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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Temenos Group    TEMN   CH0012453913

TEMENOS GROUP

(TEMN)
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Temenos : 2020 Q3 Results Presentation

10/15/2020 | 12:00pm EST

Financial results & business update

Quarter ended 30 September 2020

15 October 2020

Disclaimer

Any remarks that we may make about future expectations, plans and prospects for the company constitute forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of various factors.

In particular, the forward-looking financial information provided by the company in the conference call represent the company's estimates as of 15 October 2020. We anticipate that subsequent events and developments will cause the company's estimates to change.

However, while the company may elect to update this forward-looking financial information at some point in the future, the company specifically disclaims any obligation to do so. This forward-

looking information should not be relied upon as representing the company's estimates of its future

financial performance as of any date subsequent to 15 October 2020.

3

Non-IFRS Information

Readers are cautioned that the supplemental non-IFRS information presented in this presentation is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Company's supplemental non-IFRS financial information may not be comparable to similarly titled non-IFRS measures used by other companies.

In the tables accompanying this presentation the Company sets forth its supplemental non-IFRS figures for revenue, operating costs, EBIT, EBITDA, net earnings and earnings per share, which exclude the effect of adjusting the carrying

value of acquired companies' deferred revenue, the amortization of acquired intangibles, discontinued activities,

acquisition related charges, restructuring costs, and the income tax effect of the non-IFRS adjustments. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

When the Company believes it would be helpful for understanding trends in its business, the Company provides percentage increases or decreases in its revenue (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values. When trend information is expressed herein "in constant currencies", the results of the "prior" period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

4

Agenda

  1. Business update……………………………………………Max Chuard, CEO
  2. Financial update……………………………………. Takis Spiliopoulos, CFO
  3. Summary…………………………………………...............Max Chuard, CEO
  4. Q&A

5

Business update

Max Chuard, CEO

Underlying sequential improvement in Q3

Q3 2020

Step-change in demand for SaaS

Strong growth in recurring revenue of 16%

SaaS ACV of USD14m, up 108%

SaaS ACV

SaaS revenue growth of 61%

16

Total software licensing down 23%

14

Underlying sequential improvement, Q2

12

clearly the trough

Strong operating cash flow up 27%

R

USDm

10

EBIT returned to growth in Q3, up 4%

8

Re-confirmed FY recurring revenue guidance of

6

at least 13% growth

4

Revised FY EBIT guidance to flat year-on-year, to

2

reflect deals converted from license to ACV

and accelerated investment in SaaS and cloud

0

Q3 2019

Q3 2020

A number of license deals for a combined c.US$16-18m converted to SaaS generating

incremental SaaS ACV of c.US$7m in Q3

*Revenue, ACV and EBIT figures are non-IFRS c.c. growth rates

7

Step-change in demand for SaaS

  • Covid-19is accelerating demand for SaaS with SaaS ACV up 108% in Q3
  • Signed the largest ever ACV deal to date, for Transact in the US
  • A number of Transact license deals for a combined c. US$16-18m converted from license to SaaS in the quarter, generating incremental SaaS ACV of c. US$7m
  • SaaS expected to start cannibalising some license going forward as more clients see the benefit of implementing and running in the cloud and leveraging Temenos' SaaS capabilities

USDm

USDm

SaaS ACV

USDm

SaaS revenue

16

30

14

25

12

10

20

USDm

8

15

6

10

4

2

5

0

0

Q3 2019

Q3 2020

Q3 2019

Q3 2020

Note: non-IFRS c.c. growth rates

8

Significant growth in SaaS ACV pipeline

  • The increase in demand for SaaS is reflected in the significant SaaS ACV pipeline growth over the last 3 years
  • SaaS ACV pipeline has grown at a CAGR of 120% over the last 2 years with strong acceleration in the last 12 months

