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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.CHF211m
Last closeCHF152.00
High / Low (52 weeks)CHF100.0 / CHF81.0
Stock market listingSW
Forecast net cash (CHFm)15.2
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual0.7(1.9)28.3
Relative *1.5(5.6)25.6

* % Relative to local index

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Company news

Y/E Jun Revenue (CHFm) EBITDA (CHFm) PBT (CHFm) EPS (CHFc) P/E (x) P/CF (x)
2016A 63.3 3.7 2.2 1.65 9212.1 125.8
2017A 74.9 7.3 5.0 2.67 5692.9 16.7
2018E 87.1 7.0 5.1 2.88 5277.8 25.1
2019E 110.2 11.1 8.1 4.09 3716.4 18.1

Last updated on 28/08/2018

Investment summary

FY18 revenues grew by 13.1% at constant currencies (guidance was 10–15%), to CHF87.1m (we forecast CHF88.1m). EBITDA eased by 4.2% to CHF7.0m (we forecast CHF11.8m), mainly driven by the switch to SaaS. We have updated our forecasts for the trading news along with the acquisition of 80% of Elaxy Business Solution & Services (Elaxy BS&S) that was announced early last month. We have cut our EPS forecasts by 50% in FY18, 46% in FY19 and by 31% in FY20, with the trading news outweighing the earnings enhancement from Elaxy BS&S. The stable, cash-generative nature of Elaxy BS&S balances the higher-risk, stronger growth profile of Innofis, which was acquired at the beginning of 2018.

Last updated on 28/08/2018

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 27/07/2018

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
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