Sword Group: Q3 2013 results globally in line, aim to reach EUR200m in revenues by 2015
CORPORATE, Fair Value EUR18 vs. EUR19 (+18%)
Yesterday evening Sword reported Q3 2013 results globally in line with full-year targets and reiterated its FY 2013 guidance. Management is confident for 2014, while aiming to reach EUR200m in revenues by 2015 via acquisitions. That said, with the net cash position on 30th September 2013 reduced to EUR35m due to USD weakness against the EUR, we have notched down our DCF-derived Fair Value to EUR18 from EUR19.
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