Allgeier SE : Prelim 2018 results weaker than expected, but 2019 guidance in line; model fine-tuned; no material effect on valuation, TP or Buy rating maintained
>Strong 2018 yoy growth but Experts segment misses guidance - Allgeier’s (AEI’s) group’s preliminary FY2018 results showed strong yoy growth in terms of sales and adj. EBITDA but fell short of its guidance, which it had raised in November 2018. Group revenue was up 19.2% yoy to € 690m, missing the company’s outlook of € 700m, our expectation of € 701.4m and consensus of € 704.3m, mainly due to weaker business execution in Q4 in the experts segment. The initiated spin...Allgeier is an information technology (IT) company for business performance. Co. develops and completes software for digital network operators, trade applications and cloud computing users. Co. also provides integrated systems for inventory control systems, document management, integrated mail systems, and eCommerce. In addition, Co.'s operative business is classified into three segments: Solutions, Experts and Projects, which are spread across four relevant markets: IT Services, Software, IT Hardware, and Information Technology. Co.'s main customer base includes, the banking, finance, and insurance sectors.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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