reports
- Farid Bitari
- Nicolas David
- Nicolas Thorez
ODDO : No, AI will not eat incumbent software vendors... on the contra...
While market sentiment has abruptly reversed regarding the AI opportunity for software vendors, we are convinced of the potential of agentic AI in the medium term for the sector, particularly for SAP, which we believe is the best positioned and which we upgrade to Outperform. Nemetschek, Planisware and Sage also seem to offer a good risk/reward trade-off following their recent de-rating. Conversely, we are downgrading Amadeus to Neutral after the reduction in its discount vs peers.
- Farid Bitari
- Nicolas David
- Nicolas Thorez
ODDO : Non l’IA ne dévorera pas les éditeurs historiques… au contraire...
Alors que le sentiment du marché s’est brutalement retourné concernant l’opportunité de l’IA pour les éditeurs de logiciels, nous sommes convaincus du potentiel lié à l’IA agentique à moyen terme pour le secteur, notamment pour SAP qui nous semble le mieux positionné et que nous upgradons à Surperformance (vs Neutre). Nemetschek, Planisware et Sage nous semblent également offrir un bon risk/reward suite à leur récent de-rating. A l’inverse, nous dégradons Amadeus à Neutre suite à la nette réduct...
- Farid Bitari
- Nicolas David
- Nicolas Thorez
FP TOTAL SE
SGE SAGE GROUP PLC
HEIA HEINEKEN NV
TEMN TEMENOS AG
CA CARREFOUR SA
ALLIX WALLIX GROUP SA
CGM CEGEDIM SA
LSS LECTRA SA
GEBN GEBERIT AG
SLHN SWISS LIFE HOLDING AG
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
ALBFR SIDETRADE SA
SAP SAP SE
TMV TEAMVIEWER AG
DSY DASSAULT SYSTEMES SA
MTRK MOTORK LTD
ATCO A ATLAS COPCO AB
PLNW PLANISWARE
- Farid Bitari
- Nicolas David
TEMN TEMENOS AG
ALLIX WALLIX GROUP SA
CEN GROUPE CRIT SA
ZVTG ZAVAROVALNICA TRIGLAV D.D.
LXS LANXESS AG
CGM CEGEDIM SA
LSS LECTRA SA
NOEJ NORMA GROUP SE
SLHN SWISS LIFE HOLDING AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ECV ENCAVIS AG
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
ALBFR SIDETRADE SA
AXS ACCSYS TECHNOLOGIES
SAP SAP SE
TMV TEAMVIEWER AG
KTA KNAUS TABBERT
DSY DASSAULT SYSTEMES SA
MTRK MOTORK LTD
ORP ORPEA
PLNW PLANISWARE
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Farid Bitari
- Nicolas David
- Nicolas Thorez
FP TOTAL SE
SGE SAGE GROUP PLC
HEIA HEINEKEN NV
TEMN TEMENOS AG
CA CARREFOUR SA
ALLIX WALLIX GROUP SA
CGM CEGEDIM SA
LSS LECTRA SA
GEBN GEBERIT AG
SLHN SWISS LIFE HOLDING AG
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
ALBFR SIDETRADE SA
SAP SAP SE
TMV TEAMVIEWER AG
DSY DASSAULT SYSTEMES SA
MTRK MOTORK LTD
ATCO A ATLAS COPCO AB
PLNW PLANISWARE
- Farid Bitari
- Nicolas David
TEMN TEMENOS AG
ALLIX WALLIX GROUP SA
CEN GROUPE CRIT SA
ZVTG ZAVAROVALNICA TRIGLAV D.D.
LXS LANXESS AG
CGM CEGEDIM SA
LSS LECTRA SA
NOEJ NORMA GROUP SE
SLHN SWISS LIFE HOLDING AG
ECV ENCAVIS AG
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
ALBFR SIDETRADE SA
AXS ACCSYS TECHNOLOGIES
SAP SAP SE
TMV TEAMVIEWER AG
KTA KNAUS TABBERT
DSY DASSAULT SYSTEMES SA
MTRK MOTORK LTD
ORP ORPEA
PLNW PLANISWARE
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Jerôme Bodin
IPS IPSOS
SOP SOPRA STERIA GROUP SA
ROG ROCHE HOLDING LTD
EO FAURECIA SA
NOVN NOVARTIS AG
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MERY MERCIALYS SA
VIV VIVENDI SE
AUB AUBAY SA
NRG NRJ GROUP SA
FNAC FNAC DARTY SA
HOT HOCHTIEF AG
ACX ACERINOX SA
BAMNB KONINKLIJKE BAM GROEP NV
SAN SANOFI
ELIS ELIS SA
MAREL MAREL HF.
