Prodware is engaged in the publishing and hosting of business computer solutions. Co. publishes and integrates management software for accounting management, human resources, customer relations, pay stubs, production, etc. In addition, Co. is involved in the design and implementation of network applications and securitization services. These applications and services include supply of network systems, server installation and hosting, and installation of security software such as antivirus and anti-intrusion. Co. markets its products and services through a network of agencies in France, as well as through partner distributors internationally.
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.
Proxinvest attire l'attention des actionnaires sur certains points. Tout d'abord le conseil n'est toujours pas majoritairement indépendant. Proxinvest déplore l'absence de dispositions mises en place par la Société pour améliorer son taux d'indépendance, qui est actuellement nul. Par ailleurs en ce qui concerne les autorisations d'augmentation du capital, la Société ne suspend toujours pas ces opérations en période d'offre publique. Ces résolutions peuvent donc être assimilées à des dispositifs anti-OPA et de ce fait, vont à l'encontre de notre politique de vote. Proxinvest recommande donc a...
A director at Prodware bought 65,962 shares at 7.864EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board mem...
Concernant la composition du Conseil, Proxinvest déplore l’absence de dispositions mises en place par la Société pour améliorer son taux d’indépendance, qui est actuellement nul. Par ailleurs en ce qui concerne les autorisations d'augmentation du capital, la Société ne suspend toujours pas ces opérations en période d'offre publique. Ces résolutions peuvent donc être assimilées à des dispositifs anti-OPA et de ce fait, vont à l’encontre de notre politique de vote. Proxinvest recommande donc aux actionnaires de ne pas approuver la majorité de ces autorisations.
Taking on-board the Norwegian disposal and near-term market headwinds EPS CHANGE CHANGE IN EPS2020 : CHF 0.56 vs 0.05 +934% 2021 : CHF 0.50 vs 0.63 -19.9% While prevalent macro headwinds result in the normalisation of our earnings estimates, 2020 should nevertheless benefit via the (non-cash) gain (CHF22m) on the disposal of the Norwegian rare earth metal asset.
OPINION CHANGE CHANGE IN OPINIONBuy vs Add CHANGE IN EPS2020 : CHF 5.17 vs 3.80 +35.8% 2021 : CHF 4.68 vs 4.51 +3.77% Following Swissquote's press release today regarding the H1 20 numbers, we have adjusted our numbers for 2020 and going into 2021. H1 20 revenues and profit before tax are indeed 40% and 120% higher yoy. As mentioned in today's Latest, this has come from the sharp increase in market volatility (more trading and opening of new accounts). We expect part of this new business to be sustainable going into 2021 and 2022.
Robust funding, promises in locks & safety TARGET CHANGE CHANGE IN TARGET PRICE€ 2.60 vs 3.17 -17.8% Our target price is mechanically cut by allowing for a c. 23% drop in 2020 revenues and a best guess at zero profits. The small industrial conglomerate entered the COVID-19 crisis with a very strong balance sheet and a cool-headed owner and CEO. It should rebound as quickly as its underlying markets, notably the promising security/safety ones. CHANGE IN EPS2020 : € 0.00 vs 0.21 -98.5% 2021 : € 0.16 vs 0.25 -35.1% 2020 earnings reflect the fact that a near 25% drop in revenue cannot help abs...
The positive on EBITDA, the negative on free cash flow EARNINGS/SALES RELEASES In 2018, Prodware had satisfactory EBITDA in a challenging transformation to SaaS. Conversely, free cash flow was disappointing due to a deterioration in the collection of trade receivables in Q4 18, a strong increase in capex due to the renovation of the headquarters and agencies within the group. Management confirmed the focus on the development of SaaS revenue, margin improvement and higher free cash flow by the end of the strategic programme 2016-21. FACT 2018 figures Revenue reached €175.9m (+4.9%, +4.3...
EBITDA margin increase anticipated based on good revenue. EPS CHANGE CHANGE IN TARGET PRICE€ 15.5 vs 15.4 +0.72% The adjustment of the target price is related to the fine-tuning of our model (see our comments on the change of 2018E EPS). The share price has recovered since the beginning of the year 2019 (+10% ytd) but has underperformed the software sector (+12.3% ytd) (situation on 25 February 19). The stock is trading at low PE ratios (
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