Report

Update: Clouds followed by sunshine

We have cut our forecasts for InVision following the release of the full results on 26 March, but see this as merely a hiccup. The growth of the cloud-based The Call Center School (TCCS) and injixo workforce management software are impressive and continue to drive the value of the group. Self-sign up at TCCS has been well received, but it is too early to say how many of the new trial users will move to paying users. The earnings multiples discounts to leading US SaaS/cloud players persist and our reverse DCF work suggests that the share price does not reflect the continuing strong growth in TCCS of injixo cloud.
Underlying
InVision AG

InVision AG. InVision AG is a Germany-based information technology (IT) company and software developer. It develops and markets products and services for workforce management, business output and working conditions. The Company is mainly active in Europe and the United States. Its product and service portfolio comprises injixo, The Call Center School and InVision WFM: injixo is a cloud-based workforce management suite for forecasting, scheduling, intraday management and reporting in call centers; The Call Center School offers an e-learning platform and training programs for contact centers, and InVision WFM is a software solution for workforce management that features forecasting, scheduling, monitoring and reporting tools.

Provider
Edison Investment Research
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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