Petrus Advisers threaten management of banking software company Temenos
Zürich The activist investor Petrus Advisers reacts to the disappointing business development of the Swiss banking software provider Temenos. “The lowering of Temenos’ 2022 guidance has validated our concerns about over-ambitious targets and opaque communications from management,” the fund said on Friday. The separation from the Chief Revenue Officer announced on Thursday is a questionable assignment of responsibility.
Petrus assumes that the main shareholder, Martin Ebner, is also appalled at the development of the Temenos share price. “We will now be in touch with him and other shareholders to discuss whether we can proceed with the current leadership team and structure.”
On days with a weak price development, Petrus will continue to increase its stake in Temenos. The activist announced last week that he had entered the Temenos shareholder register with a stake of less than three percent.
The drastically reduced full-year targets push Temenos shares to a six-and-a-half-year low. The titles of the provider of banking software are heading in Zurich for the largest daily loss in a good ten years with a minus of more than 20 percent to 52.04 francs. In addition, sales and operating profit in the past quarter fell short of expectations, complained analyst Charles Brennan from the investment bank Jefferies. He cut his forecasts for the Temenos full-year result and lowered the target price to 55 from 74 francs.
Find the best jobs now and
be notified by email.
More: Major Swiss bank UBS warns of turnaround in interest rates – end for the real estate boom?