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AUSTRIACARD (ASE: ACAG)

Last close As at 11/10/2024

EUR5.88

— 0.00 (0.00%)

Market capitalisation

EUR214m

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

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TMT | Update

AUSTRIACARD — FY24 growth outlook maintained

TMT | Update

AUSTRIACARD — Outlook points to H2-weighted growth

TMT | Flash note

AUSTRIACARD — Acquiring data analytics expertise

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)

79

Forecast gearing ratio (%)

62

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (0.34) 0.34 (2.81)
Relative 3.93 2.5 (12.02)
52 week high/low €6.6/€5.5

Financials

AUSTRIACARD reported a step-up in adjusted revenue in Q224 (+12.4% y-o-y) as payment card sales re-accelerated and digital transformation technologies projects ramped up. H124 adjusted revenue was 7% higher and adjusted EBITDA 11% higher, resulting in margin expansion of 0.6pp to 15.0%. Management reiterated full-year guidance for adjusted revenue and EBITDA, for which our forecasts are unchanged. We have slightly increased our tax rate assumptions and, reflecting a slower unwind of working capital, have increased our net debt forecasts.

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 14.0 21.0
2023A 364.6 50.4 29.8 62.27 9.4 9.8
2024E 398.6 55.9 34.9 64.02 9.2 7.9
2025E 428.4 63.8 42.9 80.53 7.3 6.1

Research

Update

TMT

AUSTRIACARD — Outlook points to H2-weighted growth

Flash note

TMT

AUSTRIACARD — Acquiring data analytics expertise

TMT

Update

AUSTRIACARD — FY24 growth outlook maintained

Initiation

TMT

AUSTRIACARD — Holding a strong hand

Thematics

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media
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