VASTN VASTNED RETAIL NV
VID VIDRALA SA
AIXA AIXTRON SE
ARCAD ARCADIS NV
ALVIV VISIATIV SA
AALB AALBERTS N.V.
CARM CARMILA SAS
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
WAF SILTRONIC AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ARG ARGAN SA
SIFG SIF HOLDING NV
ASS APPLUS SERVICES S.A.
VLTSA VOLTALIA
AZN ASTRAZENECA PLC
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
S30 SOLUTIONS 30 SE
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
FUR FUGRO NV
FORSE FORSEE POWER SA
MTRK MOTORK LTD
ALVGO VOGO SA
IVG IVECO GROUP
SPM SAIPEM S.P.A.
GSK GSK PLC
AF AIR FRANCE - KLM
NOVO B NOVO NORDISK A/S
- Jerôme Bodin
IPS IPSOS
SOP SOPRA STERIA GROUP SA
ROG ROCHE HOLDING LTD
EO FAURECIA SA
NOVN NOVARTIS AG
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MERY MERCIALYS SA
VIV VIVENDI SE
AUB AUBAY SA
NRG NRJ GROUP SA
FNAC FNAC DARTY SA
HOT HOCHTIEF AG
ACX ACERINOX SA
BAMNB KONINKLIJKE BAM GROEP NV
SAN SANOFI
ELIS ELIS SA
MAREL MAREL HF.
VASTN VASTNED RETAIL NV
VID VIDRALA SA
AIXA AIXTRON SE
ARCAD ARCADIS NV
ALVIV VISIATIV SA
AALB AALBERTS N.V.
CARM CARMILA SAS
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
WAF SILTRONIC AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ARG ARGAN SA
SIFG SIF HOLDING NV
ASS APPLUS SERVICES S.A.
VLTSA VOLTALIA
AZN ASTRAZENECA PLC
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
S30 SOLUTIONS 30 SE
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
FUR FUGRO NV
FORSE FORSEE POWER SA
MTRK MOTORK LTD
ALVGO VOGO SA
IVG IVECO GROUP
SPM SAIPEM S.P.A.
GSK GSK PLC
AF AIR FRANCE - KLM
NOVO B NOVO NORDISK A/S
- Julian Dobrovolschi
- Wim Gille
MotorK : Reaching adjusted EBITDA positive for H1 2024, ARR guidance r...
>Revenue slight miss, with profitability in the positive territory for H1 2024 - Q2 2024 results were a mixed bag. Group revenue came at € 10.2m for Q2 2024, missing our forecast by 3.7% and declining 2.4% YoY. In the mix, SaaS platform revenue was at € 7.6m last quarter, 5.3% below our forecast and flat-ish YoY. Digital marketing revenue on the other hand was more stable, this being in line with our estimates and growing at a mid-teens YoY. The big positive in this ...
- Richard Williamson
MotorK - Termination of coverage
Edison Investment Research is terminating coverage on MotorK (MTRK) and Seraphim Space Investment Trust (SSIT). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
- Richard Williamson
MotorK - Strong pipeline and cash target reaffirmed
MotorK’s FY23 revenue growth was robust across most regions, with slow growth regions gaining momentum. Q124 revenue fell slightly year-on-year due to delayed delivery contracts, but these are expected to contribute to Q2 sales. Revenue quality improved, with software-as-a-service (SaaS) recurring revenue rising as a share of group revenue in FY23. M&A continues to play a pivotal role in unlocking opportunities across MotorK's markets, providing potential average contract value (ACV) expansion f...
- Julian Dobrovolschi
- Wim Gille
- Julian Dobrovolschi
- Wim Gille
MotorK : FY 2023 results below estimates, but show good ARR progress
>Q4 2023 results below our estimates - Q4 2023 revenue came in at € 11.8m vs our forecast of € 18.4m. In terms of mix, SaaS platform revenue came in at € 9.3m and grew c.70% YoY, albeit the comp base was undemanding. Digital marketing revenue were € 2.0 in the last quarter, and up 10.4% YoY. Set-up fees and other revenue came soft at € 0.5m. Overall, only ad revenue came above our forecast, whilst other revenue lines were materially below our figures. On a FY basis, g...
