Lower rating to Hold on valuation – Recent corporate action has catalyzed a faster - than our expectations - rerating of the stock, with the shares up 14% since the Olympia bid was first reported by the press. With the stock trading very close to our PT and at the Olympia bid level, the story has largely run its course, so we lower our rating to a Hold on valuation grounds. Heading for mandatory tender offer… – Entersoft’s main shareholders reached on March 2nd, 2024, an agreement for the sale ...
Greek software leader with extensive offering, c60% recurring revenues and diversified exposure – Entersoft is a leading Greek software company involved in the development and distribution of business software and the provision of aftersales. The group boasts an extensive portfolio of solutions, ranging from fully integrated ERP systems to niche standalone modules, and a diversified pool of clients, with no significant exposure in any specific sector. It operates both a license & maintenance and...
M&A mode ‘ON’ further expanding the client base… – Entersoft recently announced the acquisition of 75% in Romanian BIT Software. This is expected to broaden Entersoft’s addressable market by some €200m, while adding a client base of c270 ERP installations in Romania, with minimal penetration in niche products. With some €3m of sales, BIT Software, will initially add some 7-9% on our group sales estimates, expanding to c12% by 2025. In the meantime, the announced acquisition of Greek LogOn (early...
2021: “life in the fast lane" – 2021 was quite an eventful year, with swings in risk perception as initial enthusiasm about vaccine progress was followed by concerns about inflation, a pivot in central bank policy (Fed) and the impact from the Omicron variant. As a result, after a 12% return until mid-May 2021, Greek stocks were flat in the remainder of the year, affected by the general de-risking mood and some idiosyncratic headwinds (liquidity drain from capital raisings and issuance activity ...
2021: “life in the fast lane" – 2021 was quite an eventful year, with swings in risk perception as initial enthusiasm about vaccine progress was followed by concerns about inflation, a pivot in central bank policy (Fed) and the impact from the Omicron variant. As a result, after a 12% return until mid-May 2021, Greek stocks were flat in the remainder of the year, affected by the general de-risking mood and some idiosyncratic headwinds (liquidity drain from capital raisings and issuance activity ...
Software leader with broad offering, 55-60% recurring revenues and multi-sector exposure – Entersoft is one of the leading Greek IT software companies involved in the development and distribution of its own IP-based software and the provision of aftersales services to businesses. The company has a broad product offering ranging from fully integrated ERP to niche solutions and enjoys a diversified portfolio of active clients spanning across many industries. Entersoft operates both a licensing & m...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
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