Original-Research: CREALOGIX Group (von Edison Investment Research Limited):

Original-Research: CREALOGIX Group - von Edison Investment Research Limited

Einstufung von Edison Investment Research Limited zu CREALOGIX Group

Unternehmen: CREALOGIX Group

ISIN: CH0011115703

Anlass der Studie:

Letzte Ratingänderung:

Analyst: Richard Jeans and Katherine Thompson

London, UK, 13 June 2016

Edison initiates coverage on CREALOGIX Group

Edison Investment Research, a leading international investment research

firm, announces the initiation of full coverage of CREALOGIX Group

Highlights of the analysis on UMT by Edison's technology analysts Richard

Jeans and Katherine Thompson include:

CREALOGIX's front-end banking applications have gained strong credence in

the Swiss market, where the group's core online/mobile applications are in

exclusive use in 11 of the top 30 Swiss banks. CREALOGIX is now expanding

the opportunity globally, primarily targeting the UK, Germany and Austria

as well as the nascent Asian market. The group returned to EBITDA

profitability in H116 and in our view is well positioned to benefit from

attractive business drivers as traditional banks are forced to update their

technology to maintain competitiveness against nimble fintechs entering the

space.

CREALOGIX has a heavily invested modern software platform and several key

components are now in place to underpin strong revenue growth, while

investment has peaked. On our base revenue growth assumptions, we suggest a

valuation range of CHF140 (10% operating margin target, 8% WACC) to CHF186

(20% margin, 10% WACC). However, if Elaxy is successfully integrated and

management can deliver on the internationalisation strategy, there is

additional upside potential.

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http://www.more-ir.de/d/13951.pdf

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