Edison issues initiation on AUSTRIACARD (ACAG)

Holding a strong hand

Edison Investment Research Limited Edison issues initiation on AUSTRIACARD (ACAG): Holding a strong hand 05-Apr-2024 / 10:14 GMT/BST The issuer is solely responsible for the content of this announcement.

London, UK, 5 April 2024

 

Edison issues initiation on AUSTRIACARD (ACAG): Holding a strong hand

AUSTRIACARD has a long heritage of providing secure services for smart card provision and document management in Europe. It has expanded its portfolio organically and through acquisition to encompass digital transformation technology and a strong franchise with challenger banks and is building on this with the development of its own digital solutions to support customers on their digital transformation journeys. We expect strong growth in the challenger bank market, adoption of digital solutions and value-added services in the smart card market to drive revenue growth and margin expansion over the forecast period.

With a limited number of listed peers in the smart card business, our peer analysis is more focused on companies providing digital transformation software and services. This highlights the upside potential in both financial and valuation terms if the company successfully commercialises its in-house developed technology. On a discounted cash flow basis, using our pro forma forecasts to FY26, conservative revenue growth of 3% to FY33 and flat EBITDA margins from FY27, we arrive at a per share value of €10.0, 57% above the current share price.

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Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

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End of Announcement - EQS News Service

1874463  05-Apr-2024 

The AUSTRIACARD HOLDINGS Stock at the time of publication of the news with a raise of 0,00 % to 6,285EUR on Lang & Schwarz stock exchange (05. April 2024, 11:20 Uhr).