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SNP Schneider-Neureither & Partner

Significant operational improvements in H2

Update | Technology | 07 Feb 2019

The primary focus in FY18 was on integrating the recent acquisitions and positioning the business for growth in anticipation of the emerging digitisation wave. FY18 revenues of c EUR 131m were below our forecast of EUR 137.9m. Nevertheless, H2 adjusted EBITDA saw a c EUR 5.4m improvement over H1 reflecting significant operational improvements. We have trimmed our FY19–20 revenue forecasts by 4–5% and adjusted EBITDA by 5–7%. Meanwhile, a key appointment has been made to drive sales in North America and SNP is close to announcing the hire of a new COO. SNP has a number of recent successful pilots, which it is optimistic will convert into larger projects. While the shares look punchy on c 32x our FY19e EPS, the rating could fall quickly as new projects come through.


Growth continues apace

Update | Technology | 05 Feb 2019

DATAGROUP recorded another strong year of growth with revenue increasing by 22%, including 3.3% organic growth, or 6% when adjusting for discontinued activities from acquisitions. The recent acquisitions of ikb Data, HanseCom and ALMATO all performed well. During the year the group won its largest ever contract worth high double-digit million euros. This deal, with NRW Bank, was only attainable due to the ikb Data acquisition. With the shares having drifted back c 25% over the last year the rating looks increasingly attractive at c 8x EBITDA.

Beta Systems

Underlying positive trends

Update | Technology | 31 Jan 2019

While FY18 numbers dipped as management expected, revenue and EBITDA were in the top half of guidance. The results reflected weaker software licence renewals, which reduced revenues and slashed margins. FY18 cash generation was strong, with operating cash flow up nearly 60% at EUR 8.3m and the maintenance book continued to grow with the help of acquisitions. In our view, the shares are attractive, noting the potential sub 6x FY20 EV/EBITDA ratio, given the strong cash generation and high level of recurring revenues (we estimate 80%+ in FY18).


Broadly in line as new CEO starts in mid-February

Update | Technology | 29 Jan 2019

FY18 numbers were broadly in line with expectations and we have maintained our forecasts. Management remains confident on the outlook as the group stands to benefit from the streamlining and investment of the last few years. In December, Brady appointed Carmen Carey, currently a Brady non-executive director, as its new CEO. An initial priority for the new CEO will be developing the new sales strategy. The market opportunity is substantial, and we believe Brady is well positioned to benefit from the significant sector consolidation.


GBP23m of new business since mid-December

Update | Technology | 28 Jan 2019

SCISYS has released a confident trading update and we are maintaining our forecasts. Cash flow was healthy, with net debt of GBP 3.1m slightly better than the GBP 3.7m we expected. The order book (c GBP 100m at end-FY18) has been bolstered by c GBP 23m of contract wins since mid-December, of which c GBP 8m were after the period end. The move to redomicile to an EU country before the final Brexit deal is already paying off, as c GBP 18m of this business was only winnable if the group parent company was based in an EU country, due to Brexit. With Space and ESD showing solid organic growth, and the full benefits from the M&B/Annova merger yet to flow, we believe the stock is attractive on c 14x our FY19e EPS.

StatPro Group

Adjusted EBITDA jumps by 32%

Update | Technology | 24 Jan 2019

StatPro’s FY18 EBITDA was slightly ahead of our expectations, while revenues came in lower than expected. The resulting margin gain reflects management’s determination to improve profitability levels. As we have pointed out previously, margins stand to benefit from the group’s increasing scale and costs dropping out as the group’s software platforms are streamlined over the next few years. In our view, the shares continue to look attractive, given the group’s c GBP 56m recurring revenue book and the declining rating (c 15x FY19e), especially in light of the active M&A backdrop in the financial software sector.

SNP Schneider-Neureither & Partner

Capital base is boosted

Update | Technology | 07 Jan 2019

In December, SNP completed its capital increase, raising gross proceeds of EUR 18.7m (c EUR 17.6m net). The funds will provide the group with significant financial flexibility and support its international growth strategy, including acquisitions. We have updated our model for the capital increase, which results in EPS coming back by 17.1% in both FY19 and FY20, solely reflecting the dilution impact from the new shares. Following the Q3 results, which showed a strong recovery in profits, we noted that there were signs that the group’s important S/4HANA transformation business had been picking up as SNP had won several small S/4HANA migrations. While the shares look punchy on c 27x our FY19e earnings, the rating could fall quickly as new projects come through.

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.


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.


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.


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.