- Richard Williamson
MotorK - Enterprise adoption drives growth
MotorK closed FY23 with annual recurring revenue (ARR) of €34.1m, a 39% increase from the prior year. While both the Retail and Enterprise segments grew over the year, Enterprise ARR more than doubled to make up 22% of year-end ARR. Net revenue retention (NRR) above 100% for both segments highlights the ongoing adoption of multiple products across the group’s existing customer base. The company continues to target positive cash EBITDA in FY24. We maintain our forecasts pending FY23 results on 5 ...
- Richard Williamson
MotorK - Refined strategy delivering momentum
MotorK’s Q323 results demonstrate continued growth momentum with revenue increasing by 25% y-o-y, underpinned by rising average contract value (ACV) and strong net revenue retention (NRR). Committed annual recurring revenue (ARR) reached €35.2m, providing robust visibility towards our revised FY23 ARR target of €37.2m. Execution continued on its enterprise sales strategy, demonstrated by the near tripling of the strategic pipeline and NRR of 149%. This underscores positive momentum through year-...
- Ahmed Ben Salem
- Baptiste Salaville
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
NK IMERYS SA
HCO HIGHCO SA
BLC BASTIDE LE CONFORT MEDICAL SA
NTG NETGEM SA
GLO GL EVENTS SA
NOEJ NORMA GROUP SE
ENI ENI S.P.A.
REP REPSOL SA
VIS VISCOFAN S.A.
CIE CIE AUTOMOTIVE S.A.
SLIGR SLIGRO FOOD GROUP N.V.
SEFER SERGEFERRARI GROUP SA
ALVDM VOYAGEURS DU MONDE SA
ARG ARGAN SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
BP. BP P.L.C.
SFQ SAF-HOLLAND SE
BAR BARCO NV
MTRK MOTORK LTD
SHEL SHELL PLC
- Ahmed Ben Salem
- Baptiste Salaville
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
NK IMERYS SA
HCO HIGHCO SA
BLC BASTIDE LE CONFORT MEDICAL SA
NTG NETGEM SA
GLO GL EVENTS SA
NOEJ NORMA GROUP SE
ENI ENI S.P.A.
REP REPSOL SA
VIS VISCOFAN S.A.
CIE CIE AUTOMOTIVE S.A.
SLIGR SLIGRO FOOD GROUP N.V.
SEFER SERGEFERRARI GROUP SA
ALVDM VOYAGEURS DU MONDE SA
ARG ARGAN SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
BP. BP P.L.C.
SFQ SAF-HOLLAND SE
BAR BARCO NV
MTRK MOTORK LTD
SHEL SHELL PLC
- Julian Dobrovolschi
- Wim Gille
MotorK : Soft Q3 2023; FY 2023 consensus needs to come down
>Soft Q3 20230 trading update - This morning MotorK came with a rather soft Q3 2023 trading update. The company reported Q3 2023 sales of € 9.2m, which is 5.6% below our estimates however still a decent double-digit growth of 14.5% YoY. In terms of mix, SaaS platform revenue came in at € 7.0m (3.4% below AA-OBe, however up 27.2% YoY), and accounted for 75.6% of group. This suggests MotorK’s sales are increasingly built-up of recurring revenues, which we like. Digital ...
- Richard Williamson
MotorK - Driving efficiency to reach profitability
MotorK reported double-digit H123 revenue growth, with committed annual recurring revenue (ARR) and a pipeline of contracts providing visibility for H223. The migration of acquired Dapda customers to the SparK platform drove a substantial rise in average contract value (ACV) and creates opportunities if this success can be replicated with other acquisitions. Short-term cost impacts drove higher year-on-year losses in the period, which has affected our FY23 profit forecasts, but not our FY24 assu...
- Richard Williamson
MotorK - Positive indicators provide strong visibility
MotorK’s Q123 trading update indicates that the group is on track to meet its FY23 guidance and our forecasts after management secured 59% of the annual recurring revenue (ARR) growth required. Performance in Q1 was strong, with the group reporting high double-digit revenue growth, driven by low customer churn and continuing multi-product adoption. With investment in its platform largely complete, the company is starting to see operating leverage. The stock is up 89% year to date, and we believe...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.