SaaS ACV pipeline

Sep-18

Sep-19

Sep-20

Note: non-IFRS c.c. growth rates

9

Q3 2020 sales review

  • Strong momentum in SaaS, a number of Transact deals converted from license to SaaS in the quarter
  • Strong new pipeline activity for licenses also continued in Q3 with good growth year-on-year
  • Deals with installed base continued to be more resilient than sales to new customers
  • Deals that did not sign year-to-date continue to be delayed, not cancelled, with delayed deals from both Q1 and Q2 closing in Q3
  • 17 new client wins in Q3 across products

Q3 2020 total software licensing

Geographic split

20%

24%

APAC

Europe

34%

23%

Americas

MEA

Competitive / installed base

Competitive deals

23%

Non- competitive,

77%installed base

10

Q3 2020 operational overview

  • 15 implementation go-lives in Q3 2020, totalling 78 in 2020YTD, vs. 69 in the first three quarters of 2019
  • Clients continue to adopt remote implementation methodologies to work around lock-downs
  • Nearly all projects have now moved to remote implementation as banks adapt to the 'new normal'
  • Use of cloud continues to increase as key to remote implementations
  • Services margin of 14% in the quarter driven by increased efficiency from remote implementations and restructuring programme
  • US client event, Synergy, moved on-line, with over 3,000 attendees and 20 client presentations of successful implementations and benefits from running Temenos software, showcasing our strength in the US

11

After a slow down in 2020, bank IT spend is expected to accelerate in 2021

Q1 2020 - ensure

Q2 2020 - client-level

Q3/Q4 2020 - infrastructure

2021 - acceleration

& operations-level

in IT spend

business continuity

response

response

expected

Initial focus on business

Capex spend on digital, AI

Refocus on infrastructure,

Further acceleration in

operations and larger capex IT

continuity as Covid-19

and FCM continued driven by

demand, in particular

renovation, improving

hit

increased digital adoption

for SaaS and cloud

demand

NAM

Europe

APAC

MEA

  • Demand driven by innovative banks looking for best-in-class core banking solutions as well as neo/challenger banks and new entrants seeking front and back office software
  • Significant increase in customer demand for digital, driving bank spend on front and back office
  • Demand for Infinity across the region from both banks and new entrants, increasing demand from neo-banks
  • Demand for Transact and Infinity driven by new entrants and digital banks

12

Sources: Deloitte, Gartner, Celent, Forrester

Looking forward

  • Covid-19accelerating demand for SaaS as more banks seek to gain benefit from running core banking and front office platforms in the cloud
  • Banks running on legacy technology continue to struggle to provide best-in-class digital services to their customers
  • Structural drivers of digital, regulatory and cost are forcing banks to continue IT renovation
  • Steady improvement expected in Q4, and return to growth in 2021 driven by strong new pipeline growth
  • Some cannibalisation from license to SaaS expected
  • Confidence in long term sustainable growth targets

Covid-19 is accelerating demand for SaaS

13

Financial update

Takis Spiliopoulos, CFO

Q3 2020 non-IFRS financial highlights

Revenue and profit

  • SaaS up 61%
  • SaaS ACV up 108%
  • Total software licensing down 23%
  • Maintenance growth of 8%
  • Recurring revenue growth of 16%
  • Total revenue down 8%
  • EBIT up 4%
  • Q3 EBIT margin of 39.1% up 4.4% pts
  • Q3 EPS of USD 0.90 (reported) flat y-o-y

Cash flow and Balance Sheet

  • Q3 operating cash flow of USD 63m, up 27%
  • Q3 operating cash conversion of 119% of
    IFRS EBITDA
  • DSOs at 111 days, down 12 days vs. Q3 2019
  • Leverage at 2.6x as of 30.9.20*

Note: figures are non-IFRS c.c. growth rates unless otherwise stated. IFRS EBITDA adjusted for Kony earn-out

* proforma non-IFRS EBITDA adjusted for lease expense now reported under depreciation and amortization under IFRS 16, net debt includes15 cross-currency swap and excludes leases reported as borrowings under IFRS16

Non-IFRS income statement - operating

In USDm

Q3 20

Q3 19

Y-o-Y

Y-o-Y c.c.

