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mVISE

In all the right places

Initiation | Technology | 14 Sep 2017

mVISE is a German pioneer in the fast-moving market for mobile digitalisation, cloud applications and business integration. It is well-positioned for growth with an orientation to mobility (Industrie 4.0/M2M), cloud computing and security software. The company has an impressive portfolio of blue-chip consultancy clients, including Vodafone, Bosch and Deutsche Telekom, and is currently focused on deepening these relationships to drive growth in product and service revenues. After strong share price gains, mVISE still trades at significant multiple discount, on a current year prospective EV/EBITDA of 15.7x vs its peer group on 34.2x.

mVISE

Focus on digital transformation and synergies

Update | Technology | 18 Sep 2018

In recent quarters mVISE has completed the acquisition of a consulting team from SHS Viveon and the sale of loss-making workforce management software business Just Intelligence (JI). These have increased mVise’s ability to derive synergies from within the group and its focus on its core business of digitisation transformation. In H118, helped by increased consulting rates, the group was also able to report a 78% y-o-y increase in revenue and 50% margin expansion leading to a 1.6x y-o-y increase in EBITDA. We see good grounds for a continuation of favourable results in H2. Currently, mVise shares trade at a 24% discount to its two most profitable consulting-oriented peers on FY2 EV/EBITDA multiples. We believe this shows strong upside potential given the group’s growing exposure to the much more highly rated software products segment.

mVISE

Strategy and acquisitions driving growth

Update | Technology | 02 May 2018

mVISE is a fast-growing German IT firm with a focus on the high-demand area of digital transformation. Management has been active over the last 12 months with the highly promising autumn 2017 acquisition of a consulting business of SHS Viveon, new marketing partnerships with Magic Software and Deutsche Telekom to sell the elastic.io platform and a new Strategie 2018+. Helped by this, we believe the group is well placed to achieve its three-year target of doubling revenue and c 7pp EBIT margin expansion through higher sales of high-margin products, employee efficiencies of scale and increased pricing power.

mVISE

Bullish 2020 guidance after strong 2017

Flash note | Technology | 23 Feb 2018

mVISE has released preliminary 2017 results, showing a 78% increase in revenue (Gesamtleistung, which includes capitalised items) to EUR 16.1m and an 82% increase in EBITDA to EUR 2.0m, both 5% above consensus. Q4 revenues and EBITDA of EUR 5.9m and EUR 1.4m, respectively, reflected robust performances in managed services operations and at integration platform elastic.io, as well as the first-time inclusion of SHS Viveon’s consulting business, which added c EUR 1.0m to EBITDA. The board expects strong incentives for German firms to invest in digital transformation to continue to sustain market growth. New 2020 revenue and EBIT margin targets of EUR 35m and 15%, respectively, imply an organic revenue CAGR of 32% and a 15-20x increase in EBIT, based on 2017 consensus. In our view, upside from the SHS Viveon acquisition, the high operating leverage of the group’s SaaS businesses and the outlook for strong demand lend a high degree of credibility to these targets.