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On target in spite of sterling hit
CREALOGIX posted a strong performance in FY16, which follows a period of significant investment, with revenue growth of 28% and a return to profitability. EBITDA was significantly ahead of our expectations at CHF3.7m vs CHF1.4m forecasted. However, we are conservatively cutting our FY17 profit forecasts as the group’s recurring SaaS revenue book in the UK has been reduced by the fall in sterling and the growth outlook has been affected by uncertainties around Brexit. However, this is largely balanced by the growing opportunities in Germany, where projects typically involve greater services revenues, and hence our FY18 forecasts remain broadly the same. Given the attractive growth drivers and strong balance sheet, we believe the shares are attractive on 18x our FY19 EPS.
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