Report

Transition year is behind, brighter outlook (Keyware)

Transition year is behind, brighter outlook

TARGET CHANGE

CHANGE IN EPS2018 : € 0.18 vs 0.20 -8.03%
2019 : € 0.22 vs 0.26 -17.3%
After a difficult year of transition for Keyware, which was mainly seen through the Payment Terminal (PT) division’s lower revenues and profitability, we have decreased our earnings forecasts for the years to come. The PT division should remain under pressure, but the company should quickly and quite strongly benefit from the development of its Software division and from its recent acquisitions. Thanks to these, we keep a positive opinion on the company which should quickly see synergies between its acquisitions and its home market. FY 17 looked like a transition year and Keyware’s evolution towards software is sound in the competitive PT market.
Underlying
Keyware Technologies N.V.

Keyware Technologies NV. Keyware Technologies NV is a Belgium-based independent network service provider that offers electronic payment solutions. It is engaged in the: personalization, programming, installation, maintenance, rental and sale of fixed, portable and mobile payment terminals; implementation of payment transactions using Visa, MasterCard, Maestro, Amex, V-Pay, and JCB, among others; payment services for electronic-commerce and mobile-commerce; solutions for loyalty cards, as well as development and management of its payment transaction platform. The Company operates in two segments: Payment Terminals, engaged in the rental of terminals, the sale of payment terminals, installation of payment terminals, revenues related helpdesk and revenues relating to on-site interventions, as well as Payment Authorization, engaged in income related payment transactions and authorization services, transaction management for third parties, as well as loyalty processing and analysis services, among others.

Provider
AlphaValue Corporate Services
AlphaValue Corporate Services

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Analysts
Marc Laubel

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