FDM is a formidable company, having established a vast array of intellectual property and relationship-based assets. These combine to allow the group to earn good margins on IT services work delivered by its growing army of managed consultants (“Mounties”). We initiate coverage with a Buy recommendation, and a 595p target price. Any investor unaware of the group’s story, or who has stubbornly ignored the group since its take-private and re-listing, would be well advised to m ....