Axway Software: H1 2018 operating profit way above expectations, FY18 guidance in line
Axway Software: (SELL, Fair Value EUR16 (-18%))H1 2018 operating profit way above expectations, FY18 guidance in line
Yesterday evening Axway reported H1 2018 results with non-IFRS operating profit way above our forecasts - investments in the Amplify platform were launched late in H1 -, while sales were in line with expectations. For 2018, management expects revenues down 0-3% lfl and a non-IFRS operating margin of 8-11%, while the new CEO Patrick Donovan has not changed 2020 ambitions. We deem the share price to react positively short-term, but the turnaround remains uncertain in our view.
Axway Software is an IT consulting and services company which is active in the Middleware market. Co. is active in the four sectors of the Middleware market which are: Managed File Transfer (MFT), Business to Business (B2B), Application Programming Interface (API), and Secure Gateways. Co. provides infrastructure software that is used to develop and secure the electronic information exchange networks (business interaction networks). These networks cover all interactions between internal entities and external entities. They also support exchanges between applications or between users and information systems. Co.'s platform is Synchrony™ covering all interaction media.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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