research2discovery

French to english translation "- TP ICAP Midcap revalues Wallix from 26 to 30 euros ('buy')."

$ALLIX
www.boursier.com/actualites/n...

It is really sehr schön case with Ceotronics on multiple levels, which is extremely rare in my experience to come by. Let's briefly go through some points of interest -> 1/X

The market is pricing in losses and acting as if the
Thrustmasterand Hercules audio businesses will soon be liquidated, instead of acknowledging the raised forecast and profit guidance that just came out today.

Things aren't perfect or easy, but let’s not forget the context and price here: $GUI is raising guidance while currently having a €75 million market cap at €5.1, €36m in cash, and €40 million in working capital.

A lot of newsflow and momentum into Q4 & Christmas for highest volume products competing mainly with Logitech $LOGI.
All in all I believe Guillemot has delivered a very strong print, and I’ll be surprised if there isn’t a strong market reaction tomorrow.

T598 wheels production is back. There's a transition underway to a new generation of entry level products (the previous ones were quite old, having been on the market for over 5 years), so new launches are coming soon.

That's why company guides for positive profits too.
A decline of only 5% y/y in Q2 (considering Trump’s tariffs and massive export and pricing issues to the US) in my opinion is significantly better than expected.

Guillemot Corp. $GUI has published its Q2 revenue figures. Most importantly, the completely unexpected upward revision of the revenue forecast from €110m to €120m for 2025 stands out. It means H2 will be very very strong and operating leverage will work again here. 1/X ->

Another clear positive is the recent easing of procurement processes in Germany by Bundeswehr which looks to ease and speed up contracts.
t.co/defHzjS10d

So, by this it really seems like a big gap of sets that needs to be ordered to assure that the majority of soldiers will be equipped.
Certainly, it is very important in a combat scenario.

It will be very interesting to follow the order development on this side given this new large planned expansion which is much larger number at the time when the large framework contract time was signed 191k sets until 2031.

There seems to be a very large gap between amount of soldiers versus sets procured 191k for the Bundeswehr contract and this communication is mission critical.

Sehr Schön with Ceotronics - the recent indication of Bundeswehr to double military personel by 2031 from c. 220K now including reservists to around 400K by 2031 should mean great news for Ceotronics -> 1/X
t.co/MDaje0WYE8

Yes there are only few leaders left in PAM niche... and Wallix $ALLIX is the only European one.

Current $CYBR FY2025 multiple is 16x Sales. This multiple applied to Wallix means it should change hands/control at >€102 vs €23 now.
I know it should have discount, due to smaller size and European focus, so please do your own math, what will happen when cybersecurity consolidation is accelerating.

Palo Alto Networks $PANW rumoured to buy CyberArk $CYBR . As a reminder CyberArk is the major competitor of Wallix $ALLIX in privilleged access management sector in Europe -> 1/X
t.co/ayGsRqCSKw

Out of all the microcap defense plays in EU only a select few stand out by natural order and will likely play out very well in the coming years - but nothing really compares to Ceotronics $CEK.DE - think the R/R is simply on the extreme side.
1/X ->

Remember the recent interview with Wallix CEO? There he mentioned "Regarding a change of control of WALLIX, we are regularly approached and open to discussion" (translation from french)
Exciting times ahead to say the least.
t.co/DTD4zfd39f

Well, just wondering here with these strong signals for for how much longer can it stay deeply undiscovered? And secondly wondering for how long can this unique european cybsec high quality software pureplay remain listed?

Overall industry context is very important here - there is ONLY one industry accredited leading local player in EU: it is Wallix. The rest are basically US or Israeli players that are currently much, much larger than Wallix.
It is what it is.

Just recently but not mentioned in the report is also Computer Gross in Italy one of the largest IT distributors in Italy (>2BN EUR Revenues). t.co/bXiDbxJRMf

It is interesting to note that Wallix is rapidly increasing contracts with large players across the board, naturally this should speak for strong continued growth.

Ile-de-France Mobilité oversees public transportation in Paris and its suburbs and in the Île-de-France region.

Région Hauts de France has a population of 6 million people and encompasses five departments and is the northernmost region of France.

First, Société des Grands Projets is primarily responsible for designing, financing, and constructing the Grand Paris Express (major automated network expansion for Greater Paris Region).

"and the signing of major contracts, notably in the public sector (Société des Grands Projets, Région Hauts de France, Ile-de-France Mobilité"
So who are those three clients they mentioned?
Well, these are major contracts with some of the largest french public entities that secure cr. infrastr.

An important fundamental aspect in the Wallix $ALLIX report yesterday that is clearly very interesting and clearly not discovered by the market, yet, lets go through it all -> 1/X

Great customer mentions in the report are Lacoste, Naval group and Saudi Electricity company (OT security).

All EU defense programs are being launched and cybersecurity is included in them.
Let me remind you, that this is the only such company outside of America that buyers of that type of software can consider. ->

Looks like a new European CyberArk ($CYBR) is emerging fast. Keep in mind that today, $CYBR is trading at 16x EV/Sales, while Wallix is barely above 3x (for current year).
It’s clear that their pole position in Europe is starting to pay off.