FDM has delivered a strong 2015 and appears well set for ongoing growth. Its unique model is finding favour with new customers in new locations, and is being adopted more broadly by existing clients. The 2015 outcome was ahead of our expectations on every metric, and we make modest upgrades to 2016 and 2017. The group continues to generate operating margins in the high teens despite significant investment for future expansion; we reiterate our 595p Target Price and our Buy recommendation.
09 Mar 2016
2015 ahead of estimates
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2015 ahead of estimates
FDM Group (Holdings) plc (FDM:LON) | 332 -9.9 (-0.9%) | Mkt Cap: 363.4m
- Published:
09 Mar 2016 -
Author:
Gareth Evans -
Pages:
2
FDM has delivered a strong 2015 and appears well set for ongoing growth. Its unique model is finding favour with new customers in new locations, and is being adopted more broadly by existing clients. The 2015 outcome was ahead of our expectations on every metric, and we make modest upgrades to 2016 and 2017. The group continues to generate operating margins in the high teens despite significant investment for future expansion; we reiterate our 595p Target Price and our Buy recommendation.