€32.8m market cap
€3.79 last close
Founded in 2000, mVISE is a pioneer in German mobile software solutions with a large blue-chip client base, including Vodafone, Bosch and Deutsche Telekom. The group specialises in mobile business solutions, virtualisation and cloud-computing, and security software. Consulting contributed two-thirds of revenues in 2016, and act as a driver of additional revenues including own software sales.
mVISE is at a pivotal point in its three-year 2018+ strategy following a year of doubled product revenues and a trebling in PBT. The heavy lifting of expanding the marketing reach of its digitalisation software products and building scale in the consulting division is now largely complete, with three new white-label versions of elastic.io set to come on stream in the coming weeks. Helped by this, management forecasts sales of its software products to double in each of the next two years, which should in turn fuel growth in high-margin product-related consulting fees. With more parts of the group now working more closely together to exploit opportunities, we see the stock on its current 2020e P/E of 10.3x as an attractive growth play.