DGS’s full year results should go a long way to rebuild confidence in the group’s delivery and future prospects. Revenues and adjusted EBITDA showed a strong recovery in H2 vs. H1, the Board is recommending a $1.15m dividend (c.5% dividend yield) alongside a $0.5m share buyback and the group is confident of profitable growth for the year ahead. We made no changes to our 2016 and 2017 forecasts at this stage but our confidence in their achievability has grown. Valuation is compelling at 8.5x Jun’ ....
