artec technologies

GR: A6T

€10.1m market cap

€3.53 last close

artec technologies develops cloud-based software solutions for the recording and analysis of video and audio, in two sectors: video security technology and crime prevention; and broadcast media.

Investment summary

After a strong FY18 with a number of reference orders, H119 was slower than anticipated. Management remains confident about FY19 (H2 should be stronger than H1 due to year-end budgetary cycles), with additional public service wins indicated in Q4. In media, with the exit of Verizon Volicon from the market management believes artec is well placed to win additional European clients. artec invested in capacity in H119 and raised c €1m of equity capital in July to target these accounts and is considering a convertible bond issue to fund M&A. If management can build on the opportunities outlined, we believe there is significant upside to the shares.

Sector
TMT
Share price graph
Price performance
%
1m
3m
12m
Actual (5.6) (12.6) (29.4)
Relative* (8.4) (21.5) (39.6)
52-week high/low €5.0/€3.4
*% relative to local index
Key management
Thomas Hoffmann CEO
Fabian Lorenz External IR