ASK: 2014 results below expectations – waiting for a clearer view in H2CORPORATE, Fair Value EUR5.0 vs. EUR7.9 (+29%)
ASK announced FY 14 results below expectations. 2014 operating result is down to -EUR4.1m (vs. -EUR1.2m in 2013 ; BG est. -EUR1.9m) due to higher than expected restructuring charges and lower volumes especially on the eID activity. Net result is down to -EUR6.0m from -EUR1.1m in 2013, affected by high financial charges. We believe the activity will continue to grow during 2015 but at a slower pace than anticipated. As a result, we have updated our model to take into account a slower than expected margin recovery and a tough environment. Our new FV is EUR5.0.
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