€245.3m market cap
€32.8 last close
EQS is a leading international provider of regulatory technology in the fields of corporate compliance and investor relations. Its products enable corporate clients to fulfil complex national and international disclosure obligations, minimise risks and communicate transparently with stakeholders.
Investment summary
EQS had a clear benefit in FY20 from the demand for virtual corporate communications but the key to future growth is in the corporate compliance segment. Its cloud-based products are set to be the core growth driver over the medium term. With the imminent implementation of European whistleblowing regulation, there is a short-term opportunity to gain new clients, with the potential to expand accounts after. To make the most of this, the group is investing an additional €5.6m in sales and marketing in FY21, reflected in revised consensus estimates.
Y/E Dec |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2019A | 35.4 | 2.6 | (0.3) | (7.41) | N/A | N/A |
| 2020A | 37.6 | 4.8 | 0.4 | 4.12 | 791.3 | N/A |
| 2021E | 45.5 | 1.1 | (3.1) | (26.68) | N/A | N/A |
| 2022E | 53.2 | 4.3 | 0.1 | (0.32) | N/A | N/A |
Industry outlook
The EU Directive on whistleblowing needs to be incorporated into member state legislation by end 2021, giving a good opportunity to win new clients, who can then be cross- and upsold to. The pandemic has provided fertile territory for selling online communications solutions, with virtual general meetings being used broadly across the DACH area, where voting is normally at the meeting, with questions also submitted ahead of time. Against this, the number of IPOs in European markets has unsurprisingly dwindled.
Last updated on 12/04/2021
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Share price graph
Balance sheet |
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| Forecast net cash (€m) | 3.9 |
| Forecast gearing ratio (%) | N/A |
Price performance
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Key management |
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| Achim Weick | CEO |
| André Marques | CFO |
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