Sanderson Group - Solid Results Lead to Increased Target Price

Sanderson Group Solid Results Lead to Increased Target Price Sanderson Group, the software and IT services business, has announced full-year results which are slightly better than expectations. We have taken this opportunity to update our forecasts and to include numbers for FY2014. Given the healthy balance sheet and improved market position of the group, together with a good order book, our stance firmly remains as "buy", but with an improved target price of 56p. Click to Download Full Report Table: Financial overview Year to 30th Sep. 2011A 2012A 2013E 2014E Revenue* (£m) 14.1 13.4 14.0 15.1 PBT(£m) 0.4 1.5 2.0 2.4 EPS* (p) 1.1 3.0 3.75 4.17 Dividend (p) 0.75 1.20 1.35 1.45 Yield (%) 1.63% 2.61% 2.93% 3.15% Source: GECR and company Notes: *Continuing operations Buy Target price 56p Key data Share Price 46.00p 52 week high/low 48.00p / 27.50p Primary exchange AIM EPIC SND Shares in issue 43.68m Market Cap £20.09m Sector Software & Computer Services Important: All disclaimer information can be found on the last page of the document

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