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Equity Bottom-Up

<p>Esker has reported Q416 and FY16 revenues in line with our forecasts. Strong growth in new contracts combined with c 80% recurring revenues support continued growth and the company expects to generate double-digit organic revenue growth in FY17. We leave our forecasts unchanged pending full-year results in March. We note that Esker had net cash of &euro;15.9m at the end of FY16, providing ample funds for investment to drive growth.</p>

Esker has reported Q416 and FY16 revenues in line with our forecasts. Strong growth in new contracts combined with c 80% recurring revenues support continued growth and the company expects to generate double-digit organic revenue growth in FY17. We leave our forecasts unchanged pending full-year results in March. We note that Esker had net cash of &euro;15.9m at the end of FY16, providing ample funds for investment to drive growth.

Esker SA

Q416 in line, positive outlook for FY17