Temenos AG

“Temenos owns a structurally durable position in mission-critical banking software with sticky recurring revenue, real FCF, and a long modernization-driven runway — but four CEO changes in three years, a contested and self-investigated Hindenburg fraud allegation, and a persistent IFRS/non-IFRS opacity gap create a genuine tail risk of permanent impairment that is incompatible with high conviction at a fair (not discounted) valuation; the right posture is to monitor for governance stabilization and a better entry below CHF 60.”