Temenos Group: Feedback from company contact: TCF 2013 or the renaissance
BUY, Fair Value CHF28 vs. CHF26 (+19%)
We reiterate our Buy rating and up our DCF-derived fair value to CHF28 from CHF26 on updated risk-free rate assumptions (3% vs. 3.3%). On 14th-16th May, Temenos held its annual users’ conference (TCF 2013) in Abu Dhabi. The number of delegates was a record 800+, thus showing a regain of interest in Temenos’ solutions after the declined attendance noticed at TCF 2012 in Barcelona. The share price surged 18% since the Q1 13 results on 23rd April on the back of a gradual improvement in market conditions in Core Banking and better execution, so we expect the stock to keep recovering as long as no grey cloud appears in the Banking sector sky.
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