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DAVA

Endava

$37.18

-0.01 (-0.03%)

07:59
06/03/19
06/03
07:59
06/03/19
07:59

Endava announces 2 corporate transactions

Endava: "As previously disclosed, Worldpay has an option to purchase Endava Technology SRL, also referred to as 'the Captive,' from us. The Captive is located in Bucharest, Romania and its 138 current employees work exclusively for Worldpay. Worldpay requested, and Endava agreed to allow, an early exercise of the option, which was not exercisable until September 2019. The aggregate purchase price for the Captive is within the previously agreed range as disclosed in Endava's filings with the SEC. The transaction is expected to close during the first quarter of Endava's 2020 fiscal year, subject to Romanian regulatory approval. Upon closing, the employees of the Captive will become employees of Worldpay. In connection with the transaction, Endava has agreed to provide Worldpay certain transition services under the existing Master Services Agreement, or MSA, between Endava and Worldpay, which will remain in place following the closing of the sale of the Captive. This strong relationship is being further strengthened through an extension of volume commitment timelines under the MSA and a potential opportunity to expand our collaboration into the U.S., which remains subject to entry into a binding agreement. Currently 291 Endavans are deployed on Worldpay projects contracted for under the MSA, which is in addition to and separate from the work done by the Captive and its employees for Worldpay. This transaction does not impact Endava's FY19 guidance and we plan to provide FY20 guidance on our next earnings call. Further, in recognition of growing demand for cloud-based CRM expertise as a facilitator for digital transformation, including requirements identified in many of Endava's clients, we are delighted to announce that a 32 person strong team of highly experienced cloud software implementation specialists based in Romania joined Endava on June 1, bringing with them a profitable revenue stream. Endava intends to build on this core to rapidly grow its cloud software implementation capability."

  • 03

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  • 05

    Jun

DAVA Endava
$37.18

-0.01 (-0.03%)

08/21/18
MSCO
08/21/18
INITIATION
Target $29
MSCO
Equal Weight
Endava initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Brian Essex initiated Endava with an Equal Weight rating and $29 price target, stating that while he views the company as a "high quality disruptor" with a "best of breed" platform for digital transformation, he also believes the stock's current valuation reflects its robust growth. He currently forecasts revenue growth at a 23% CAGR for the next two fiscal years, which Essex notes is a deceleration from recent organic growth of over 25%.
08/21/18
WBLR
08/21/18
INITIATION
WBLR
Outperform
Endava initiated with an Outperform at William Blair
William Blair analyst Maggie Nolan initiated Endava with an Outperform rating, telling investors in a research note that she expects the company will see margins expand, driven by leverage in the model as the company scales. Nolan also expects "strong" top-line growth, translating into strong earnings growth and returns for investors.
08/22/18
DBAB
08/22/18
INITIATION
Target $29
DBAB
Hold
Endava initiated with a Hold at Deutsche Bank
Deutsche Bank analyst Bryan Keane started Endava with a Hold rating and $29 price target. The company has "significant" concentration among its top 10 clients, geographies, and industries, putting it at risk to a client loss or reduction in information technology spending, Keane tells investors in a research note.
08/22/18
08/22/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. BJ's Restaurants (BJRI) initiated with a Buy at Maxim. 2. Nightstar Therapeutics (NITE) initiated with a Buy at Janney Montgomery Scott. 3. Endava (DAVA) initiated with a Hold at Deutsche Bank. 4. Cardiovascular Systems (CSII) initiated with a Buy at Stifel. 5. Wright Medical (WMGI) initiated with a Buy at Stifel. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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