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AUSTRIACARD (ASE: ACAG)

Last close As at 02/07/2024

EUR5.86

— 0.00 (0.00%)

Market capitalisation

EUR214m

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

TMT | Update

AUSTRIACARD — Outlook points to H2-weighted growth

TMT | Flash note

AUSTRIACARD — Acquiring data analytics expertise

TMT | Initiation

AUSTRIACARD — Holding a strong hand
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Sector

TMT

Equity Analyst

Katherine Thompson

Key Management

  • Nikolaos Lykos

    Chairman

  • Panagiotis Spyropoulos

    CEO

Balance Sheet

Forecast net debt (€m)

68.2

Forecast gearing ratio (%)

53

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (4.3) (10.5) (18.0)
Relative (1.6) (13.1) (28.7)
52 week high/low €7.3/€5.7

Financials

AUSTRIACARD reported adjusted revenue growth of 1.4% for Q124, reflecting comparison to a particularly strong Q123. Better sales mix and good control over the cost base resulted in expansion of the adjusted EBITDA margin to 15.2% (+0.1pp y-o-y). Contracts signed in all three business areas should drive revenue acceleration from Q2, providing support for management’s target of 10% growth in adjusted revenue in FY24. We revise our forecasts to reflect management guidance, higher working capital and the recent LSTech acquisition, resulting in small reductions in our EPS 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 14.0 N/A
2023A 364.6 50.4 29.8 62.27 9.4 N/A
2024E 398.6 55.9 34.5 64.14 9.1 N/A
2025E 428.4 63.8 42.6 80.99 7.2 N/A

Research

Flash note

TMT

AUSTRIACARD — Acquiring data analytics expertise

Initiation

TMT

AUSTRIACARD — Holding a strong hand

TMT

Update

AUSTRIACARD — Outlook points to H2-weighted growth

Update

TMT

AUSTRIACARD — Outlook points to H2-weighted growth

Flash note

TMT

AUSTRIACARD — Acquiring data analytics expertise

Initiation

TMT

AUSTRIACARD — Holding a strong hand

Thematics

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology
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