KBC Securities - Global Graphics S.A. (GLOG) Hybrid Software Group A €1 million share buyback announced

Report

KBC Securities

Thomas Couvreur

Hybrid Software Group A €1 million share buyback announced

Hybrid Software Group announced a €1m share buyback as it believes the current share price is not reflecting the intrinsic value of the company. We fully follow this reasoning, given the 33% upside to our target price.

11/12/2024 1 EN

Underlying

Global Graphics S.A.

Global Graphics is a French-based holding company. Co. provides open documents and print solutions and provides high-performance software components to the commercial and digital print markets and for electronic document software applications. Co. is active in four principal market segments: Graphic arts and commercial print; Office printing; Software applications; and End-user products for electronic document creation and manipulation. Co. operates in four geographical areas: Continental Europe (including France), the U.K., North America (U.S.A. and Canada) and Asia (notably Japan). Co.'s customers include OEMs, system integrators, software developers and resellers.

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GB00BYN5BY03 Euronext Brussels France

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Thomas Couvreur

Other Reports on these Companies

KBC Securities

Hybrid Software Group 1Q25 trading update: Weak Printing Software revenues define the quarter

Printing Software saw a tough reference period with a large 5-year contract signed in 1Q24. However a 55% revenue decline is significantly worse than we expected. Printing Software revenues are lumpy, so potential for a catch up in the remainder of the year. In the other segments strong Printhead Solutions compensates for slightly weaker Enterprise Software. Management remains positive on 2025, highlighting healthy sales funnels across all segments.

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KBC Securities

Hybrid Software Group Goodwill impairments offset profitability improvements for FY24

HYSG reported top-line growth for FY24, but below our expectations. 6.2m of goodwill impairments, mainly on the Labels & Packaging business, results in a net loss for the year. HYSG has made profitability improvements, which will continue into FY25. Although our gross profit expectations going forward seem too ambitious, increased profitability could compensate. HYSG now also has a 3m net cash position that could be leveraged further to generation additional value, beyond the ongoing 1m SBB. We cautiously reiterate our €5 TP and Buy recommendation.

March 20, 2025 March 20, 2025 1 EN

Morning Notes : ATEB BB

: ATEB BB

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Thomas Couvreur

Hybrid Software Group 1Q25 trading update: Weak Printing Software revenues define the quarter

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Hybrid Software Group A €1 million share buyback announced

We are a financial services provider for several types of professional clients, each with distinct needs.

Hybrid Software Group 1Q25 trading update: Weak Printing Software revenues define the quarter

Hybrid Software Group Goodwill impairments offset profitability improvements for FY24

Morning Notes : ATEB BB

Hybrid Software Group 1Q25 trading update: Weak Printing Software revenues define the quarter

Aedifica Solid 1Q25, close to fair value

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