Owner and CEO, GR20 Research

Gregory Ramirez

Gregory Ramirez is the founder and owner of the research company GR20 Research. He brings 25+ years of experience as a sell-side equity analyst covering Software and IT Services firms. He has acquired over the years a thorough knowledge of the strategy, competitive environment, industry catalysts, valuation and financial analysis of these companies. Prior to founding GR20 Research, he had been working for Bryan Garnier for 17 years, of which most recently as Director, Software & IT Services of BG IRIS, Bryan Garnier’s equity research brand. On top of his public equity coverage, he oversaw and produced numerous industry white papers. Before Bryan Garnier, Gregory had worked for 9 years as an equity analyst at ING Securities, Arkeon Finance, Oddo & Cie, and Natexis Capital. Gregory holds a Master’s degree (DEA) in Banking and Finance and a Bachelor’s degree in Economics from Aix-Marseille University. He has been a member of the French Financial Analysts Society (SFAF) since 2005.

Founded in 2024, GR20 Research is an independent research producer specialising in the Software and IT Services ecosystem. GR20 Research produces an in-depth research product that helps clients understand and evaluate the players in the Software and IT Services ecosystem. GR20 Research’s main areas of expertise include Enterprise Software (ERP), Product Lifecycle Management Software, Banking Software, IT Services, and Engineering and R&D Services. Its research approach is to focus on what is moving the needle in the IT industry, e.g. business model migration to software-as-a-service (SaaS) and subscriptions from perpetual licensing, and how software/SaaS vendors and IT Services firms adapt their strategy and business model to artificial intelligence.

Owner and CEO

Temenos (TEMN SW): Structural Senior Leadership Issue

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

Equity Bottom-Up

<ul>
<li>The sale of Multifonds at a low EV/EBIT multiple of 8.0x reflects Montagu's use of a higher multiple based on adjustments to EBITDA, pointing out modest free cash flow contribution.   </li>
<li>Considering the sale, Temenos revised 2028 targets, reducing ARR, operating profit, and free cash flow projections accordingly. Investors are looking for more transparency on how these changes affect operating margin.   </li>
<li>Temenos’ shift from total software licensing breakdowns to a unified subscriptions/SaaS line, alongside complex revenue recognition rules, adds to investor uncertainty about how to assess the future revenue structure.</li>
</ul>


The sale of Multifonds at a low EV/EBIT multiple of 8.0x reflects Montagu's use of a higher multiple based on adjustments to EBITDA, pointing out modest free cash flow contribution.   
Considering the sale, Temenos revised 2028 targets, reducing ARR, operating profit, and free cash flow projections accordingly. Investors are looking for more transparency on how these changes affect operating margin.   
Temenos’ shift from total software licensing breakdowns to a unified subscriptions/SaaS line, alongside complex revenue recognition rules, adds to investor uncertainty about how to assess the future revenue structure.


Temenos (TEMN SW): Trying to Solve the Modelling Puzzle

Temenos AG

Temenos (TEMN SW): Trying to Solve the Modelling Puzzle