Report
Gregory Ramirez

SWORD GROUP: FY18 meeting feedback: another year of strong growth | BUY | EUR47 vs. EUR45

SWORD GROUP - BUY | EUR47 vs. EUR45 (+41%)
FY18 meeting feedback: another year of strong growth

Belux, Switzerland and GRC will be the main drivers in 2019
Sword sets up new initiatives for sustaining growth
Final 2018 results reclassified Apak as a discontinued business
We raise our DCF-derived Fair Value on working capital
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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