KPS AG : FY17-18 in line with prelims; new guidance achievable; estimates trimmed, TP down to € 12.60; indicates upside of 70+%; favourable risk/reward profile
>FY17-18 recap: weathering the perfect storm - KPS’s FY17-18 (ending September) revealed two significant developments: First, the group managed to quickly offset the unexpected business contraction at its biggest customer (€ 1e18m yoy, still equating to roughly 25% of group revenue) by immediately bidding for, winning and executing four new, large multi-year contracts (potentially adding c.€ 35m of revenue p.a.). Secondly, the recently acquired subsidiaries i/ ICE Cons...KPS AG is a Germany-based holding and consulting information technology (IT) company, which specializes in business transformation and process optimization. The main business areas are Strategy and Process Consulting, with focus on on retail, consumer goods industry and production as well as Process Optimization and Implementation for processes from planning to customer implementation, such as finance, wholesale, manufacturing, supply chain management, enterprise performance management, optimization and integration of product development. The portfolio is supplemented for Product Lifecycle Management; Enterprise Resource Planning, including document management concepts, workflow solutions, archiving; as well as System Architecture and Integration, such as creation and operation of server and storage infrastructures, managed services, development of SAP NetWeaver/PI and eSOA (Enterprise Service-Oriented Architecture) -based solutions. It has subsidiaries in Germany and Switzerland.
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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