Temenos Group: Q2 2018 results globally in line, FY18 guidance fine-tuned on fx
Temenos Group: (NEUTRAL, Fair Value CHF133 vs. CHF126 (-16%))Q2 2018 results globally in line, FY18 guidance fine-tuned on fx
We reiterate our Neutral rating and raise our DCF-derived fair value as we update our share price conversion rate (CHF/USD) to 1.06 from 1 (+CHF4) and update our WCR assumptions (+CHF3). Yesterday evening, Temenos reported Q2 2018 results globally in line with our forecasts and consensus estimates, while FY18 guidance was fined-tuned on fx. Management is now confident in achieving the high-end of the guidance. We do not expect a significant share price reaction.
Temenos is engaged in the development, marketing and sale of banking software systems. Co. is also involved in supporting the implementation of the systems at various client locations around the world as well as in offering help desk support services to existing users of TEMENOS software systems. Co.'s client base consists of banking and other financial services institutions. Co.'s segments include: Product, which is engaged in marketing, licensing and maintaining Co.'s software solutions, including software development fees for requested functionality, as well as providing hosting arrangements; and Services, which represents various implementation services such as consulting and training.
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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