Edison Investment Research - Crealogix Holding AG (CLXN) - Heavy investment is beginning to pay off

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Edison Investment Research

- Heavy investment is beginning to pay off

CREALOGIX’s strong momentum in FY17 reflects buoyant digital transformation trends across the European banking sector, notably in Germany, and the benefits of the group’s recent heavy investment to extend the product offerings into wider international markets. Results outstripped expectations, leading us to upgrade our revenue forecasts by 6-7%, while EBITDA rises by 23% in FY18 and 11% in FY19. Given the attractive industry dynamics, and with CREALOGIX ideally positioned to capitalise, the shares look attractive on c 17x our FY20 EPS.

01/11/2017 16 EN

Underlying

Crealogix Holding AG

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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CH0011115703 Six Swiss Exchange Switzerland

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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- Heavy investment is beginning to pay off

RESULTAT AUS DEM RECHT ZUR VORZEITIGEN RÜCKZAHLUNG NACH WAHL DER OBLIGATIONÄRE AUFGRUND EINES KONTROLLWECHSELS

Vencora acquires CREALOGIX

Vencora acquiert CREALOGIX

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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