Update: Strong margin growth
SCISYS has released a solid set of interim results, which show strong earnings growth in spite of a challenging backdrop, as last year’s restructuring and ongoing efficiencies have lifted margins. While revenues have eased, the order book has continued to grow, which keeps the group on target to meet our revenue and profit forecasts. We have pushed up our EPS forecasts on lower tax assumptions and a lower average number of shares. The stock looks attractive trading on c 9x our FY15e EPS, while our DCF values the stock at 125p, or 36% above the current level.SciSys designs and delivers bespoke software systems, customized product solutions and professional services. Co. has four divisions: Space, which combines work for space institutions in specialist research and development with marketing and delivers commercial off-the-shelf software, and bespoke software solutions to commercial space operations; Enterprise Solutions & Defense, which creates software systems across defense, security and maritime, government and emergency services, and commercial business groups; Media & Broadcast, which provides radio broadcasting solutions, the dira! software solutions suite; and Xibis Ltd, which is a software house focuses on web and mobile-app solutions.
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