Verimatrix : Road show following convincing H1 2019 release, target price raised to € 4.5 (vs € 4), stock added to our H2 2019 Nextcap Convictions list
>A convincing release and road show - Following Verimatrix’s H1 2019 results (see our initial reaction), which included 1/ a re-acceleration of growth in its core business (to +18% y-o-y in Q2 2019 vs -14% in Q1 2019), 2/ a significant improvement in profitability, and 3/ an upgrade to the synergy target ($ 12.5m vs $ 10m in 2020 with $ 7bn in 2019 vs $ 4m) and the 2021 EBITDA margin target (26.5% vs 25%), we organised a day’s road show in Paris with Amedeo Dangelo (...Inside Secure designs, develops and sells software, silicon IP, tools and know-how to be integrated into mobile and connected devices to protect its customers' transactions, content, applications, and communications. Co. is serving markets such as: network security; IoT security; content & application protection; and mobile payment & banking. Co.'s technology protects solutions for a broad range of customers including: service providers; digital content distributors; security system integrators; device vendors; and semiconductor manufacturers.
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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