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AUSTRIACARD (ASE: ACAG)

Last close As at 03/05/2024

EUR6.30

▲ −0.10 (−1.56%)

Market capitalisation

EUR230m

AUSTRIACARD is a Vienna-headquartered group of companies with a portfolio of services in secure chip and payment solutions, document lifecycle management, and digital transformation technologies for the financial, government and wider private sectors.

While the smart card market is forecast to grow volumes in the mid-single digits, we expect smartcard volumes for challenger banks and other fintechs to grow faster than the overall market. With a focus on geographies that are later to the digitalisation trend, AUSTRIACARD is well positioned to help companies through their digital transformation programmes.

Latest Insights

TMT | Initiation

AUSTRIACARD — Holding a strong hand
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Sector

TMT

Equity Analyst

Katherine Thompson

Key Management

  • Nikolaos Lykos

    Chairman

  • Panagiotis Spyropoulos

    CEO

Balance Sheet

Forecast net debt (€m)

61.8

Forecast gearing ratio (%)

48

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (1.4) 5.0 10.5
Relative (2.7) 1.4 (0.2)
52 week high/low €7.3/€5.5

Financials

AUSTRIACARD has a long heritage of providing secure services for smart card provision and document management in Europe. It has expanded its portfolio organically and through acquisition to encompass digital transformation technology and a strong franchise with challenger banks, and is building on this with the development of its own digital solutions to support customers on their digital transformation journeys. We expect strong growth in the challenger bank market, adoption of digital solutions and value-added services in the smart card market to drive revenue growth and margin expansion over the forecast period.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 314.7 39.1 23.0 42.00 15.0 22.5
2023A 364.6 50.4 29.8 62.27 10.1 10.5
2024E 395.2 57.1 35.7 66.48 9.5 8.6
2025E 424.7 64.6 43.4 82.55 7.6 6.7

Research

TMT

Initiation

AUSTRIACARD — Holding a strong hand

Initiation

TMT

AUSTRIACARD — Holding a strong hand

Thematics

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – Still waiting…
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