Updater hits key milestone early

Foster Stockbroking

Updater Inc. is a US based technology company that has produced a software platform to improve the relocation process. It recently passed its 15% market penetration target, five months ahead of schedule, and follows quickly on the heels of an 11.7% market penetration announcement, some three weeks prior.

The latest news adds to management credibility in delivering on it 2017 objectives ahead of schedule: we’ve already had two outstanding pilot results in two distinct verticals, along with the announcement of the cable vertical pilot program.

The 15% market penetration milestone is particularly notable as it was always considered a critical step to ensure the company has scale to deliver on its Business Products. As a result, we would not be surprised if management announce early its Business Product launch strategy with a view to pushing for contract wins in CY18e (or earlier).

We have a Buy recommendation and a price target range of $1.70-$3.14/CDI.

The share price has increased by 460% since our first Livewire post on Updater, and you can read our most recent report here.


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