Gemalto: H1 2018 in line with expectations, FY 2018 guidance maintained
Gemalto: (TENDER TO THE OFFER, Fair Value EUR51 (+3%))H1 2018 in line with expectations, FY 2018 guidance maintained
GTO’s H1 results were in line with expectations, mainly driven by the revenue increase in the Identity, IoT & Cybersecurity segment and the US EMV market demand normalisation. Management confirmed its FY 2018 guidance. The combination process of Gemalto with Thales is on track. The transaction is expected to close by year end 2018 (after all customary regulatory approvals and clearances). From our side, we reiterate that it should occur at the end of 2018 or the beginning of 2019 as one month ago EU's provisional deadline to rule on Thales acquisition of Gemalto has recently been extended to 8th January 2019. We maintain our ‘Tender to the Offer’ recommendation and FV of of EUR51 (at the offer price).
Gemalto is a holding company. Co., through its subsidiaries, provides digital security solutions, mobile connectivity, identity and data protection, credit card safety, health and transportation services, e-government and national security by supplying to governments, wireless operators, banks and enterprises a wide range of secure personal devices, such as subscriber identification modules (SIM) in mobile phones, smart banking cards, electronic passports, and USB tokens for online identity protection. Co. also provides software, systems and services to help its customers achieve their goals. Co. operates in three business segments: Mobile Communication; Secure Transactions; and Security.
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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