SWORD GROUP: Outstanding Q2 revenues, raised revenue targets, but declining net cash in H1 | BUY | EUR59 vs. EUR62
SWORD GROUP - BUY | EUR59 vs. EUR62Outstanding Q2 revenues, raised revenue targets, but declining net cash in H1
Q2 2022 sales exceed our forecasts by 9%
2022 lfl revenue target raised by 5%, while the net cash position is expected to pick up again in H2
We adjust our target price to EUR59 from EUR62
Sword Group is a service company specializing in computer engineering, offering consulting and integration services to its customers. Co. is engagedin the implementation of innovative solutions that meet the strategic needs of its clients and adaptation requirements of their information systems. Co.'s business covers three main areas: IT Service, Solutions and Communication Technologies. In addition, Co. also provides Government Risk Management (GRC) solutions to its customers in the industries of energy, transportation, healthcare, insurance, banking, telecommunications, and international and governmental organizations. Co. offers two product lines and four solutions.
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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