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Research Tree provides access to ongoing research coverage, media content and regulatory news on CREALOGIX HOLDING AG-REG. We currently have 4 research reports from 1 professional analysts.
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CREALOGIX HOLDING AG-REG
CREALOGIX HOLDING AG-REG
Exceptional H1, but a slower H2 is anticipated
29 Mar 17
CREALOGIX saw strong momentum in H117 on the back of the group’s internationalisation strategy, supported by favourable digital banking industry dynamics. The numbers were boosted by several large deals that were booked earlier than anticipated and hence management anticipates slower licence sales in H2. While customers’ decision making in the UK remains frozen following the Brexit vote, management continues to see the UK as one of the most attractive markets. The recent expansion in Germany is working out well, as demand remains strong. Given the strength of the H1 numbers, we have moved up our FY17 EBITDA forecasts from CHF4.0m to CHF6.0m. Given the attractive growth drivers and strong balance sheet, we believe the shares are attractive on 17x our FY19e EPS.
On target in spite of sterling hit
08 Nov 16
CREALOGIX posted a strong performance in FY16, which follows a period of significant investment, with revenue growth of 28% and a return to profitability. EBITDA was significantly ahead of our expectations at CHF3.7m vs CHF1.4m forecasted. However, we are conservatively cutting our FY17 profit forecasts as the group’s recurring SaaS revenue book in the UK has been reduced by the fall in sterling and the growth outlook has been affected by uncertainties around Brexit. However, this is largely balanced by the growing opportunities in Germany, where projects typically involve greater services revenues, and hence our FY18 forecasts remain broadly the same. Given the attractive growth drivers and strong balance sheet, we believe the shares are attractive on 18x our FY19 EPS.
Leader in digital banking technology
13 Jun 16
CREALOGIX’s front-end banking applications have gained strong credence in the Swiss market, where the group’s core online/mobile applications are in exclusive use in 11 of the top 30 Swiss banks. CREALOGIX is now expanding the opportunity globally, primarily targeting the UK, Germany and Austria as well as the nascent Asian market. The group returned to EBITDA profitability in H116 and in our view is well positioned to benefit from attractive business drivers as traditional banks are forced to update their technology to maintain competitiveness against nimble fintechs entering the space.
The revenue ramp up begins
23 Mar 16
CREALOGIX’s front-end banking applications have gained strong credence in the Swiss market, where the group’s core online/mobile applications are in exclusive use in 11 of the top 30 Swiss banks. CREALOGIX is now expanding the opportunity globally, primarily targeting the UK, Germany and Austria as well as the nascent Asian market. The group has returned to EBITDA profitability and in our view is well positioned to benefit from attractive business drivers as traditional banks are forced to update their technology to maintain competitiveness against nimble fintechs entering the space.
Recovery not reflected in the share price
25 Apr 17
Prelims for the year to January 2017 are in-line but more importantly they confirm the restructuring process is now complete, prove the commerciality of its cloud based platform and demonstrate a move towards higher margin services. PBT was £1.2m (against a loss last year), adjusted EBITDA grew 56% to £2m and cash from operations turned positive at £0.9m allowing a net cash position to be maintained. For this year, we expect PBT growth of 77% to £2.2m (previously £2.5m), implying a current PE rating of 15x. We reiterate our buy recommendation with a 2.2p price target as the turn around generated by Redstone has yet to be reflected in the share price.
Panmure Morning Note 25-04-2017
25 Apr 17
Blancco Technology, a leading provider of data erasure solutions and mobile device diagnostics, has issued a mixed Q3 trading update. On the positive side, revenue progression has been extremely strong, with a material acceleration in sales growth during the quarter: +48% CFX basis during 3Q17 vs +28% during 1H17. However, cash flow is weaker than expected and management has guided that year end net debt is expected to be £5.5m (previously we were looking for net debt of £3.6m). Due to the timing of cash flows management has identified the need for additional short term funding of £4m over the coming weeks.
N+1 Singer - Servelec Group - Calling the bottom
20 Apr 17
We are increasingly confident that Servelec’s travails are behind it and the business is returning to growth. Recent share price weakness looks unwarranted in this context and the valuation now looks compelling. Our forecasts are essentially unchanged, but we see medium term upside as the group’s markets improve. Servelec remains a key idea for 2017 and we reiterate our Buy recommendation and 325p Target Price.
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)
N+1 Singer - Morning Song 24-04-2017
24 Apr 17
First Derivatives (FDP LN) FY slightly ahead as strong trading momentum continues | Goals Soccer Centres (GOAL LN) A potentially exciting corporate development | mporium Group (MPM LN) 2016 results: course set for exciting 2017 | Vectura Group (VEC LN) VR315 risk outweighs longer-term potential