Report
Fiona Orford-Williams

EQS Group - Business Keeper a keeper

EQS Group’s Q3 figures show the boost given to its whistleblowing offering by the June acquisition of Business Keeper, lifting the total number of whistleblowing customers to around 1,500. Implementation of the EU Directive into national legislations is delayed in a number of territories, but the direction of travel is set and the timetable slippage should only be one or two quarters. The additional sales and marketing costs were already factored into our estimates (in line with management guidance for FY21), which are unchanged. We regard the scale of the opportunity as worth the short-term impact on EBITDA.
Underlying
EQS Group AG

EQS Group AG, formerly known as EquityStory AG, is a Germany-based provider of regulatory technology (RegTech) in the fields of corporate compliance and investor relations. The Company's activities are divided into two operating segments: Compliance and Investor Relations. The Compliance segment comprises all products required for companies to fulfill their legal and regulatory obligations, including reporting obligations in the news segment (disclosure), submissions to the Federal Gazette (filing), and new products, such as Insider Manager, Integrity Line, LEI, and ARIVA Workflows. The and Investor Relations segment encompasses products for the areas of financial and corporate communications, including news, websites portals, webcasts and media. In addition, its products are pooled in the cloud-based software EQS COCKPIT. The Company's clients are small and medium-sized enterprises (SME), as well as corporate customers. It provides services worldwide.

Provider
Edison Investment Research
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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Analysts
Fiona Orford-Williams

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