LTM 20

LTM 19

Y-o-Y

Y-o-Y c.c.

reported

reported

Software licensing

52.6

83.5

-37%

-38%

283.3

362.7

-22%

-19%

SaaS and subscription

23.9

14.6

64%

61%

94.0

50.1

88%

92%

Total software licensing

76.5

98.1

-22%

-23%

377.3

412.8

-9%

-6%

Maintenance

96.6

88.6

9%

8%

383.3

342.2

12%

12%

Services

40.4

42.3

-5%

-6%

171.8

170.2

1%

3%

Total revenue

213.5

229.1

-7%

-8%

932.4

925.2

1%

3%

Operating costs

130.0

150.0

-13%

-14%

626.0

625.4

0%

2%

EBIT

83.5

79.1

5%

4%

306.4

299.7

2%

3%

Margin

39.1%

34.5%

4.6% pts

4.4% pts

32.9%

32.4%

0.5% pts

0.1% pts

EBITDA

104.6

98.0

7%

5%

389.2

369.0

5%

6%

Margin

49.0%

42.8%

6.2% pts

41.7%

39.9%

1.9% pts

Services margin

14.0%

12.2%

1.8% pts

11.8%

12.1%

(0.3%) pts

16

Like-for-like revenue and costs

Q3 20 LFL non-IFRS revenues down 16%

Q3 20 LFL non-IFRS costs down 27%

Maintenance Total software licensing Services

USDm

250

(29%)

200

150

(29%)

100

+2%

+11%

50

+15%

+7%

0

+13%

Q3 2019

Q3 2020

USDm 250

200

150

(27%)

100

50

+9%

0

Q3 2019

Q3 2020

Cost base flexibility and tight cost control protecting EBIT

17

Non-IFRS income statement - non-operating

In USDm, except EPS

Q3 20

Q3 19

Y-o-Y

LTM 20

LTM 19

Y-o-Y

EBIT

83.5

79.1

5%

306.4

299.7

2%

Net finance charge

-8.1

-5.7

42%

-32.6

-19.2

70%

FX gain / (loss)

0.4

1.2

NA

2.7

0.3

NA

Tax

-10.0

-8.9

12%

-37.6

-38.4

-2%

Net profit

65.8

65.6

0%

238.9

242.4

-1%

EPS (USD)

0.90

0.90

0%

3.26

3.34

-2%

18

DSOs continue to decline

DSOs

140

124

123

(9 days of which due to M&A)

120

114

9

111

100

Q3 2017

Q3 2018

Q3 2019

Q3 2020

19

IFRS cash conversion

USDm 400

350

300

250

200

150

100

50

0

119%

116%

107%

LTM Q3 2018

LTM Q3 2019

LTM Q3 2020

EBITDA

Operating cashflow

Cash conversion significantly above target of 100%

20

Group liquidity

USDm

450

250

50

-150

-350

-550

-750

-950

-1150

Cash on

Cash on

balance

Net proceeds

balance

sheet

Operating

from

Interest, FX

sheet

Reported net

(30/6/20)

cash

Tax

Capex

borrowings M&A related

and leases

(30/9/20)

Borrowings

debt

63

(6)

(24)

(30)

(3)

(9)

113

121

1,114 1,001

Leverage qoq stable at 2.6x, expected to be around ~2x by year end 2020

21

Revised 2020 non-IFRS guidance

  • The 2020 guidance is based on the assumption that the recessionary crisis due to COVID-19 had the largest impact in H1 2020, with steady improvement in our end market environment in Q4 2020 as banks adapt to Covid-19. Our guidance for 2020 is in constant currencies.
  • Revised FY EBIT guidance to broadly flat year-on-year, to reflect deals converted from license to SaaS ACV and accelerated investment in SaaS and cloud

FY 20 guidance (c.c.)

