Edison Investment Research - Expert System (EXSY) - Slower pipeline conversion

Report

Edison Investment Research

Katherine Thompson

- Slower pipeline conversion

Expert saw a slower than expected trading environment in H117 combined with a shift in the mix of revenues towards subscription licensing. Post period end, the company signed a deal with Lloyd’s of London, reinforcing its position in the insurance vertical. Management now expects flat revenues in FY17, effectively pushing out its three-year industrial plan by a year. We have revised down our revenue and EBITDA forecasts for FY17 and FY18, shifting EBITDA profitability into FY18.

27/10/2017 6 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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- Slower pipeline conversion

Expert.ai - Growth in focus areas

Expert.ai - Growth in focus areas

Expert System - Focus shifts to scaling up

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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