Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on EQS GROUP AG. We currently have 7 research reports from 1 professional analysts.
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Research reports on
EQS GROUP AG
EQS GROUP AG
Growth stimulus from regulatory changes
16 Nov 16
EQS Group’s Q3 results are the first to incorporate ARIVA, consolidated from 1 July. The purchase of this 51.1% stake was timely, benefiting from projects related to PRIIPs regulation. Year-to-date organic revenue growth of 8% reflects both growing international operations (non-Germany now 24% of group) and a pick-up in domestic activity related to the Market Abuse Directive. Recurring revenues (cloud-based services and licence income) were 71% of top line, despite the level of project work, highlighting the quality of earnings. Our FY16 forecast is unchanged, while FY17 is adjusted for higher ARIVA revenues but greater levels of investment. The shares remain undervalued.
08 Sep 16
EQS is building its global network, leveraging increasing digitisation of corporate investment relations. The raising of standards, buoyed by ever-growing layers of regulation, make DIY solutions less attractive for many corporate investor relations departments and give EQS a larger pool from which to recruit clients. Continuing investment in the product suite and geographical reach has restrained returns through FY15 and H116, but margins should recover over the medium term. The rating is starting to reflect the progress, but still sits at a notable discount to peers.
Ariva acquisition well timed
20 Jun 16
EQS Group’s increase of its shareholding in Ariva to a controlling stake is well timed ahead of the expected changes to the PRIIPs regulation in January 2017. This regulatory change should drive demand for Ariva’s newly launched PRIIP software, which has the potential to become a significant new product line for the now enlarged group. As the acquisition is earnings accretive, we raise our earnings estimates for both FY16 and FY17, although this is not visible at the EPS level in FY16 as we have taken the opportunity to revise our forecast tax rate for that year.
Pushing the international growth plan
02 Jun 16
Q116 shows a similar pattern to end 2015, with growth in revenues from the group’s international operations more than offsetting the weakness in the domestic German market. Full-year guidance (and our estimates) for FY16 revenue and non-IFRS EBIT are unchanged from the time of the FY15 results in April. The costs involved in entering and developing new markets has had an obvious impact on near-term margins, but gives the group the stepping stone to a global offer, with an early-mover advantage in Asia. The price does not fully reflect the scale of the opportunity.
Investing in expansion
21 Apr 16
EQS Group’s FY15 figures reflect the impact of accelerated expansion to establish the group as a leading global provider of digital IR solutions. December’s Swiss acquisition provides market leadership in that territory, while the January 2016 purchase of Obsidian gives a strong base from which to leverage UK growth. Asia remains the region with the greatest potential to transform the group. The valuation remains at a marked discount to global software and B2B media peers, partly reflecting the earlier stage of corporate development, but not signalling a growing SaaS revenue stream.
Pushing ahead in Asia
03 Dec 15
EQS’s Q315 numbers show that is making good progress in building its Asian business, albeit at a cost to margin in the current year. The strong growth in revenues for both Websites & Platforms (buoyed by Asia) and for Reports & Webcasts more than made up for the weakness in Distribution & Media as the SME bond market ground to a halt. Regulatory Information & News performance continues to be constrained by de- and down-listings in the German market. The group’s valuation should expand as management demonstrates successful delivery on its overseas expansion plans.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
Small Cap Breakfast
23 Mar 17
K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.
21 Mar 17
NAHL has a track record of being highly innovative around changes in regulation and we believe the changing personal injury landscape presents an opportunity to build market share. The recent strategy statement provides forecast benchmarks to base long term investment decisions. Whilst the shares are up 21% over the last month, valuations remain very modest with a FY17 PE of just 6.5x and a dividend yield of 10.4%. We believe the shares are meaningfully oversold and expect a recovery bounce to over 200p short term.