EPS CHANGE
CHANGE IN EPS
2016 : € 0.23 vs 0.22 +5.97%
2017 : € 0.27 vs 0.26 +4.42%

Following the H1 results, we have upgraded our forecasts. The EPS benefit from the increase in both the top-line (massive increase in the Authorisations business) and in the bottom-line (Authorisations’ operating margin up to c.10% from 3% previously), slightly offset by the lower than expected profitability in the Terminals business (c.31% vs. 33%).