We reiterate our Buy rating and raise our DCF-derived fair value to CHF47 from CHF42 as we increase our medium-term lfl revenue growth rate to 11% from 9%. Yesterday evening Temenos reported Q3 15 results above ests., thanks to the recognition of most of the c. USD7-10m revenues expected for 2015 on the Nordea deal in the quarter. FY15 guidance is reiterated, and Nordea provides revenue visibility for 2016 and beyond. While very large deals are in the pipeline - with lengthy sales cycles due to strategic decision processes -, we deem the share price will react positively.
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