We reiterate our Buy rating and increase our DCF-derived fair value to EUR30 from EUR25. We now consider that with a market cap of around EUR500m, the company’s beta should be lower than that previously (1.8 vs. 2.3) in our model (+EUR5/share). Yesterday evening Axway reported Q3 15 sales in line with our expectations. The outlook is encouraging as the company significantly increased its sales pipeline for Q4 15 and beyond - especially for the US. Despite the fact our ests. remain virtually unchanged, we deem the share price will react positively on the back of this news.
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