EQS Group - Making progress

EQS Group delivered FY19 revenue and EBITDA in line with market expectations and is making good progress in its transformation to a cloud-based provider of corporate compliance and investor relations solutions. Some effects of COVID-19 play to EQS's strengths, such as virtual AGMs and hosting webcasts. However, the dearth of IPOs and longer-term likely increase in corporate insolvencies reduce the potential client pool. FY20 forecasts may need to be reviewed as the economic situation clarifies. The valuation remains well below peers.