FY 19 base

Recurring revenue

At least 13% growth

424

(SaaS + Maintenance, %)

EBIT (USDm)

Broadly flat year-on-year

320

Cash conversion

100%+ conversion of EBITDA into operating cash flow

100%

DSOs around 110 days by year end

Tax rate

Expected FY 2020 tax rate of 14% to 15%

Leverage

Net leverage of c.2x by year end

2.6x

• Currency assumptions on slide 27

• See slide 41 for definition of non-IFRS

22

Sustainable annual growth targets

Metric

Sustainable long term annual targets

(Non-IFRS)

Total software licensing

At least 15% CAGR

Total revenue

10-15% CAGR

EPS

At least 15% CAGR

Tax rate

c. 20%

Cash conversion

100%+ of EBITDA p.a.

Medium-term targets (3-5 years)

DSOs

90 days

EBIT Margin

36%+

Tax rate

18-20%

23

Summary

Max Chuard, CEO

Conclusion

  • Strong acceleration in SaaS which is expected to continue in 2021 and beyond
  • Q2 was the trough, underlying sequential improvement in Q3
  • Even stronger improvement adjusting for conversion of license to SaaS ACV in Q3
  • USD16-18mof Transact license deals converted to USD7m of SaaS ACV in Q3, driving strong incremental ACV growth
  • Recurring revenue growth driving cash generation and profit
  • Steady improvement expected in Q4, and return to growth in 2021
  • Accelerating investment SaaS and cloud and in R&D to extend product advantage

25

Appendix

26

FX assumptions underlying 2020 guidance

In preparing the 2020 guidance, the Company has assumed the following FX rates:

  • EUR to USD exchange rate of 1.17
  • GBP to USD exchange rate of 1.29; and
  • USD to CHF exchange rate of 0.92

27

FX exposure

% of total

USD

EUR

GBP

CHF

Other

Total software licensing

59%

25%

3%

3%

10%

Maintenance

71%

20%

2%

2%

5%

Services

53%

29%

3%

1%

13%

Revenues

62%

24%

3%

2%

9%

Non-IFRS costs

29%

14%

13%

8%

36%

Non-IFRS EBIT

131%

44%

(20)%

(9)%

(46)%

NB. All % are approximations based on 2019 actuals

Mitigated FX exposure - matching of revenues / costs and hedging

28

Total software licensing revenue breakdown by geography

Q3 2019

Q3 2020

9%

25%

APAC

20%

24%

APAC

Europe

Europe

34%

Americas

23%

Americas

MEA

33%

32%

MEA

LTM 2019

LTM 2020

13% 20%

APAC

17%

20%

APAC

26%

Europe

Europe

Americas

Americas

33%

30%

41%

MEA

MEA

29

Total software licensing revenue breakdown by customer tier

Q3 2019

Q3 2020

1 and 2

29%

1 and 2

49%

3, 4 and 5

3, 4 and 5

51%

71%

LTM 2019

LTM 2020

1 and 2

32%

1 and 2

46%

54%

3, 4 and 5

3, 4 and 5

68%

30

Software licensing revenue breakdown by competitive deals / non-competitive, installed base

Q3 2019

Competitive

Q3 2020

Competitive

19%

deals

23%

deals

Non-

Non-

competitive,

competitive,

installed base

installed base

81%

77%

LTM 2019

Competitive

32%

deals

Non-

competitive,

68%

installed

base

LTM 2020

Competitive

deals

31%

Non-

competitive,

69%

installed

base

31

Balance sheet - debt and leverage

Net debt and leverage ratios*

USDm

1200

3.1x

1000

2.6x

2.6x

2.6x

2.6x

800

600

1.4x

1.6x

1.6x

1.5x

1.5x

400

200

0

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

* proforma non-IFRS EBITDA adjusted for lease expense now reported under depreciation and amortization under

IFRS 16, net debt includes cross-currency swap and excludes leases reported as borrowings under IFRS16

32

Q3-20 v Q3-19 assets

2,188

2,209

76

113

312

285

1,702

1,713

USDm

98

98

Q3 2019

Q3 2020

Comments:

  • Trade receivables - 12 days improvement in DSO
  • No other significant changes

