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CREALOGIX Group (CLXN)

Business description

CREALOGIX Group provides digital banking technology solutions to banks, wealth managers and other financial services companies. The company’s suite of solutions includes online and mobile banking, digital payments, digital learning and security.

Stock data

Market cap.CHF177.9m
Last closeCHF128.00
High / Low (52 weeks)CHF100.0 / CHF81.0
Stock market listingSW
Forecast net cash (CHFm)10.3
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(9.9)(14.1)(6.5)
Relative *(10.7)(12.1)(1.5)

* % Relative to local index

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Company news

Investment summary

FY18 results were in line with the July update, following which we cut our forecasts. Revenues grew by 13.1% at constant currencies to CHF87.1m while EBITDA eased by 3.8% to CHF7.0m, mainly due to the switch to SaaS. CREALOGIX recently acquired the 80% balance of Elaxy BS&S (German hosting and software business) following the acquisition of Innofis (adds exposure to the Middle East) in early 2018. The stable, cash-generative nature of Elaxy BS&S balances the higher-risk, stronger growth profile of Innofis. Given the attractive industry dynamics, and with CREALOGIX ideally positioned to capitalise on these, the shares look attractive on c 21x our maintained FY20e EPS.

Last updated on 29/11/2018

Y/E Jun Revenue (CHFm) EBITDA (CHFm) PBT (CHFm) EPS (CHFc) P/E (x) P/CF (x)
2017A 74.9 7.3 5.0 259.00 49.4 13.9
2018A 87.1 7.0 5.0 239.00 53.6 46.5
2019E 110.2 11.1 8.1 409.28 31.3 15.3
2020E 121.0 14.7 12.2 610.37 21.0 12.0

Last updated on 22/11/2018

Latest video

Executive Interview - Crealogix

Industry outlook

CREALOGIX develops and implements software that enables digital banking for “the digital bank of tomorrow”. The solutions are most often used by traditional banks to enable their journey to digitalisation, through the provision of a sophisticated, modern omni-channel offering to their clients. The group’s products are front-end solutions that integrate with customers’ back-end systems. The technology has won awards, including Best of Show award at FinovateEurope 2018 and Best Web Front End Solution at the Systems in the City Awards 2018 in London.

Last updated on 29/11/2018

Key management

Bruno Richle, Chairman
Thomas F. J. Avedik, CEO
Philippe Wirth, CFO

Company address

Baslerstrasse 60
Zurich
8048
Switzerland
+41 58 404 87 57
View website