Report
Charles Edouard Boissy
EUR 239.93 For Business Accounts Only

DCF upgrade by 13.8% (EasyVista)

DCF CHANGE

CHANGE IN TARGET PRICE€ 51.8 vs 49.5 +4.63%
Target price is slightly up (€51.8 vs €49.5), after making some changes to our model following the 3 April analyst meeting. Growth momentum in 2019-20 should be close to +20% p.a., triggering a significant EBITDA margin growth, as c.90% of costs are fixed. Management's 20% EBITDA/sales target by 2021 (from 10% in 2018) looks realistic.

CHANGE IN DCF€ 57.1 vs 50.1 +13.8%
Our DCF methodology is hardly changed, although the 14% upgrade stems from the slightly improved sequence of 2019-21 assumptions. We remain conservative in our modelling over 2022-28 (+2% p.a. in cash generation).
Underlying
Easyvista

Easyvista SA. Easyvista SA is a France-based company that specializes in information technology (IT) management. The Company provides integrated and modular solutions to cover a range of IT management requirements, including programs for inventories, audits, and asset management for IT and telecommunication equipment, among others. In addition, it offers maintenance, training and consulting services relating to its software programs. The Company's products are primarily marketed under the EasyVista brand name, offering EasyVista Classic (the traditional license option) and EasyVista.com (Software as a Service mode). The Company is operational in six countries, including France, the United States, the United Kingdom, Spain, Portugal and Italy, and has also a network of over 60 certified partners in 16 countries in Europe, Africa, the United States, Canada and Asia. It operates through Rift Technologies and Knowesia SAS.

Provider
AlphaValue Corporate Services
AlphaValue Corporate Services

AlphaValue Corporate Services capitalise on the research and credit analysis expertise deployed by AlphaValue with major institutional investors at European level over the past nine years. The proprietary tools and processes enabling AlphaValue Corporate Services to establish a valuation and/or a credit risk assessment are identical to those used by AlphaValue to the benefit of its institutional clients. The only difference is the recognition that a company evaluation cannot be dissociated from the fact that the latter is paying for the service (AlphaValue Corporate Services), as opposed to the investor footing the bill (AlphaValue). AlphaValue’s research tools are characterised by the transparency of the valuation methodologies, their responsiveness to market data and by nine years’ experience of a universe numbering more than 450 European companies. Through its coverage and sector exhaustiveness, AlphaValue ranks alongside the major research houses in Europe and constitutes the only new entrant to the European space in the past decade. This significant presence is reflected in an unrivalled distribution capability via platforms commonly adopted by investors to access research: Factset, Bloomberg, Capital IQ and the numerous websites. AlphaValue is one the largest research contributors to these platforms, to the benefit of AlphaValue Corporate Services issuer clients.  The AlphaValue Corporate Services analysts are AlphaValue’s sector specialists. Their robust knowledge of the business models in their sectors enables the rapid generation of incisive, relevant research and advantageous interaction with the management teams.

Analysts
Charles Edouard Boissy

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