€152.1m market cap
€21.2 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
With ever-increasing requirements and growing complexity in corporate reporting, EQS has a positive backdrop for its products and services in digital investor relations and compliance. Its main COCKPIT cloud-based platform is fully in place and the group’s peak investment phase is past, meaning that capex can now be focused on adding functionality. The main drive from this point is to add new clients and increase revenue per client, lifting annual recurring revenues and improving quality of earnings. Profitability and free cash-flow are on an improving trend.
Y/E Dec |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2018A | 36.2 | 0.2 | 0.7 | 6.12 | 346.4 | N/A |
| 2019A | 35.4 | 2.5 | (0.3) | (6.26) | N/A | N/A |
| 2020E | 37.2 | 4.1 | 0.6 | 10.96 | 193.4 | N/A |
| 2021A | 43.5 | 8.5 | 4.7 | 43.05 | 49.2 | N/A |
Industry outlook
Virtual general meetings are now permitted across the DACH area, where voting is normally at the meeting, with questions also submitted ahead of time. Against this, the number of IPOs (which have been a useful source of group revenue historically) lined up for European markets has unsurprisingly dwindled. The length and severity of the economic impact will also affect the numbers of companies going out of business entirely, but this is not yet quantifiable. Gartner estimates the governance, risk and compliance segment at over US$5bn, growing at a CAGR of over 13%.
Last updated on 29/10/2020
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Balance sheet |
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| Forecast net debt (€m) | 10.4 |
| Forecast gearing ratio (%) | 35 |
Price performance
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Key management |
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| Achim Weick | CEO |
| André Marques | CFO |
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