Temenos : Medium-term targets more realistic but still ambitious. Underperform rating reiterated
>Temenos targets a 2024-2028e CAGR for revenue of 7.8% vs 7% for the market - Yesterday in London, Temenos held its second CMD of 2024, an opportunity for management and the new CEO (who arrived in May), Jean-Pierre Brulard, to present and fine-tune its new medium-term targets (see table on page 2). The group has also announced a new growth forecast for the banking software market with a 2024-2028e CAGR of 7% (vs 10% previously), one percentage point above our es...Temenos is engaged in the development, marketing and sale of banking software systems. Co. is also involved in supporting the implementation of the systems at various client locations around the world as well as in offering help desk support services to existing users of TEMENOS software systems. Co.'s client base consists of banking and other financial services institutions. Co.'s segments include: Product, which is engaged in marketing, licensing and maintaining Co.'s software solutions, including software development fees for requested functionality, as well as providing hosting arrangements; and Services, which represents various implementation services such as consulting and training.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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