Sword Group: FY12 results analysts' meeting feedback

CORPORATE, Fair Value EUR18 (+35%)

News published on March Friday 8, 2013
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We reiterate our DCF-derived fair value of EUR18 following yesterday’s analysts’ meeting. Sword has proven its ability to generate higher-than-average lfl revenue growth and operating margins than its peers and should be able to do so in 2013 despite investments slightly impacting profitability. Sword’s shares would merit better valuation multiples as the company has been a precursor in developing an IT Services business model integrating intellectual property. In our view, a resumption of acquisitions could be a positive catalyst for the share price for the next few quarters.  

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