Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on INVISION AG. We currently have 2 research reports from 1 professional analysts.
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04 Nov 15
InVision is a leader among European software-as-a-service (SaaS) companies with its workforce management (WFM) software for small and medium-sized call centres. The Call Center School (TCCS) is also an early leader in the market for online training for call centre agents. Both markets are expected to grow strongly as adoption rates increase. On a multiples basis, InVision stands at a significant discount to other SaaS plays and the scenario implied in our reverse DCF analysis is not demanding.
11 Aug 15
The H1 preliminary figures, released on 6 August, showed continued progress and revised guidance for the full year was little different from our forecasts. The cloud-based businesses, injixo cloud and The Call Center School (TCCS) continue to show very strong growth and the projects business is not slowing as rapidly as we anticipated. The shares continue to trade at a discount to the leading US SaaS/cloud players and our reverse DCF calculations imply that the strong growth of injixo cloud and TCCS are far from reflected in the share price.
N+1 Singer - IQE - Upgrade cycle set to continue
24 Mar 17
IQE’s FY’16 results showed good growth in all key segments and came in c.4% ahead of our recently upgraded forecasts. We have upgraded our forecasts today by 5% and 3% in FY’17 and FY’18 respectively, but expect the upgrade cycle to continue. The increase in capex in FY’16 looks to us a strong indication of future volume increases, and we see scope for significant upgrades through the course of our forecast horizon. We highlight three opportunities in this note, each of which could materially move the needle in its own right. IQE is one of our key picks for 2017 and has performed strongly YTD (+48%), but we believe there is more to go for. We increase our target price to 76p and retain our Buy recommendation.
Or, helping a juggernaut turn on a dime
24 Mar 17
Sopheon has spent many years evolving a state-of-the-art platform allowing Enterprise customers to manage and monitor their pipelines of innovation. As this market matures and on the back of some major reference client wins, Sopheon’s Accolade product is beginning to see material success on a number of fronts. This note describes the marketplace, the technology, and the progress now being achieved.
Stronger and stronger
23 Mar 17
Sopheon has reported strong prelims in line with the January trading update which had demonstrated that revenue delivery had been achieved on cost underspend, leading to EBITDA (+7% vs FY16E) and adjusted PBT (+22%) outperformance. Strong licence sales, high levels of recurring revenue retention (94% by value), and ever upgrading product portfolio in terms of functionality delivered revenue strength. Gartner recognition illustrates the transition from a product which needed to be described then sold, to a solution set sought by customers to deal with the increasingly acknowledged enterprise problem of efficient product lifecycle management. Sopheon is well positioned for future growth, and board confidence for future growth leads to planned increase in investment, yet still delivering $5.6m ($5.3m pre FX) EBITDA. Having smashed through our FY16 forecasts and target price, we restore FY17 forecasts and lift the 12-month target from 360p to 620p.
Acquisition of Infracast Limited
27 Mar 17
IMImobile have announced the acquisition of Infracast Limited for an initial consideration of £8.2m. Infracast is a leading provider of multi-channel messaging applications and will expand IMImobile’s customer base whilst providing significant cross-selling opportunities. This looks another high quality acquisition. We remain Buyers and increase our T/P to 220p.