33

Q3-20 v Q3-19 liabilities and equity

2,188

2,209

208

191

245

280

1,218

1,114

178

162

USDm

355

446

2019

2020

Comments:

  • Strong deferred revenue growth driven by SaaS growth
  • Lower borrowings mainly linked to Bridge facility repayment
  • Other Liabilities driven by Kony deferred tax liabilities
  • Equity change driven mostly by LTM profit and dividend pay out

34

Capitalization of development costs

USDm

Q1 18

Q2 18

Q3 18

Q4 18

FY 18

Cap' dev' costs

(12.6)

(13.2)

(13.0)

(13.9)

(52.6)

Amortisation

10.8

11.1

11.1

11.9

44.9

Net cap' dev'

(1.8)

(2.0)

(1.9)

(2.0)

(7.7)

USDm

Q1 19

Q2 19

Q3 19

Q4 19

FY 19

Cap' dev' costs

(14.1)

(14.3)

(15.2)

(21.0)

(64.6)

Amortisation

11.7

12.0

12.2

13.7

49.6

Net cap' dev'

(2.5)

(2.3)

(3.0)

(7.3)

(15.1)

USDm

Q1 20

Q2 20

Q3 20

Q4 20

FY 20

Cap' dev' costs

(17.7)

(18.0)

(20.8)

Amortisation

12.9

13.6

13.6

Net cap' dev'

(4.8)

(4.4)

(7.2)

35

Reconciliation from IFRS to non-IFRS

IFRS revenue measure

+ Deferred revenue write-down

= Non-IFRS revenue measure

IFRS profit measure

+/- Deferred revenue write down

  • / - Discontinued activities
  • / - Amortisation of acquired intangibles
  • / - Acquisition related charges

+ / - Restructuring

+ / - Taxation

= Non-IFRS profit measure

36

Accounting elements not included in non-IFRS guidance

Below are the accounting elements not included in the 2020 non-IFRS guidance:

  • FY 2020 estimated deferred revenue write down of USD 13m
  • FY 2020 estimated amortisation of acquired intangibles of USD 65-70m
  • FY 2020 estimated restructuring costs of USD 25-30m
  • FY 2020 estimated acquisition related credit of USD 20m related to Kony earn- out (reflected in Q2 actuals)

Restructuring costs include realising R&D, operational and infrastructure efficiencies.

These estimates do not include impact of any further acquisitions or restructuring programmes commenced after 15 October 2020. The above figures are estimates only and may deviate from expected amounts.

37

Reconciliation - IFRS to non-IFRS

3 Months Ending 30 September

3 Months Ending 30 September

2020

2020

2019

2019

In USDm, except EPS

IFRS

Non-IFRS adj.

Non-IFRS

IFRS

Non-IFRS adj.

Non-IFRS

Software Licensing

52.6

52.6

83.5

83.5

SaaS and subscription

19.8

4.1

23.9

13.5

1.1

14.6

Total Software Licensing

72.4

4.1

76.5

97.0

1.1

98.1

Maintenance

96.6

96.6

88.6

88.6

Services

40.4

40.4

42.3

42.3

Total Revenue

209.4

4.1

213.5

228.0

1.1

229.1

Total Operating Costs

(153.5)

23.4

(130.0)

(166.5)

16.5

(150.0)

Restructuring

(7.7)

7.7

-

(0.9)

0.9

-

Acquisition related costs

-

-

-

(3.3)

3.3

-

Amort of Acq'd Intang.

(15.8)

15.8

-

(12.3)

12.3

-

Operating Profit

55.9

27.6

83.5

61.5

17.6

79.1

Operating Margin

27%

39%

27%

35%

Financing Costs

(7.7)

0.0

(7.7)

(5.3)

0.7

(4.6)

Taxation

(7.3)

(2.8)

(10.0)

(7.0)

(2.0)

(8.9)

Net Earnings

41.0

24.8

65.8

49.3

16.3

65.6

EPS (USD per Share)

