Sword Group: Q3 15 results in line after two asset disposals, FY15 guidance will be exceeded

BUY, Fair Value EUR25 (+8%)
News published on October Friday 23, 2015
Share on

Yesterday evening Sword reported Q3 15 results in line with our estimates, despite the disposal of two margin-dilutive entities (Kenzan, Charteris’ CRS2 division) during the summer. Management now expects FY15 guidance to be exceeded and is confident of delivering double-digit sales growth for 2016. For 2016-17, we are revising our sales ests. by -1% to take into account asset disposals and recent fx rates changes (USD, GBP), but our adj. EPS ests. remain unchanged as we are increasing our adj. EBIT margin ests. by +0.2ppt. We expect the share price to react positively.


For more information, please contact marketing@bryangarnier.com 

The Essentials

Everything you need to know about investment banking dedicated to growth
Stay Informed
Get our news
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities