reports
- Laura Parisot
A pivotal year for the Authorisations division
A pivotal year for the Authorisations division EARNINGS/SALES RELEASES The COVID-19 crisis and the change in Authorisations’ partner have weakened the group and should continue to do so in the short term. We remain, however, confident in the mid/long term as there are a number of opportunities from the increasing demand for payment apps and contactless payment. The well-managed debt is also a good point to mention. FACT H1 FY20 key financials : Revenue down by 15.7% to €7,695k EBIT down by ...
- Laura Parisot
The right time to establish itself as a software provider
The right time to establish itself as a software provider EARNINGS/SALES RELEASES Not immune to the COVID-19 crisis, Keyware nevertheless boosted the revenues of its software division, within which the EasyOrder application was a success during the lockdown period. The payment terminals and authorisations segments should face further headwinds during the year (and especially in Q2), which finally confirms that the company’s transformation into a software developer has come at the right time....
- Laura Parisot
Positioned to take advantage of increasing power of digitalisation in ...
Positioned to take advantage of increasing power of digitalisation in order payment EARNINGS/SALES RELEASES Challenges remain in the payment activity, but the positioning in the software business should make Keyware an important player for the near future. FACT FY19 key financials Group sales down by 7.7% to €18,116k EBITDA decreased by 5.7% to €2,998k, FY19 EBITDA margin of 16.5% (vs. 16.2% in FY18) Profit before tax amounted €860k (-7.6% yoy) Group net profit was down by 49% to €3...
- Laura Parisot
The challenge remains intact
The challenge remains intact EARNINGS/SALES RELEASES The same old story: cash payments are dropping, pushing down the terminals and authorisations divisions, while the software activity is trying to offset these, mostly helped by EasyOrder and Magellan. Top and bottom lines have suffered from this for many quarters, but we finally see improvements during Q3. FACT 9m FY19 Key financial highlights Revenue down by 3.7% to €13,608k EBITDA decreased by 8.9% to €1,525k Profit before tax amou...
- Laura Parisot
Software continues to drive up the top-line
Software continues to drive up the top-line EARNINGS/SALES RELEASES H1 resulted in another relapse in profitability, mainly related to the current transition phase. We actually believe that it is a matter of time before investments bear fruit at the bottom-line. The software division continued to show its potential, while the traditional activities slowed down. FACT Key H1 financial highlights Revenue down by -6.3% to €9,131m Gross profit came in at €5,752m, leading to a gross margin ...
1 director sold
A director at Keyware Technologies sold 54,000 shares at 1.000EUR and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...
- Laura Parisot
The soft pushed up revenue, while the transition continues to impact p...
The soft pushed up revenue, while the transition continues to impact profitability EPS CHANGE CHANGE IN TARGET PRICE€ 2.06 vs 2.08 -1.12% Amadeus IT Group and EdenRed were added to our peers’ valuation to reflect Keyware’s offers better. CHANGE IN EPS2019 : € 0.10 vs 0.16 -36.4% 2020 : € 0.11 vs 0.17 -34.2% Following the integration of the group’s annual results, the FY18 EPS has been slightly pushed down. The transition from a hardware provider to a software developer continues ...
- Laura Parisot
Still in transition
Still in transition EARNINGS/SALES RELEASES The FY18 results reflected the activity’s significant transition during the year. While sales increased, profitability was negatively impacted by start-up costs. However, we believe that the worst is over. The next results should show improvements year on year. FACT FY18 key financials: Group sales up by +4.8% to €905k EBITDA decreased by 14.7% to €3,178k Profit before tax amounted €626k (-54.6% yoy) Group net profit was down by 46.7% to...
- Laura Parisot
EPS cut (2018: -23.9%, 2019: -17.0%) (Keyware)
EPS CHANGE CHANGE IN EPS2018 : € 0.14 vs 0.18 -23.9% 2019 : € 0.16 vs 0.20 -17.0% The company has reported its Q3 18 results, which showed revenue growth but lower operating profitability due to the transition from a hardware provider to a software developer. We have updated our model to integrate these most recent figures, which were slightly lower than we had expected at the beginning of the year. The costs of transition have been higher than our former forecasts, which explains the lower...
- Laura Parisot
Strong revenue growth, but profitability still impacted by the transit...
Strong revenue growth, but profitability still impacted by the transition phase EARNINGS/SALES RELEASES Currently in a transition year, the group has reported growing H1 revenue but profit, although positive, was lower than in H1 17. Keyware’s revenue was pushed by the Authorisations division, which is still performing well, and the Software division, which has started to show its potential. FACT Keyware reported +8.1% yoy revenue growth to €9,742k (+€732k yoy). The Terminal division...
- Laura Parisot
Target upgrade by 14.3% (Keyware)
TARGET CHANGE CHANGE IN EPS2018 : € 0.18 vs 0.18 -0.63% 2019 : € 0.20 vs 0.22 -8.20% We have upgraded our earnings forecast for FY18 due to the transition phase going well. Although the results have been affected by higher exceptional charges (significant terminal obsolescences and payment defaults by customers) in H1 18, we expect growth in operating profitability for the full FY18. CHANGE IN DCF€ 2.17 vs 1.51 +43.9% Our DCF valuation is supported by the increase in our forecasts in the...
