Exceptional H1, but a slower H2 is anticipated
CREALOGIX saw strong momentum in H117 on the back of the group’s internationalisation strategy, supported by favourable digital banking industry dynamics. The numbers were boosted by several large deals that were booked earlier than anticipated and hence management anticipates slower licence sales in H2. While customers’ decision making in the UK remains frozen following the Brexit vote, management continues to see the UK as one of the most attractive markets. The recent expansion in Germany is working out well, as demand remains strong. Given the strength of the H1 numbers, we have moved up our FY17 EBITDA forecasts from CHF4.0m to CHF6.0m. Given the attractive growth drivers and strong balance sheet, we believe the shares are attractive on 17x our FY19e EPS.Crealogix Holding AG is a Switzerland-based company that, together with its subsidiaries, provides software and hardware products for Electronic Banking (E-Banking), Electronic Payment (E-Payment) and Education in Switzerland and Europe. The Company's E-banking solutions comprise E-banking software and platforms, E-banking security, bank interface and communications, and mobile banking solutions, as well as banking servers and a front-office platform for financial advisory services, among others. Its E-payment solutions include payment software, financial software, manual and automatic document readers, and signing and archiving. The Company's educational solutions consist of E-learning software, E-learning contents and Web-based Training (WBT) production, campus management, and various training platforms. In April 2014, it created two subsidiaries CREALOGIX UK LTD and CREALOGIX PTE. LTD. In August 2014, the Company established an Austrian subsidiary in Vienna.
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