Kumaresan Selvaraj pillai


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Tuesday, November 27, 2012

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
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