Growth stimulus from regulatory changes
EQS Group’s Q3 results are the first to incorporate ARIVA, consolidated from 1 July. The purchase of this 51.1% stake was timely, benefiting from projects related to PRIIPs regulation. Year-to-date organic revenue growth of 8% reflects both growing international operations (non-Germany now 24% of group) and a pick-up in domestic activity related to the Market Abuse Directive. Recurring revenues (cloud-based services and licence income) were 71% of top line, despite the level of project work, highlighting the quality of earnings. Our FY16 forecast is unchanged, while FY17 is adjusted for higher ARIVA revenues but greater levels of investment. The shares remain undervalued.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.
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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