INDRA SISTEMAS: Encouraging FY19 results, free cash flow and FY20 guidance | BUY | EUR15 vs. EUR14 (+60%)
INDRA SISTEMAS - BUY | EUR15 vs. EUR14 (+60%)Encouraging FY19 results, free cash flow and FY20 guidance
FY19 results were in line with the consensus
Free cash flow and net debt are slightly better than our forecasts
FY20 guidance is encouraging, with FCAS in sight beyond 2021
We raise our Fair Value to EUR15 from EUR14
Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.
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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