Good Results From Fintech Player Praemium
Praemium is a global leader in the provision of investment administration, separately managed account (SMA) and financial planning technology platforms, and has established operations in both Australia and the United Kingdom. The company has reported a 35% increase in first half revenues to $14.7m. This was largely driven by higher average levels of Funds on Platforms, improved contribution from its largest VWrap client, and a full 6-month contribution from the Plum Software acquisition. Earnings momentum has continued with underlying 1H16 EBITDA of A$1.85m, which is in line with CGAu estimates for $A$1.9m. The result represented a 93% improvement in underlying EBITDA for the period. We remain comfortable with PPS’s earnings growth momentum, while we anticipate improved cash conversion to EBITDA going forward. Our recommendation for PPS remains a BUY and our target price is unchanged at $0.47. You can see our updated research here: (VIEW LINK)
Canaccord Genuity Group is a leading independent, full-service financial services firm. Canaccord Genuity has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual,...
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