Edison Investment Research - Expert System (EXSY) Expert System - Strong finish to the year

Report

Edison Investment Research

Katherine Thompson

Expert System - Strong finish to the year

Expert System saw an uptick in demand towards the end of FY17, resulting in revenues and EBITDA ahead of our forecasts. The company has revised its outlook for FY18/19, expecting double-digit sales growth and EBITDA margin expansion; we have revised up our FY18 forecasts to reflect this. The company expects to burn cash in FY18 before turning cash-flow positive in FY19. Evidence of sustained customer demand combined with good cost and cash control will be key to share price upside.

11/04/2018 7 EN

Underlying

Expert System

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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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Expert System - Strong finish to the year

Outlook: Investing in the international opportunity

Update: Leveraging Cogito technology internationally

Sylvania Platinum - Annual guidance maintained, despite strike

1Spatial - Investing in the transformational SaaS opportunity

Datatec - FY24 underlying EPS more than doubles y-o-y

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