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  • Writer's pictureGuillermo Serrano

A brave new (digital) World

The impact of Covid 19, in´s case, is a mixture of positives and negatives but resulting in an overall positive balance. There are strong indications the positives will continue to boost growth in the coming quarters.

Based on the recent release of weekly indicators involving New Users, different Users of Registered mail, Active Registered SMS users, Active Circuits of contracting related APIs and registered SMS contracts, there is evidence to confirm the strong surge of the company´s SaaS products on the back of Covid 19.

We have revised up our 2020 and 2021 net profit estimates to €2.0m (vs€1.3m) and €3.4m (vs€1.9m) respectively. We now expect 2020 Turnover to rise by 36% to €18.5m, compared to our previous €15.7m estimate (we used to go for a 15% annual increase), the main trigger for our net profit revision.

We are also lifting our 12-month target price to €3.00 from €1.80. A strong increase, based on our perceived rapid (and forced) acceleration of digital transformation across the economy in addition to a number of recent management successes (new and larger contracts have been brought in since our last revision). Last but not least, the Board has proposed a 1 cent dividend payment, the first in its history, that comes to demonstrate commitment to shareholder returns.


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