Bryan Garnier - CAST SA (CAS) CAST: Q4 2018 revenues way below expectations | NEUTRAL vs. BUY | EUR4.1 vs. EUR4,7

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Bryan Garnier

Gregory Ramirez

CAST: Q4 2018 revenues way below expectations | NEUTRAL vs. BUY | EUR4.1 vs. EUR4,7

CAST - NEUTRAL vs. BUY | EUR4.1 vs. EUR4,7 (+5%)
Q4 2018 revenues way below expectations

Cast missed the two largest licence deals expected for the year
More losses are expected for 2018
Breakeven is delayed to 2019
We downgrade our rating to Neutral, new Fair Value of EUR4.1

05/02/2019 4 EN

Underlying

CAST SA

Cast is engaged in the design, publishing and distribution of computer software programs. Co. also offers IT consulting and technical assistance for professional information systems. Co. operates in France, U.S.A., Belgium, Spain, Italy, Switzerland, and Germany.

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FR0000072894 Euronext Paris France

Provider

Bryan Garnier

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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Analysts

Gregory Ramirez

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CAST: Q4 2018 revenues way below expectations | NEUTRAL vs. BUY | EUR4.1 vs. EUR4,7

Deloitte partners with CAST to launch a "Green IT by Design" offering

CAST expands ecosystem to help accelerate Application Modernization for Cloud

CAST revenue stable in Q1 as CAST confirms transition to annual subscriptions

Fielmann: margin potential unleashed

Fielmann: strong margin delivery in Q1 2025

Lhyfe: EUR53m debt financing

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