Report
Gregory Ramirez

SWORD GROUP: Exceeding all expectations in 2021, set to outperform peers in 2022 | BUY | EUR63 VS. EUR61 (+64%)

SWORD GROUP - BUY | EUR63 VS. EUR61 (+64%)
Exceeding all expectations in 2021, set to outperform peers in 2022

We reiterate our Buy rating and have upped our target price to EUR63
Preliminary FY21 results exceeded all expectations
Pre-IFRS 16 net cash position picked up in Q4 as expected
Growth will keep exceeding the IT Services average in 2022 and beyond
Underlying
Sword Group SE

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.

Provider
Bryan Garnier
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.

Analysts
Gregory Ramirez

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