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artec technologies

Contract wins provide excellent references

Update | Technology | 09 Mar 2018

artec has won three prestigious new contracts in recent months that provide a strong endorsement of the company’s new platform. The wins come in the wake of the 2016/17 period, which the company used to focus on modernising its software platform. artec has subsequently undertaken a 10% capital increase that will provide working capital to help it deliver the new contracts. During the upcoming FY17 results release in April, management intends to reveal a new business plan, which will outline how it intends to address the range of market opportunities.


Acquisitions significantly broaden the offering

Update | Technology | 26 Feb 2018

FY17 was a year of strong growth for DATAGROUP, with revenues rising by 28% and EBITDA surging 42%. The EBITDA margin rose by 120bp to a record 12.1%. The core cloud services continue to grow strongly, rising by 64% and recurring sales represented 70% of total revenue (which translated to 88% of gross profit), up from 66% in FY16. In August 2017, DATAGROUP acquired ikb Data to extend the group’s offering into the financial services sector and in January 2018 it announced the acquisition of Almato, a pioneer in Robotic Process Automation. Consequently, DATAGROUP is building a number of key differentiators in its markets.

SNP Schneider-Neureither & Partner

Focusing on organic growth in FY18

Update | Technology | 05 Feb 2018

SNP recorded c 14% organic growth in Q4 and a c 6% EBITDA margin. FY17 group revenue of around EUR 122m was EUR 2m ahead of our forecasts while EBITDA, at EUR 2m, was EUR 1m below our forecast. We have edged up our revenue forecasts while maintaining profit forecasts. After a hectic FY17, with multiple acquisitions, fund-raisings and significant corporate change, we understand that management intends to focus on organic growth in FY18. Given the attractive industry drivers and the potential for margin recovery, the shares look attractive on c 21x our FY19e earnings.


Disposal simplifies the group structure

Update | Technology | 02 Feb 2018

Brady is selling its US-based recycling business for an initial c GBP 3.3m with c GBP 1m balance in 18 months. The disposal will simplify the group, boost cash resources towards GBP 8m and enable management to focus on its core physical trading commodity and energy businesses. Additionally, the company has said that FY17 revenues will be c GBP 2m lower than consensus at GBP 27m due to a faster-than-anticipated switch to the recurring revenue model and two projects slipping into H118. We have cut our FY18 forecasts for the disposal and the lower trading guidance. Nevertheless, if management can successfully transition the business to the cloud, there is a lot to go for as E/CTRM is an attractive growth industry and Brady has a very high quality customer base.


Space division is flying in spite of Brexit

Outlook | Technology | 26 Jan 2018

2017 was a transitional year for SCISYS, with the key Space division flying and ANNOVA’s integration progressing in line with expectations. The attainment of an EUR 18m prime contractor role in H2 is a significant endorsement of SCISYS Space’s proprietary PLENITER software suite, with which SCISYS is targeting the commercial space sector. In August, ANNOVA achieved a key milestone with its BBC contract, which means it is trading ahead of initial management targets. This comes on the back of H1 results, which revealed 6% organic growth across the group and a record half-year order book. Management’s goal to achieve GBP 60m in revenues and double-digit margins within three to five years looks conservative, and we believe the stock looks attractive on c 11x our maintained FY18e EPS.

StatPro Group

StatPro Revolution ARR up 13% organically

Update | Technology | 25 Jan 2018

StatPro has released an in-line trading update for FY17. Annualised recurring revenue (ARR) for StatPro Revolution grew by 13% organically. Statutory revenues, EBITDA and cash were broadly in line with our forecasts and we are maintaining our FY18 forecasts. Given the busy M&A backdrop, which saw competitor BISAM sold for 7.3x sales earlier in the year, and the significant valuation disparity between StatPro and its US-listed financial software peers, we continue to see strong upside potential in the shares.

