The interims confirm that Vector Capital (VCAP.L) is on track to meet full year forecasts. It reported 15.8% y-o-y growth in revenue and 3.2% in PBT to £1.3m. An interim dividend of 0.95p per share underpins a projected 4.8% FY21e yield. We have maintained our forecasts, but the components are in place to grow operations materially over the next 18-24 months and we regard the current 10.6x FY21e EPS as very attractive relative to the potential and inherent scalability. Underlying growth is refle ....
