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AUSTRIACARD (ASE: ACAG)

Last close As at 20/11/2024

EUR5.40

— 0.00 (0.00%)

Market capitalisation

EUR199m

AUSTRIACARD is a Vienna-headquartered group of companies with a portfolio of services in secure chip and payment solutions, document lifecycle management, and digital transformation technologies for the financial, government and wider private sectors.

While the smart card market is forecast to grow volumes in the mid-single digits, we expect smartcard volumes for challenger banks and other fintechs to grow faster than the overall market. With a focus on geographies that are later to the digitalisation trend, AUSTRIACARD is well positioned to help companies through their digital transformation programmes.

Latest Insights

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TMT | Update

AUSTRIACARD — Solid Q324 supports FY24 outlook

TMT | Update

AUSTRIACARD — FY24 growth outlook maintained

TMT | Update

AUSTRIACARD — Outlook points to H2-weighted growth

TMT | Flash note

AUSTRIACARD — Acquiring data analytics expertise
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Sector

TMT

Equity Analyst

Katherine Thompson

Key Management

  • Nikolaos Lykos

    Chairman

  • Panagiotis Spyropoulos

    CEO

Balance Sheet

Forecast net debt (€m)

83.3

Forecast gearing ratio (%)

65

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (9.6) (8.5) (10.0)
Relative (6.3) (2.9) (13.3)
52 week high/low €6.6/€5.2

Financials

AUSTRIACARD’s Q324 results confirmed the company made good progress towards its FY24 adjusted revenue and EBITDA targets. The sale of metal cards to banks, a new security printing contract in East Africa and a growing number of digital transformation projects helped generate adjusted revenue growth of 30% y-o-y in Q324 and 14% in the first nine months of 2024 (9M24). Adjusted operating profit grew 52% y-o-y in Q324 and 23% for 9M24, with operating margin expansion of 0.7pp to 10.2% for 9M24. With full-year guidance unchanged, we broadly maintain our forecasts.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 314.7 39.1 23.0 42.00 12.9 19.3
2023A 364.6 50.4 29.8 62.27 8.7 9.0
2024E 398.7 55.9 34.9 64.05 8.4 7.1
2025E 429.1 64.0 43.0 80.75 6.7 5.5

Research

Update

TMT

AUSTRIACARD — FY24 growth outlook maintained

Update

TMT

AUSTRIACARD — Outlook points to H2-weighted growth

TMT

Update

AUSTRIACARD — Solid Q324 supports FY24 outlook

Flash note

TMT

AUSTRIACARD — Acquiring data analytics expertise

Initiation

TMT

AUSTRIACARD — Holding a strong hand

Thematics

thematic

TMT

MediaWatch – One step forward, two steps back

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat
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