Search Follow us

richard jeans

1 - 12 of 387
Sort by: popularity | newest
Page  2 3 4 5 6 7 8 9 10  11>>  of 33 | Next
FinTech Group

Banking JV is abandoned with positive effect

Update | Technology | 07 Dec 2018

FinTech Group’s (FTG’s) proposed banking joint venture (JV) with Austrian Post has been abandoned in accordance with the feedback of the relevant regulatory bodies that the approval of a new banking licence might take between one and a half to two years. This supports FTG’s near-term earnings and leaves the business focused on its online brokerage activities. Meanwhile, 10-month KPIs indicate the brokerage business continues to perform well, with trades up 16% over the corresponding 10-month period. High-margin OTC products jumped 34% and represent c 25% of the total. In the wake of the recent de-rating, the shares look increasingly attractive on c 11x consensus FY19 earnings.

CREALOGIX Group

Executive Interview - Crealogix

Edison TV: | Technology | 07 Dec 2018

CREALOGIX, listed on the Swiss stock exchange, develops and implements software solutions that enable digital banking for ‘the digital bank of tomorrow’. The group’s products are front-end solutions that integrate with the customer’s back-end systems and are typically used by traditional banks to enable their journey to digitalisation, through the provision of a sophisticated, modern, omni-channel offering to their clients. CREALOGIX’s primary target customers are traditional retail, commercial and wealth banks that need to upgrade their legacy in-house systems to maintain competitiveness, reduce cost, differentiate and provide greater flexibility in a constantly evolving (swiftly digitalising) marketplace.In this video, CFO Philippe Wirth gives an overview of the business, including the key FY18 financials and the switch to the group’s software-as-a-service (SaaS) offering. He discusses the acquisitions of Innofis and Elaxy and also the winning of industry awards. Mr Wirth describes the group’s digital banking platform and discusses the impact of Brexit. He explains the key drivers of the business and outlines why management is optimistic on the outlook.

StatPro Group

New divisional structure sets path for growth

Update | Technology | 30 Nov 2018

StatPro took a decade to develop its cloud platform and all the key components, including a new divisional structure, are now in place for growth. The group’s broadened managed service offering is well placed to benefit from outsourcing trends in the asset management industry and we believe this offering will be a key component to growth. In addition, margins stand to benefit from the group’s increasing scale and costs dropping out as the group’s software platforms are streamlined. In our view, the shares look increasingly attractive, given the group’s GBP 55m recurring revenue book and the much reduced rating (c 15x FY19e), especially in light of the active M&A backdrop in financial software.

SCISYS Group

Move protects the group’s space business

Update | Technology | 28 Nov 2018

After obtaining shareholder approval and subsequent court sanctioning, SCISYS has re-domiciled in the Republic of Ireland. The change will ensure that its German-based space business can continue to work on EU-funded space programmes, such as EGNOS, Galileo and Copernicus. SCISYS decided to finalise the move in Q4 as it is too risky to wait for the final Brexit deal. We have added the expected GBP 0.75m re-domiciliation costs into our model as an exceptional. Hence our forecast year-end net debt rises by GBP 0.75m to GBP 3.7m. As management’s goal of achieving GBP 60m in sales and double-digit margins within the next few years looks increasingly conservative, we believe the stock is attractive on c 12x our FY19e EPS.

CREALOGIX Group

International expansion continues

Outlook | Technology | 21 Nov 2018

CREALOGIX has established a strong track record of delivering software solutions to the banking industry in Switzerland and is transitioning the business to international markets. FY18 numbers were below expectations, mainly due to the faster than anticipated switch to SaaS, which spreads out revenue. International revenues represent 57% of the total (50% in FY17). CREALOGIX acquired the 80% remainder of Elaxy BS&S in July, having acquired Innofis to target the Middle Eastern markets earlier this year. The stable, cash-generative nature of Elaxy BS&S balances the higher-risk, stronger growth profile of Innofis. Given the attractive industry dynamics, and with CREALOGIX ideally positioned to capitalise on these, the shares look attractive on c 21x our FY20e EPS.

