 2018

GB Group has taken another step forward in its international expansion with the acquisition of Vix Verify Global, a business specialising in ID verification and location intelligence software in Australia and New Zealand. Complementing GBG’s IDV and Loqate solutions, the acquisition will widen the datasets available to both GBG and VVG customers. The deal cost of A$38.3m/c GBP 21.2m is being funded from existing facilities. GBG expects the deal to be earnings accretive in the first 12 months once synergies are taken into account.

GB Group

Consistent strong performance

Update | Technology | 07 Jun 2018

GBG delivered another excellent performance in FY18 with reported adjusted EPS up 37%. With over 75% of revenues now from the global product lines, a clear organic growth plan and a healthy acquisition pipeline, we retain our forecasts and believe the shares, which trade among identity access management and cyber security peers to be well supported at these levels.

GB Group

Strong underlying growth puts FY18 ahead

Flash note | Technology | 18 Apr 2018

GB Group (GBG) expects to report revenues and EBIT ahead of our forecasts on a strong performance from the fraud management and global electronic verification services. Net cash of GBP 13.4m is also well ahead. This excellent momentum underpins our 12% organic revenue growth forecast in FY19, and the strong balance sheet provides additional support to the group’s buy-and-build strategy.

GB Group

Well positioned in dynamic ID Intelligence market

Outlook | Technology | 28 Feb 2018

GB Group's (GBG) outlook remains strong; the bulk of revenues are now from the faster-growth international service lines, investment in growth is increasing and we see its strength in dynamic ID verification (IDV) as increasingly relevant. We forecast 15% CAGR in EPS to 2020 and see scope for GBG's active M&A strategy to act as a catalyst to further earnings and share price upside.

GB Group

Excellent first half underpins outlook

Update | Technology | 28 Nov 2017

The year-on-year doubling of EBITA in H118 reflects continued strong underlying organic growth at GB Group (GBG), boosted by recent acquisitions and a perpetual licence deal. H2 has started well and forecasts, which are largely unchanged, appear comfortably underpinned. GBG’s consistent organic performance and increasing product innovation support its current rating, meanwhile its buy and build strategy could support further earnings-driven share price upside.

GB Group

Business as usual

Update | Technology | 08 Jun 2017

Following April's trading update, GB Group's (GBG) FY17 results held no major surprises, with the fraud, risk management and location services continuing to underpin strong growth. The incoming CEO plans to continue to execute the group's internationalisation strategy and investment will be managed to maintain EBITA margins at c 20% over the medium term; while marginally lower than our FY19 assumption, we raise our EPS forecasts by c 4% in FY18 and c 2% in FY19 reflecting a lower expected tax rate.

GB Group

PCA acquisition an excellent fit

Update | Technology | 11 May 2017

The acquisition of PCA Predict is an excellent fit with GB Group's (GBG) address intelligence services, adding SME reach and, combined with Matchcode360 and Loqate, providing GBG with the most complete offer in the industry. GBG has closed a £58m placing to fund the £66m acquisition (EV), which it will supplement with existing cash and debt. Despite the planned increase in investment to expand PCA outside the UK, the deal should be earnings enhancing and we upgrade our FY18 and FY19 EPS forecasts by 8.5% and 10.4%, respectively.

GB Group

IDscan acquisition - adding biometric capabilities

Update | Technology | 01 Jul 2016

GB Group's (GBG) proposed acquisition of IDscan positions it as the only proprietary provider of both document and biometric identity data intelligence capabilities, and is in line with its strategy to acquire technology that can be rolled out globally. The acquisition should be earnings accretive within the first year and we are therefore upgrading our forecasts. The post-deal P/E of 25.0x FY18e is the lowest one-year forward P/E seen in a year, offering a good entry point into the shares.

GB Group

Accelerating momentum

Update | Technology | 13 Jun 2016

Revenue growth of 28% and favourable product mix effects offset the impact of additional sales and product investment; as announced in April, operating profits increased 24%. Trading remains strong and we forecast acceleration in organic revenue growth in FY17. We initiate FY19 forecasts, looking for double digit EPS growth to continue. GB Group (GBG) has an excellent track record of creating value through M&A. With net cash and strong cash conversion, this could be added to by probable acquisitions.

GB Group

Globalising identity solutions

Outlook | Technology | 23 Feb 2016

GB Group (GBG) has an impressive track record in delivering on its strategy to build a leading global identity data intelligence firm. The integration of recent acquisitions, the ongoing international roll-out and the current product investment should continue to support double-digit revenue growth and a resumption of margin expansion from FY17. The 28x FY17e P/E rating, which acknowledges the positive outlook, is justified.