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Wednesday, May 1, 2013

Sanderson Group - Healthy Trading Update

Sanderson Group

Healthy Trading Update

  • Sanderson Group is on track to hit our forecasts for the full-year, with the firm announcing a healthy trading update ahead of its interim results, which are scheduled for release on Wednesday 5th June 2013.
  • We continue to be impressed by the high level of recurring revenues, which cover two-thirds of business overheads.
  • A strong and growing range of products and services, a growing presence in the catalogue, online sales and ecommerce markets and the strengthened balance sheet augur well for Sanderson.
  • Accordingly, we retain our buy stance, with a target price of 68p.

Click to Download Full Report

Table: Financial overview
Year to 31st 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
1.50
1.60
Yield (%)
1.53%
2.45%
3.06%
3.27%

Source: GECR and company
Notes: *Continuing operations

Buy
Target price
68p
Key data
Share Price
49.00p
52 week high/low
56.50p / 36.50p
Primary exchange
AIM
EPIC
SND
Shares in issue
43.8m
Market Cap
£21.46m
Sector
Software & Computer Services
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