SNP Schneider-Neureither & Partner

Strong Q3 profits recovery

QuickView | Technology | 19 Nov 2018

Q3 results reveal that SNP is stabilising after the July profits warning.While underlying revenues showed a small contraction, profits recoveredstrongly. This indicates that costs saving measures are beginning to havean impact. Additionally, SNP has recently won several small S/4HANAmigration contracts which indicates the S/4HANA business is beginning togain momentum. We have increased our FY18 profits forecasts whilemaintaining revenues. While the shares look punchy on c 24x our FY19eearnings, the rating could fall quickly as new projects come through.

CREALOGIX Group

International revenues rise to 57%

QuickView | Technology | 19 Nov 2018

CREALOGIX has established a strong track record of delivering softwaresolutions to the banking industry in Switzerland and it is transitioning thebusiness to the international markets. FY18 numbers were below ourexpectations, mainly due to the faster-than-anticipated switch to SaaS,which spreads out revenue. International revenues represent 57% of thetotal (50% in FY17). CREALOGIX acquired the 80% remainder of ElaxyBS&S in July and acquired Innofis to target the Middle Eastern marketsearlier this year. The stable, cash-generative nature of Elaxy BS&Sbalances the higher-risk, stronger growth profile of Innofis. Given theattractive industry dynamics and with CREALOGIX ideally positioned tocapitalise on these, the shares look attractive on c 22x our FY20 EPS.

SNP Schneider-Neureither & Partner

Strong Q3 profits recovery

Update | Technology | 02 Nov 2018

Q3 results reveal that SNP is stabilising after the July profit warning. While underlying revenues showed a small contraction, profits recovered strongly. This indicates that cost saving measures are beginning to have an impact. Additionally, SNP has recently won several small S/4HANA migration contracts, which indicates that the S/4HANA business is beginning to gain momentum. We have increased our FY18 profits forecasts while maintaining revenues. While the shares look punchy on c 23x our FY19e earnings, the rating could fall quickly as new projects come through.

StatPro Group

In-line trading, underpinned by Infovest contract

Update | Technology | 25 Oct 2018

In an in-line Q3 trading update, StatPro says that its annualised recurring revenue (ARR) rose by 3% at constant currencies over the past 12 months to GBP 54.8m. Additionally, earlier this week StatPro announced a c GBP 1.0m five-year Infovest contract, which highlights the quality of the group’s Infovest data management solution. The main focus for growth remains the fund administrator channel and, in January, the group will operate a new structure with three divisions (Revolution for analytics, StatPro: Source for data, and Infovest for integration and data management) to drive the business. Following the recent de-rating, we believe the shares look increasing attractive on 15x our maintained FY19 earnings, especially in light of the active M&A backdrop in financial software and the scope for revenue acceleration and margin expansion.

artec technologies

New strategy is beginning to deliver

Update | Technology | 02 Oct 2018

artec returned to the black in H118 as revenues more than doubled. The results reflect the impact of the three significant contract wins announced earlier this year. These wins came in the wake of the 2016/17 period that artec spent modernising its software platform and the strong momentum has been continuing, with further new business added in recent weeks in the public sector security segment. If management can sustain the momentum, we believe there is significant upside in the shares.

Brady

Positioning for new technologies

Outlook | Technology | 01 Oct 2018

Brady has undergone a significant transition into a leaner, more focused business. Costs have been taken out and the recycling business sold earlier this year as it did not fit well with the business. The main priorities are delivering on legacy contracts while significant resources are being used to refresh the product, with c 25% of FY18 sales expected to be spent on R&D. Consequently near-term ratings remain elevated. However, the market opportunity is substantial and we believe Brady is well positioned to benefit from the significant sector consolidation.

FinTech Group

Banking joint venture with Austrian Post

Update | Technology | 25 Sep 2018

FinTech Group (FTG) has announced a landmark 50/50 banking joint venture with Austrian Post (VIE: POST, market cap c EUR 2.4bn) where FTG is supplying the technology while Post offers its established infrastructure. The deal creates a new growth arm for FTG that is expected to break even in 2022 and could act as a blueprint for similar deals in other countries. Meanwhile, H1 results were in line with expectations as margins benefited from strong growth in broking volumes. If FTG can meet its objective of generating EUR 35m net income from the joint venture with Post by 2025, it would provide significant upside in the shares for the cost of the 7% dilution in the capital increase that has funded the deal.