mVISE

DB: C1VX

€28.6m market cap

€3.34 last close

Founded in 2000, mVISE is a pioneer in German mobile software solutions with a large blue-chip client base, including Vodafone, Bosch and Deutsche Telekom. The group specialises in mobile business solutions, virtualisation and cloud-computing, and security software. Consulting contributed two-thirds of revenues in 2016, and act as a driver of additional revenues including own software sales.

Investment summary

mVISE is continuing to make progress on its three-year 2018+ strategy. Recent interims saw headline revenues rise nearly 7% y-o-y and 12% organically. With new white-label partners now marketing elastic.io, a big acceleration in product and associated (high-margin) consulting sales is expected in H2, allowing the company to maintain its FY19 guidance. We see the shift to cloud-based, big data-driven platforms providing an excellent long-term growth tailwind. In our view, these prospects are not reflected in a consensus FY20 P/E of 11.9x.

Sector
TMT
Share price graph
Price performance
%
1m
3m
12m
Actual (5.1) 11.3 1.8
Relative* (4.7) 4.7 (16.5)
52-week high/low €4.8/€2.7
*% relative to local index
Key management
Manfred Götz CEO
Sonja Peisker IR