19.11.2013
InVision AG DE0005859698
DGAP-News: Warburg Research Renewed its Price Upgrade for InVision AG from EUR 29.00 to EUR 36.00
DGAP-News: InVision AG / Key word(s): Research Update/Study
Warburg Research Renewed its Price Upgrade for InVision AG from EUR
29.00 to EUR 36.00
19.11.2013 / 11:37
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Warburg Research Renewed its Price Upgrade for InVision AG from EUR 29.00
to EUR 36.00
Ratingen, 19. November 2013 - Felix Ellmann, analyst at Warburg Research,
has upgraded the target share price of InVision AG (ISIN: DE0005859698)
from EUR 29.00 to EUR 36.00. The 'Buy' rating remains unchanged. Almost
four weeks ago, Warburg Research raised its target price for InVision
shares from EUR 25.00 to EUR 29.00. On 11th November 2013, InVision AG
presented the final results for the first nine months of 2013 at its annual
Analyst and Investor Conference held at the German Equity Forum in
Frankfurt, Germany. There, the Company also provided insights into its
business development. On this basis, Felix Ellmann sees new prospects for
revenues and earnings.
In his research report, published on 15th November 2013, Ellmann explains
that he has again raised his forecasts based on expectations of higher
growth in SaaS/Cloud revenues in 2014. At the same time, Ellmann expects
stagnation in the cost base, which leads to an overall increase in the
earnings forecasts amid increased visibility.
Ellmann's revenue estimates to date forecast only moderate revenue growth.
A slight decline in the existing license and service business was assumed,
with SaaS/Cloud solutions more than compensating for this development but
on a moderate level. From today's perspective, greater revenue growth seems
realistic, according to Ellmann, as existing business performance is more
stable and the Company expects growth rates in the SaaS/Cloud area that are
in the upper double-digit to low triple-digit percentage area. Until now,
Warburg Research anticipated a growth rate of 60-70 percent. In particular,
this shows that the new business model is gaining a foothold, says Ellmann,
and thus, the revenue share of the dynamically growing SaaS/Cloud area
could already amount to more than 10 percent in 2013.
With regard to the stagnating cost base, Ellmann explains that at InVision
the costs for customer acquisition and the operations of new customers in
the cloud solution, as well as for the offering of e-learning courses, are
very low. Flanked by this development, the cost base for 2014 is
anticipated at just EUR 11 million. Previously, Warburg Research estimated
a cost base of EUR 11.4 million. As InVision does not plan to expand its
personnel capacity, there is no substantial rise in costs expected in the
coming years. According to Ellmann, this momentum offers the opportunity
for significant earnings growth in 2014 and beyond.
The complete Warburg Research report, 'Cloud is working', is now available
for download from InVision's website at:
http://www.invision.de/analyst_media_reports.
About InVision:
Since 1995, InVision has been helping its clients to optimise their
workforce management, increase their productivity and quality of work and
reduce their costs. The InVision group incorporates the brands injixo, a
cloud platform with training, workforce management and industry network,
The Call Center School, offering training, consulting and publications for
call centre professionals, Core Practice, offering strategic workforce
management consulting, and InVision WFM, a software solution for workforce
management. InVision AG (IVX) is listed in the Prime Standard Segment of
the Frankfurt Stock Exchange.
Further information: www.invision.de
Contact:
InVision AG
Investor Relations,
Jutta Handlanger
Halskestrasse 38,
40880 Ratingen (Germany),
phone: +49 (0)2102 728-444,
email: [email protected]
End of Corporate News
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Language: English
Company: InVision AG
Halskestraße 38
40880 Ratingen
Germany
Phone: +49 (0)2102 / 728-0
Fax: +49 (0)2102 / 728-111
E-mail: [email protected]
Internet: www.invision.de
ISIN: DE0005859698
WKN: 585969
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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