- Marc Laubel
Transition year is behind, brighter outlook (Keyware)
Transition year is behind, brighter outlook TARGET CHANGE CHANGE IN EPS2018 : € 0.18 vs 0.20 -8.03% 2019 : € 0.22 vs 0.26 -17.3% After a difficult year of transition for Keyware, which was mainly seen through the Payment Terminal (PT) division’s lower revenues and profitability, we have decreased our earnings forecasts for the years to come. The PT division should remain under pressure, but the company should quickly and quite strongly benefit from the development of its Software divisio...
- Marc Laubel
FY17 - a transition year
FY17 - a transition year EARNINGS/SALES RELEASES FACT Keyware reported its FY17 results, with revenues flat yoy to €18,730k. The drop in revenues from the Payment terminals division (-24% to €8,449k) was compensated by the increase in revenues from the Authorisations (+11.9% to €8,510k). Also, the recently-acquired companies, now part of the software activity, contributed revenues of €1,561k in FY17, whereas Magellan contributed only from H2 17. The gross margin slightly decreased com...
- Charles Bordes
Update following the Q3 17 earnings release (Keyware)
Update following the Q3 17 earnings release EPS CHANGE CHANGE IN EPS2017 : € 0.17 vs 0.19 -13.4% 2018 : € 0.20 vs 0.20 +0.50% Following the Q3 17 earnings release, we have updated our model to integrate the most recent figures. Although estimated revenues have been upgraded following the integration of the recent acquisitions in Software, these activities remain in their launching phase, while the operating costs are already being recorded, which therefore explain the EPS downgrade.
- Charles Bordes
Terminals positioning for recovery, Software already a strong contribu...
Keyware released its Q3 17 results, with revenues reaching €4,763k, corresponding to 19.4% growth yoy. Terminals came in at €2,019k (-7% yoy), Authorisations at €2,136k (+17.5% yoy), while the recently created Software business unit came in at €608k, benefiting from a change in the consolidation perimeter. The gross profit margin reached 53.1%, down 310bp yoy, and the operating margin came in at 5.3%, down 1030bp yoy. Profit before tax came in at €496k, leading to a net result of €32...
- Charles Bordes
Estimate downgrades following the disappointing Q2 17 earnings release...
Estimate downgrades following the disappointing Q2 17 earnings release TARGET CHANGE CHANGE IN EPS2017 : € 0.19 vs 0.24 -19.8% 2018 : € 0.20 vs 0.25 -22.7% Following the Q2 earnings release, which saw a disappointing performance in the Terminals business, we have downgraded our expectations for the coming years. Revenues for 2017 are now expected to be €19.4m (vs. €20.2m previously), while 2018 is now expected to reach €21.3m (vs. €22.1m). Despite a higher gross margin, the bott...
- Charles Bordes
Mixed quarter, negatively impacted by a disappointing performance in T...
Keyware released its Q2 17 results, with revenues reaching €4,482k, corresponding to a 14.3% decrease yoy. Terminals came in at €2,086k (-18.7% yoy), Authorisations at €2,345k (-11.9% yoy), and the new business unit Software at €51k. The gross margin reached 53.5%, down 670bp sequentially and 70bp yoy, and the operating margin came in at 7.1%, down 1290bp yoy. Profit before tax came in at €495k, leading to a net result of €338k, which was impacted by €53k of positive results from a...
- Charles Bordes
Update following the Q1 17 results (Keyware)
Update following the Q1 17 results EPS CHANGE CHANGE IN EPS2017 : € 0.24 vs 0.26 -5.57% 2018 : € 0.25 vs 0.28 -9.27% Following the Q1 17 results, we have updated our forecasts for the coming years. Our top-line estimate for 2017 is downgraded from €20.7m to €20.2m, mainly due to a cut in the Terminals business (-7.2% yoy vs. -3% previously) in the light of a difficult Q1. In addition, we now see growth of 9.7% in 2018 vs. 12.2% previously, in order to reflect a progressive recovery in ...
- Charles Bordes
Strong authorisations offset weaker terminals
Keyware released its Q1 17 results, with revenues reaching €4,528k, corresponding to 12.6% growth yoy. Terminals came in at €2,502k (-13.4% yoy), and Authorisations at €1,785k (+57.7% yoy). The remainder consists of the EasyOrder business, now integrated into a new business unit (Software, €31k), and non-recurring revenues related to acquisitions. The gross margin reached 60.2%, up 120bp sequentially and down 380bp), and the operating margin came in at 18.4% (down 90bp yoy).
- Charles Bordes
Update following the Q4 16 earnings release (Keyware)
Update following the Q4 16 earnings release EPS CHANGE CHANGE IN EPS2016 : € 0.21 vs 0.21 +1.61% 2017 : € 0.26 vs 0.28 -9.28% Following the Q4 16 earnings release, we have updated our model with the final 2016 figures (except for divisional EBIT figures, which have yet to be communicated). In 2017, the EPS comes in lower due to a higher opex run rate leading to a lower EBIT margin (18.6% vs. 20.1% previously) as well as due to a lower impact of the income from Magellan SAS (€200k vs. â‚...
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