Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on EXPERT SYSTEM SPA. We currently have 3 research reports from 1 professional analysts.
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EXPERT SYSTEM SPA
EXPERT SYSTEM SPA
Building the foundations for growth
17 Nov 16
The focus on integrating the TEMIS acquisition slowed the pace of customer wins in H116, resulting in a dip in revenues and EBITDA. With this integration largely complete, we expect a better rate of new business wins in H216. We have reduced our forecasts to reflect H1 performance and incorporated the recent fund-raising. The company continues to focus on evolving the product, developing indirect sales channels and building the business in the US.
Investing in the international opportunity
30 Jun 16
Expert System’s 2015 acquisition of TEMIS has put it in a strong position to leverage its award-winning cognitive technology across a much larger global footprint in the text analytics market (expected to reach $6.5bn by 2020). It has extended its strategic partnerships, including becoming a Google Premier Technology Partner and developing its relationships with system integrators. Its impressive client base includes Eli Lilly, Thomson Reuters, UniCredit, Shell, and a number of national security agencies. Our base case DCF suggests a share valuation of €2.78, while recent fund-raising deals in the sector suggest the potential for a higher value.
Leveraging Cogito technology internationally
17 Dec 15
Expert System is transitioning from being largely Italy-facing into a truly international business with operations in the US, UK, France and Germany. The company estimates that the TEMIS acquisition (completed in September) will increase foreign exposure from 11% (H114) to 65% (H115 pro forma). Based on H115 results, we have reduced our FY15 revenue forecast for Expert System. With the inclusion of TEMIS, we forecast 46% group growth for FY15. We introduce a forecast for FY16 of 52% growth, supported by the recently announced commercial partnerships with Google and Atex, and a full-year contribution from TEMIS.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
Panmure Morning Note 18-01-2017
18 Jan 17
Blancco technology, a leading provider of data erasure solutions and mobile device diagnostics, has announced that its underlying profits are ahead of expectations. Organic sales growth remains strong, the group continues to win larger ticket orders and the mobile diagnostics is performing ahead of plan. Consequently, we are raising our FY17 PBT forecast from £8.0m to £8.3m.
N+1 Singer - NCC Group - Interims confirm underlying business sound
19 Jan 17
NCC’s interim results were largely flagged in the detailed trading update released in December. Group revenue increased 35% to £125.8 (organic growth +18%) and adj. EBITDA grew 15% to £21.3m. The group’s issues relating to contract losses/deferrals in the period were previously announced and are already included in our forecasts. The group has maintained its interim dividend at 1.5p, which we believe is an indication of the strong underlying business. Separately, NCC has announced that Paul Mitchell intends to step down as chairman in May ’17. We continue to believe that NCC remains a highly attractive asset in an area seeing strong structural growth and see the current share price weakness as an opportunity. We retain our Buy recommendation and 233p target price.
N+1 Singer - dotDigital Group - Trading update
17 Jan 17
dotDigital issued a trading update for the six months ended 31 December 2016, indicating revenue growth up 17% y-o-y to £15.0m with EBITDA in line with market expectations and on track for the full year. Cash has grown to £18.9m. Revenue was slightly light of expectations owing to a slower start in the US but Q2 already showed improvement with a strong pipeline building. Our EBITDA and EPS forecasts are unchanged but revenues trimmed by 4% for both years. There is much activity in broadening avenues of growth in terms of new connectors, partnerships and geographical footprint and we remain positive of its prospects. Interim results will be released on Feb 21.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.