paper-3147856

CREALOGIX Group

SW: CLXN

CHF144.7m market cap

CHF119.5 last close

The CREALOGIX Group is a Swiss Fintech 100 company and is among the global market leaders in digital banking, providing front-end digital banking technology solutions to banks, wealth managers and other financial services companies.

Investment summary

In FY20, revenues grew 1.7% to CHF103.7m, with adjusted EBITDA rising to CHF2.4m. Revenues rose 13.2% in H220 vs H120, with minimal impact seen from COVID-19. Recurring revenues continued to rise to 44%, with SaaS 17% of the mix, while international sales fell to 62%. The SaaS transition will continue to drag on FY21 results before a full year of benefit in FY22. Management expects FY21 EBITDA to be above FY20 adjusted EBITDA (CHF2.4m), and is targeting 10%+ EBITDA margins and 60% recurring revenues in the medium term.

Y/E Jun
Revenue (CHFm)
EBITDA (CHFm)
PBT (CHFm)
EPS (CHFc)
P/E (x)
P/CF (x)
2019A 101.9 1.9 (1.7) (93.57) N/A 286.2
2020A 103.7 2.4 (0.9) (14.79) N/A 14.8
2021E 108.8 5.9 3.0 155.54 66.5 22.4
2022E 114.3 10.3 7.5 383.77 27.0 13.2
Industry outlook

CREALOGIX is a leading, global digital banking engagement platform provider, based in Switzerland, offering front-end software solutions that enable ‘the digital bank of tomorrow’. Driven by the consumer, as well as regulation, this market is dynamic and fast changing, with the group’s solutions typically used by retail, private and commercial banks, as well as wealth managers that need to upgrade legacy systems to meet the threat of neo-banks and challenger banks.

Last updated on 24/03/2020
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Sector
TMT
Share price graph
Balance sheet
Forecast net cash (CHFm) 9.2
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 3 10.1 8.5
Relative* (0.6) 6.4 3.1
52-week high/low CHF100.0/CHF81.0
*% relative to local index
Key management
Bruno Richle Chairman
Thomas F. J. Avedik CEO
Daniel Bader CFO

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