Edison Investment Research - Expert System (EXSY) Expert System - Accelerating investment in growth

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Edison Investment Research

Richard Williamson

Expert System - Accelerating investment in growth

While H119 revenues were slightly below those reported a year ago, Expert System is confident of meeting revenue expectations for the full year, which imply year-on-year growth of 13%. Management is using the funds raised in April to accelerate investment in sales and support. Although this reduces our EBITDA forecasts for FY19 and FY20, it should lead to stronger revenue growth in the medium term as the company takes advantage of the strong interest in the practical application of artificial intelligence in business processes.

03/10/2019 7 EN

Underlying

Expert System

Expert System Spa. Expert System SpA is an Italy-based company engaged in software industry. The Company provides document management with linguistic analysis and meanings understanding. Expert System SpA delivers application software for various sectors, such as banking and insurance, oil and gas, media and publishing, government, telecommunications, life science and pharmaceuticals. The Company's products portfolio includes Cogito Semantic Tagger, Cogito Studio, Cogito Answers, Cogito Discover, Cogito Categorization Platform, Cogito Search Explore Engine, Cogito Intelligence API, Cogito Intelligence Platform and Cogito Technology. The Company's products are designed for semantic indexing and search, automatic categorization of unstructured information, marketing and business intelligence and open source intelligence, extraction of relevant entities and for advanced customer care. On July 2014, it increased its stakes in ADmantX SpA up to a 77.83%.

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IT0004496029 Italy

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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Analysts

Richard Williamson

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Expert.ai - Growth in focus areas

Expert.ai reported 11% y-o-y revenue growth in H121, and as a result of the focus on product development and strengthening the sales and marketing function the EBITDA loss widened to €7.0m from €4.6m in H120. We maintain our forecasts for FY21, which assume similar seasonality to previous years. The planned shift in listing from AIM Italia to Borsa Italiana should widen the potential investor audience for expert.ai and improve liquidity.

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Expert System - Focus shifts to scaling up

The first year of Expert System’s five-year plan ‘Path to Lead’ was essentially a year of investment, and despite the disruption caused by the pandemic, the company made good progress meeting key funding, product, marketing and hiring milestones. Management is maintaining its financial projections for the plan for FY21–24, which calls for modest growth this year, followed by accelerating growth in FY22–24, and positive EBITDA from FY23. We have made small changes to our forecasts for FY21 and FY22 and introduce forecasts for FY23.

April 1, 2021 April 1, 2021 1 EN

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Topps Tiles - Accelerating growth through Q125

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Expert System - Accelerating investment in growth

Expert.ai - Growth in focus areas

Expert.ai - Growth in focus areas

Expert System - Focus shifts to scaling up

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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