Temenos Group: Q3 15 results above expectations, FY15 guidance reiterated, good visibility ahead
We reiterate our Buy rating and raise our
DCF-derived fair value to CHF47 from CHF42 as we increase our medium-term lfl
revenue growth rate to 11% from 9%. Yesterday evening Temenos reported Q3 15 results
above ests., thanks to the recognition of most of the c. USD7-10m revenues
expected for 2015 on the Nordea deal in the quarter. FY15 guidance is
reiterated, and Nordea provides revenue visibility for 2016 and beyond. While
very large deals are in the pipeline - with lengthy sales cycles due to
strategic decision processes -, we deem the share price will react positively.
For more information, please contact marketing@bryangarnier.com
For more information, please contact marketing@bryangarnier.com