Last close As at 26/08/2026
EUR24.60
▲ 0.10 (0.41%)
Market capitalisation
EUR428m
Research: TMT
The IVU share price has performed strongly over the last 12 months despite the group running a relatively muted communications programme. A change in this policy announced in July coincided with an increase in FY26 EBIT guidance and a strong outlook in consensus forecasts. Expect the group’s attractive investment characteristics to become even more apparent to investors over the coming years.
Preliminary H126 results were announced on 20 July. H126 revenue was up 13% y-o-y to €72.1m (H125: €64.0m). H126 gross profit was €59.2m, up 15% (H125: €51.6m), while EBIT was €3.3m (H125: €1.0m). At the Q1 results in May management had guided to FY26 revenues of €160m, gross profits of c €130m (FY25: €121.5m) and EBIT of €20m (FY25: €18.6m). While FY26 revenue and gross profit guidance remained unchanged at the preliminary H126 release in July, FY26 EBIT guidance was raised to €22m thanks to robust growth in recurring revenue and a continued focus on improving cost efficiency.
An equally important announcement in late July outlined a more proactive capital markets communication programme. Starting with the Q326 results, reporting will be faster and analyst conference calls in English with members of the executive board will be standard practice. In the press release, CFO Petra Meiser stated: ‘Now is the time to make [IVU’s] strength even more visible on the capital markets – with greater transparency, more dialogue, and greater consistency in our communications.’
Investors should be in no doubt that IVU’s international business model works. The last 17 years have seen a CAGR of c 8% in revenue and gross profit and c 10% in EBIT, the last of which has been muted in recent years by the latest investment cycle (R&D spend was €8.7m in FY25). Around the world, structurally significant public transportation infrastructure is being expanded and liberalised, thus offering clear growth opportunities.
The group’s forward EBITDA multiple looks full compared to other traffic solutions players such as TomTom, Quartix and WAG Payments (which range between 7.1x and 7.6x). On a P/E basis the same peers average 17.8x, which is still lower than where IVU sits today. However, in our opinion, the growth in profitability implied by consensus forecasts explains this premium rating.
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Consensus forecasts |
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|---|---|---|---|---|---|---|---|---|
| Year end | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (€) | DPS (€) | P/E (x) | Yield (%) | EV/EBITDA (x) |
| 12/24 | 133.7 | 21.7 | 17.3 | 0.69 | 0.28 | 35.7 | 1.1 | 17.2 |
| 12/25 | 149.7 | 23.4 | 18.6 | 0.77 | 0.55 | 31.9 | 2.2 | 15.9 |
| 12/26e | 163.1 | 28.5 | 23.0 | 1.02 | 0.41 | 24.1 | 1.7 | 13.1 |
| 12/27e | 177.8 | 32.3 | 27.3 | 1.09 | 0.42 | 22.6 | 1.7 | 11.5 |
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Research: Financials
ProCredit Holding (PCB) continues to make progress in terms of scaling its business and improving the granularity of its loan and deposit base. Its active client base expanded by 27k to 359k at end-June 2026, supported by the rollout of PCB’s digital offering for retail clients, and its loan book grew sequentially by 5.3% in Q226 and 8.0% in H126. This led to an increase in PCB’s net interest income (NII) of 14.6% y-o-y to €99.0m in Q226, and a higher net interest margin (NIM) of 3.4% in Q226, versus 3.2% in Q225. This is yet to feed through to PCB’s bottom line, as its cost-income ratio remained elevated at 71.2% in Q226 (broadly flat vs 71.1% in Q225) due to PCB’s strategic agenda, lower net fee and commission income, and expenses related to the new currency hedging framework. Profitability was further affected by a temporarily higher corporate tax rate in Ukraine, resulting in an ROE of 5.8% in Q226. That said, management reiterated its 7% ROE guidance for FY26 and its target of 13–14% by FY29.