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 Important: All disclaimer information can be found on the last page of the document

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