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Edison Investment Research Limited: Edison issues outlook on CREALOGIX Group (CLXN)

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Edison Investment Research Limited
Edison Investment Research Limited: Edison issues outlook on CREALOGIX Group

22-Sep-2020 / 11:11 GMT/BST

London, UK, 22 September 2020

Edison issues outlook on CREALOGIX Group (CLXN)

CREALOGIX is a leading, global, digital banking engagement platform
provider. In FY20, revenues grew 1.7% to CHF103.7m, with adjusted EBITDA
rising to CHF2.4m, slightly below our expectations. Revenues grew 13.2% in
H220 vs H120, with minimal impact from the COVID-19 pandemic. Recurring
revenues continued to rise to 44%, with SaaS 17% of the mix, while
international sales fell to 62%. Management announced a reorganisation (with
a CHF7m provision) to accelerate the SaaS transition, funded by the CHF25m
convertible H120 bond refinancing. The SaaS transition will be a drag in
FY21 (although we expect stronger margins in H221), before a full year of
benefit in FY22. We have lowered our forecasts slightly to reflect a more
uncertain global economic outlook.

Looking at CREALOGIX's trading peers suggests a valuation of c 3-5x revenues
and c 15x EBITDA could be achievable as CREALOGIX emerges from its SaaS
transition. If we apply the peer group EBITDA multiple to our estimates for
CREALOGIX, it suggests an EV of CHF155m in FY22 and CHF187m in FY23, a
premium of c 32% to today's EV and a 27% uplift in share price. A multiple
of 3x revenues would imply an EV target of CHF350m+ in the medium term.

Click here [1] to view the full report.

Subscribe [2]to Edison's content to receive reports by email.

All reports published by Edison are free-to-access and available on the
website [3].

About Edison: Edison is an investment research and advisory company, with
offices in North America, Europe, the Middle East and AsiaPac. The heart of
Edison is our world-renowned equity research platform and deep multi-sector
expertise. At Edison Investment Research, our research is widely read by
international investors, advisers and stakeholders. Edison Advisors
leverages our core research platform to provide differentiated services
including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority [4].

Edison is not an adviser or broker-dealer and does not provide investment
advice. Edison's reports are not solicitations to buy or sell any

For more information please contact Edison:

Richard Williamson, +44 (0)20 3077 5700

Katherine Thompson, +44 (0)20 3077 5730


Learn more at www.edisongroup.com [5] and connect with Edison on:

LinkedIn https://www.linkedin.com/company/edison-group- [6]

Twitter www.twitter.com/Edison_Inv_Res [7]

YouTube www.youtube.com/edisonitv [8]

Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
End of Announcement - EQS News Service

1134939 22-Sep-2020

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(END) Dow Jones Newswires

September 22, 2020 06:11 ET ( 10:11 GMT)

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