Empired: Winning in the New World

Lachlan Hughes

Swell Asset Management

Coming off a record FY15 result Empired (ASX:EPD) carries solid earnings momentum into FY16. On the back of several acquisitions it is now positioned as one of Australia’s leading providers of IT services and infrastructure. Sustainability of its earnings have improved dramatically through diversification of operations both geographically and by industry. We have also seen an increase in recurring revenue as a percentage of total revenue which is encouraging. The technology sector stands out in a soft market as it is constantly transforming. We see real growth prospects ahead which could provide some potential tailwinds. We view Empired as a quality business with good management and trading at a substantial discount to its intrinsic value. By Alex Clunies-Ross (VIEW LINK)


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Lachlan Hughes
CIO
Swell Asset Management

Lachlan is the founder and CIO of Swell Asset Management, a boutique investment manager specialising in global equities.

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