Sword Group: Preliminary FY12 results: pro-forma above expectations, cautiously optimistic for 2013
CORPORATE, Fair Value EUR18 vs. EUR19 (+30%)
We shave our DCF-derived fair value to EUR18 from EUR19 on the back of a net cash position on 31st December 2012 below our expectations. That said, for FY12, on a pro-forma basis, Sword reported lfl sales growth 2-3% above company guidance and the op. margin is slightly above indications given in October, with all divisions performing well. FY13 guidance is cautious amidst accelerated business development in Software and Google Connectors.