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Cash-generation engine
H1 revenue grew by 11% to €6.5m while EBITDA slipped 5% to €2.5m due to increased costs including several non-recurring items. However, cash flow was strong and the group’s financial position improved by €2.2m over the six months to €1.9m net cash. In the year to date 22 new contracts have been signed including several high-quality names such as Mondadori, Carrefour, Unieuro and Eataly. The initial focus of the internationalisation strategy is Mexico, which is showing positive early signs. We have eased our forecasts due to fewer than expected up-sells in H1. Nevertheless, given the attractive growth opportunities, strong cash generation and the healthy balance sheet, we believe the shares remain attractive on c 13x our FY18 earnings.
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Edison Investment Research
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