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.
TMT |
Update
TMT |
Flash note
TMT |
Initiation
Nikolaos Lykos
Chairman
Panagiotis Spyropoulos
CEO
Forecast net debt (€m)
68.2
Forecast gearing ratio (%)
53
% | 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 |
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 |