SWORD GROUP: Growth still above expectations and auguring well for 2022 | BUY | EUR61 VS. EUR59
SWORD GROUP - BUY | EUR61 VS. EUR59 (+46%)Growth still above expectations and auguring well for 2022
We reiterate our Buy rating and raise our target price to EUR61 from 59
Growth in Q3 was boosted by European projects and GRC Software
The working capital surge in Q3 is not a concern for the full-year
FY21 goals will be largely exceeded, Sword now targets +15% for 2022
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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