0.56

0.34

0.90

0.68

0.22

0.90

38

Net earnings reconciliation

In USDm, except EPS

Q3 20

Q3 19

IFRS net earnings

41.0

49.3

Deferred revenue write down

4.1

1.1

Amortisation of acquired intangibles

15.8

12.3

Restructuring

7.7

0.9

Acquisition related costs

-

3.3

Acquisition related financing costs

-

0.7

Taxation

(2.8)

(2.0)

Net earnings for non-IFRS EPS

65.8

65.6

No. of dilutive shares

73.4

72.9

Non-IFRS diluted EPS (USD)

0.90

0.90

39

Reconciliation from IFRS to non-IFRS for EBIT and

EBITDA

USDm

Q3 20 EBIT

Q3 20 EBITDA

IFRS

55.9

92.8

Deferred revenue write-down

4.1

4.1

Amortisation of acquired intangibles

15.8

-

Restructuring

7.7

7.7

Acquisition-related charges

-

-

Non-IFRS

83.5

104.6

40

Definitions

Non-IFRS adjustments

Deferred revenue write-down

Adjustments made resulting from acquisitions

Discontinued activities

Discontinued operations at Temenos that do not qualify as such under IFRS

Acquisition related charges

Relates mainly to advisory fees, integration costs and earn out credits or charges

Amortisation of acquired intangibles

Amortisation charges as a result of acquired intangible assets

Restructuring

Costs incurred in connection with a restructuring plan implemented and controlled by management

Severance charges, for example, would only qualify under this expense category if incurred as part of a company-wide restructuring plan

Taxation

Adjustments made to reflect the associated tax charge relating to the above items

Other

Revenue visibility

Visibility on revenue includes a combination of revenue that is contractually committed and revenue that is in our pipeline and that is likely to be booked, but is not contractually committed

and therefore may not occur.

Constant currencies

Prior year results adjusted for currency movement

Like-for-like (LFL)

Adjusted prior year for acquisitions and

movements in currencies

SaaS and subscription

Revenues generated from Software-as-a-Service and subscription licenses

41

SaaS - Financial metrics definitions

Annual Contract

Value (ACV)

Total Contract Value

(TCV)

Annual Recurring

Revenue (ARR)

Software-as-a-

Service Revenue

(SaaS)

ACV bookings

equivalent

Annual value of incremental business taken in-year. Includes New Customers, up-sell/cross-sell. Only includes the recurring element of the contract and exclude variable elements.

Total value of incremental business taken in-year (Bookings). Includes New Customers, up-sell/cross-sell. Only includes the recurring element of the contract and exclude variable elements.

Annualized value of revenues booked in a period: Recurring revenue recognized in a month * 12.

Software-as-a-Service revenues booked in a period

License component of SaaS contracts includes estimated value of license revenue over the life of the SaaS contract, excluding infrastructure, services and maintenance revenue components.

ACV x average duration of contract / license equivalent factor

42

Thank You

temenos.com

Disclaimer

Temenos AG published this content on 15 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 October 2020 15:59:07 UTC


© Publicnow 2020
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PU
10/15TEMENOS : 2020 Q3 Results Presentation
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Financials (USD)
Sales 2020 898 M - -
Net income 2020 173 M - -
Net Debt 2020 859 M - -
P/E ratio 2020 56,4x
Yield 2020 0,68%
Capitalization 9 563 M 9 549 M -
EV / Sales 2020 11,6x
EV / Sales 2021 10,3x
Nbr of Employees 7 351
Free-Float 86,2%
Chart TEMENOS GROUP
Duration : Period :
Temenos Group Technical Analysis Chart | TEMN | CH0012453913 | MarketScreener
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 18
Average target price 130,89 $
Last Close Price 132,21 $
Spread / Highest target 42,2%
Spread / Average Target -1,00%
Spread / Lowest Target -57,1%
EPS Revisions
Managers
NameTitle
Max Chuard Chief Executive Officer
Andreas Andreades Executive Chairman
Jean-Michel Hilsenkopf Chief Operating Officer
Panagiotis Spiliopoulos Chief Financial Officer
André Loustau Chief Technology Officer
Sector and Competitors
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