Edison Investment Research - Expert System (EXSY) Expert System - Making good progress towards growth targets

Report

Edison Investment Research

Katherine Thompson

Expert System - Making good progress towards growth targets

Expert Systemâ€™s H118 results confirmed year-on-year sales growth of 52% and positive EBITDA. Over the last year, the business has seen strong demand for subscription licensing, resulting in recurring revenue increasing to 50% from 38% in H117. Management remains confident of meeting its FY18 guidance and we make minimal changes to our forecasts. Continued progress towards growth and profitability targets should support share price upside.

08/10/2018 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

Katherine Thompson

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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.

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Expert System - Making good progress towards growth targets

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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