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VASCO Data Security

Investing for sustained growth

Update | Technology | 26 Feb 2015

Revenue momentum built in 2014 with Q4 revenues +44% year-on-year. VASCO plans to capitalise on the interest it is seeing in its new products by expanding S&M efforts, which, with a doubling of order backlog at the start of the year, should support ongoing double-digit growth. Share performance is likely to be driven by news regarding significant new customer wins and effective investment of its $137m net cash balance.

VASCO Data Security

Delivering on strategy

Update | Technology | 10 Nov 2014

Q3 was VASCO's best revenue quarter yet. Management is delivering on strategy to increase the share of revenues from repeatable revenue streams, which should make growth less volatile and, along with the positive forward indicators, gives us confidence that 2015 will again be a growth year despite the increasingly difficult basis of comparison. On a 28x 2015 P/E, evidence of ongoing strong momentum into 2015 is key to driving further share price performance.

VASCO Data Security

From strength to strength

Update | Technology | 31 Jul 2014

VASCO's Q2 revenues increased 28%. With three quarters of year-on-year growth and a strong pipeline reported, growth has been firmly re-established across both divisions. We raise our earnings forecasts by 31% this year and 21% next year. The current share price, while at a c 20% P/E premium to peers in 2015, does not fully capture the cyclical recovery being experienced and the structural growth possibilities available.

VASCO Data Security

Banking on stronger authentication

Initiation | Technology | 15 May 2014

After a challenging 2013, recent trading has picked up and VASCO reports a strong pipeline of deals. If management can execute on its strategy, strong earnings growth should be expected through operational leverage and an improved product margin mix. The current share price does not fully capture the potential for growth and operating margin expansion, which at 11% in 2013 is considerably below historic levels and should represent a trough.

VASCO Data Security

A strong finish to a volatile year

QuickView | Technology | 20 Feb 2014

After a turbulent year, VASCO reported revenues and operating profits at the top end of guidance in Q4, with growth coming from both the banking (+8%) and the enterprise application (+26%) verticals. It has boosted its sales presence, 'rightsized' its cost base and is cautiously optimistic going in to FY14. On FY14 consensus P/Es, it trades in line with peers o its ability to deliver on its enterprise application strategy is key to driving rating expansion from here.

VASCO Data Security

Strong pipeline

QuickView | Technology | 30 Jul 2013

With a very strong pipeline in the banking vertical going into H2, management could retain full-year guidance despite a weak Q2 (revenues -20% y-o-y) and ongoing weakness from its Enterprise and Application business. Although at an early stage, commercialisation of SaaS-based products is progressing, positioning the company well in this emerging sector. VASCO is well positioned in the cyber-security market and growth is underpinned over the next few months. Following the Q2 miss, the share has been marked down and trades on 17.5x P/E o mid of its peers.