SWORD GROUP - BUY | EUR45 vs. EUR49 (+81%) FY19 meeting feedback: relative confidence in the present thick fog A
ll Sword’s entities outperformed their budgets in 2019FY20 guidance is under review, pending more economic visibility
Dividend is hiked and a share buy-back programme is possible
We adjust our Fair Value to EUR45, and reiterate our Buy rating
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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