SWORD GROUP: Q1 2020 results almost in line, letting the storm pass | BUY | EUR33 vs. EUR36 (+28%)
SWORD GROUP - BUY | EUR33 vs. EUR36 (+28%)Q1 2020 results almost in line, letting the storm pass
Q1 2020 results were almost in line with expectations
Outstanding UK had offset revenue shortfalls in Belux and GRC
Net cash position was down due to payments and rising DSOs
FY20 guidance no longer valid, we cut our Fair Value to EUR33
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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