Learning Technologies Group

FY17 profit and cash generation beat forecasts

Update | Technology | 22 Jan 2018

Learning Technologies Group (LTG) has released a strong trading update with FY17 profits and year-end net cash comfortably ahead of consensus. The update indicates that operating margins were c 190bp ahead of our forecasts, with net cash GBP 7.9m ahead. However, we are maintaining our FY18/FY19 forecasts, which were recently updated in our monthly book. In October, LTG announced its objective to double run-rate revenues to GBP 100m and achieve run-rate EBIT of at least GBP 25m by the end of 2020. While the shares look punchy on c 37x our FY18 EPS, the business is attractively positioned in an industry growing at 15-20% and we note that sustainable high-teen growth opportunities are hard to find across the broader market.


Expanding into the Middle Eastern markets

Update | Technology | 18 Jan 2018

CREALOGIX is acquiring Innofis, a Barcelona-based digital banking competitor, for an undisclosed price, to expand its core digital banking business into the lucrative Middle Eastern markets. Noting that Innofis is fast growing and highly profitable, we would expect the value of the deal to be priced above the average of comparable transactions. As well as expanding the group’s geographical coverage the acquisition broadens its product offering and creates an opportunity to grow the employee base in a significantly lower-cost market. We estimate that the deal will boost the group’s operating margins by 200bp, but the level of value creation is dependent on the deal cost, and we are retaining our forecasts until more information is available.

FinTech Group

Leading online brokerage

QuickView | Technology | 15 Nov 2017

FinTech Group's (FTG) online brokerage business, Flatex, has been benefiting from the popularity of exchange-traded products and its customer base rose by c 30k over nine months to c 200k as at end-September. Flatex's market share has risen to c 25% in Germany and c 50% in Austria, and further European expansion is planned. In addition to its brokerage businesses, FTG leverages its value chain by providing modular and standardised core banking technologies to B2B customers, most of which are banks. Management's goal is to grow the business both organically and through acquisitions so that it generates €150m of annual revenues in the mid-term along with EBITDA of €50m. Despite being the fastest-growing major broking business in Europe, the shares continue to trade at a discount to the sector.

SNP Schneider-Neureither & Partner

Positioning the business for growth

Update | Technology | 03 Nov 2017

2017 has been a year of major change for SNP, including two major acquisitions, debt and equity capital raisings, corporate restructurings, new product offerings launched and new training centres established. This has involved significant cost in both financial terms and management time. There has been EUR 4m in one off costs, and management expects to report break-even at the EBIT level in FY17. Excluding one-off costs, the FY17 EBIT margin is expected be c 3.3%. Following the acquisitions, the group now has a presence in most major regions globally. Hence, SNP now looks better positioned to deliver on its goal to be the global leader in software-based transformation projects. Following the recent correction, we believe the shares look increasingly attractive on c 18x our FY19e EPS.


Heavy investment is beginning to pay off

Outlook | Technology | 01 Nov 2017

CREALOGIX’s strong momentum in FY17 reflects buoyant digital transformation trends across the European banking sector, notably in Germany, and the benefits of the group’s recent heavy investment to extend the product offerings into wider international markets. Results outstripped expectations, leading us to upgrade our revenue forecasts by 6-7%, while EBITDA rises by 23% in FY18 and 11% in FY19. Given the attractive industry dynamics, and with CREALOGIX ideally positioned to capitalise, the shares look attractive on c 17x our FY20 EPS.

artec technologies

Anticipating a strong H2

Update | Technology | 11 Oct 2017

The last 18 months has been a transitional period for artec, with the group repositioning itself as a provider of cloud-based data analysis systems. The new cloud platform is highly scalable and will enable artec to generate recurring revenues. While the group ran at a loss in H117, the cloud pipeline is growing and new cloud customers are expected to sign up in H2. The second stage of expansion is set to begin on a project in Qatar and the group has won a new MULTIEYE order with a betting company, which was driven by artec’s ability to provide access control, face recognition and data protection. Consequently, management expects sales and earnings to rebound strongly in H2.