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While FY18 numbers dipped as management expected, revenue and EBITDA were in the top half of guidance. The results reflected weaker software licence renewals, which reduced revenues and slashed margins. FY18 cash generation was strong, with operating cash flow up nearly 60% at €8.3m and the maintenance book continued to grow with the help of acquisitions. In our view, the shares are attractive, noting the potential sub 6x FY20 EV/EBITDA ratio, given the strong cash generation and high level of recurring revenues (we estimate 80%+ in FY18).

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