Bryan, Garnier & Co's News

Axway Software: Q3 15 sales in line with expectations, stockmarket status change confirmed

BUY, Fair Value EUR30 vs. EUR25 (+24%)
News published on
October Wednesday 28, 2015


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.


For more information, please contact marketing@bryangarnier.com