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

Foster Stockbroking
Foster Stockbroking

Providing investment strategies, research and ideas to institutional and professional investors since 1991, with a primary focus on emerging Australian companies.

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