MILANO (AIMnews.it) -Edison Research published an update on Expert System revising the target price upwards to 1.91 euros per share (from 1.83 euros). The group reported revenue growth of 11.8% in 2017, exceeding the expectations of analysts, with an increase in revenues in the second half of 2017 of 110%, highlighting the seasonality experienced by Expert and an increase in demand at the end of 2017. Operating costs, lower than expected, generated a positive EBITDA of € 1.7 million gross of exceptional restructuring charges of € 0.7 million. The percentage of annual licenses sold increased to 41% of license revenues (28% in FY16). The net financial debt for 2017 of 8.8 million euros was higher than expected. Edison Research increased its forecast of FY18 sales by 6.7%, equal to 30.5 million, with a yoy growth of 9.9% and EBITDA 2018 is expected to reach 4.0 million with an increase on the previous forecasts by 33%. The Expert System DCF rating suggests a value of € 1.91. Expert's ability to convert customers' interest in the rapidly growing data mining market, combined with the achievement of target profitability, will be key to reaching a significant group growth.