Temenos Group: Q2 13 results roughly in line, FY13 guidance unchanged

BUY, Fair Value CHF28 (+17%)

News published on July Tuesday 30, 2013
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Yesterday evening Temenos reported Q2 13 results roughly in line with expectations, and reiterated FY13 guidance. While revenues are slightly affected by sluggish services revenues – due to more focus on more profitable “productised” services” –, Temenos is fully on course for managing costs and boosting the non-IFRS operating margin. While the share price gained 10% over the last 3 months, we believe there may be some profit takings short-term in the absence of a company guidance upgrade.*

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