Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ESKER SA. We currently have 7 research reports from 1 professional analysts.
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German EDI acquisition
31 Oct 16
Esker has signed an agreement to acquire e-integration, a German electronic data interchange (EDI) business, for an undisclosed amount. This complements last year’s acquisition of CalvaEDI and strengthens Esker’s presence in German-speaking countries. With a similar business model to Esker, e-integration will add recurring revenues and a strong German customer base.
Strong H1 supports FY16 outlook
23 Sep 16
Esker's H116 results confirmed that the company is on track to meet its revenue growth target for FY16 and profitability has increased on a year-on-year and sequential basis. SaaS-based revenues continue to grow and make up an increasing proportion of revenues. We leave our forecasts substantially unchanged.
H116 trading supports FY16 outlook
20 Jul 16
Esker’s Q2 revenue update confirms that the company is on track to hit its revenue growth target for FY16. Q216 y-o-y revenue growth of 14% and H116 organic growth of 15% underpin our forecast for FY16 revenue growth of 15% and consequently we maintain our forecasts. The company’s strong balance sheet supports its organic growth and acquisition plans.
04 May 16
After a strong performance in FY15, Esker is on track to generate doubledigit revenue and margin growth in FY16 and FY17. We upgrade our FY16 forecasts to reflect stronger revenue growth combined with increased investment in the business, and we introduce FY17 forecasts for 10% revenue and 16% earnings growth. Investment in product development, either internally or via acquisition, should support sustained growth.
Strong underlying growth drives upgrades
27 Jan 16
Esker’s FY15 revenue update confirmed that strong growth continued into Q415, with full year revenue growth of 27% and organic constant currency growth of 13%. The company expects strong growth to continue in FY16 – we have upgraded our forecasts to reflect this, with EPS upgrades of 10% in FY15e and 13% in FY16e.
24 Sep 15
Esker confirmed that strong H115 revenue growth translated to material operating margin expansion. Integration of recent acquisitions is nearly complete, with a €0.5m contribution to revenues in H115. We have upgraded our revenue and EPS forecasts for FY15 and FY16, but with FY16 forecasts in particular set at a conservative level, we believe there is further potential for upgrades.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
A data-driven H1 raises expectations
05 Dec 16
The first reporting period under the new D4t4 Solutions brand saw the group (previously IS Solutions) deliver good growth, leaving it well on track to meet PBT forecasts in FY 2017, and we now increase FY 2018 forecasts. The business continues to flourish from its focus on data management and analytics, enabling its international blue-chip client base to gather and gain advantage from the mass of customer data available, utilising the leading-edge Celebrus solution. Industry analysts predict 12% CAGR for the BI & Analytics market through to 2020, and D4t4 is riding this wave of demand.
09 Dec 16
Ideagen* (IDEA): Acquisition of IPI Solutions (CORP) | Lombard Risk Management* (LRM): Atos deal improves routes to German market (CORP) | Photo-Me* (PHTM): Upgrade to FY forecasts (CORP) In other news… Frontier Developments* (FDEV): ED coming to Xbox and Planet Coaster update (CORP) | LiDCO* (LID): Analyst interview (CORP) | Rude Health: Analyst interview
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
N+1 Singer - Morning Song 05-12-2016
05 Dec 16
RTHM is acquiring a profitable Canadian listed mobile specialist for equivalent of US$42.5m consideration in shares (88.235m). This helps adds to two growth vectors RTHM is targeting; (i) adds unique exclusive audience (10m unique) and (ii) Exclusive demand Yahoo and Facebook. The business has 15 premium and owned and operated apps which provide users with rewards for activity. The business is expected to deliver c$9m of EBITDA in FY18 including $2m of cost synergies. This equates to just 4.7x EV/EBITDA. This marks what we see the first step in RTHM activity to scale the business and deliver on margin potential (see our initiation notes). Our initial estimates for EPS revisions are very significant - for FY18 are 2.3 cents (currently 0.6) and for FY19 4.3 (currently 2.5). There is a call at 830 for investors and we will revise post this.
A Good Deal of Potential
07 Dec 16
The Millstream acquisition should generate substantial shareholder value in our view. It boosts adjusted EBIT by c.50% for just a £15.5m price tag, and the complementary customer set and product base create excellent cross selling opportunities. We raise our FY17 adjusted EPS estimate to 7.6p and introduce a FY18 estimate of 9.6p. PROACTIS is building its reputation for intelligent M&A and shrewd organic delivery; we expect to see further delivery on both fronts.