SWORD GROUP: Solid FY18 preliminary results and upbeat FY19 guidance | BUY | EUR45
SWORD GROUP - BUY | EUR45 (+38%)Solid FY18 preliminary results and upbeat FY19 guidance
Solid FY18 results, which were impacted by the Apak disposal
EBITDA margin was stable in IT Services and down in Software
FY19 EBITDA guidance margin is above our expectations
We raise our EPS estimates but keep of Fair Value unchanged
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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