Q: Could you please comment on Topicus results. Thank You
5i Research Answer:
EPS was €0.30 vs estimates €0.465. Revenue €355.6 matched estimates. EBITDA of €94.4M was 3% short of estimates. Revenue rose 16%, with decent 4% organic growth. EPS rose 36%. Acquisitions totalled €39.4M, not including Asseco, where TOI acquired 10% of the company for €168M. Cash flow rose 19%. While technically a miss on earnings, only two analysts cover the stock, and the company does not disclose 'adjusted earnings'. We think investors will focus on the growth here and it continues to look good. The stock is also showing excellent momentum these days. The balance sheet remains very strong.