Anexo’s interims display the clear momentum in the business; revenue increased by 56%, adjusted PBT by 63% and cash collections by 30%. We believe the Group is now poised to enter a period of accelerated cash collection given the investment that has been made in its legal division. We remain of the strong view that 10.6x FY19 PER is the wrong valuation for a business set to grow EPS by 43% with expanding margins in excess of 30%. Reiterate Buy, 345p TP.
10 Sep 2019
Anexo - Significant growth in earnings and cash generation
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Anexo - Significant growth in earnings and cash generation
Anexo Group Plc (ANX:LON) | 64.5 -0.3 (-0.8%) | Mkt Cap: 76.1m
- Published:
10 Sep 2019 -
Author:
Michael White -
Pages:
7
Anexo’s interims display the clear momentum in the business; revenue increased by 56%, adjusted PBT by 63% and cash collections by 30%. We believe the Group is now poised to enter a period of accelerated cash collection given the investment that has been made in its legal division. We remain of the strong view that 10.6x FY19 PER is the wrong valuation for a business set to grow EPS by 43% with expanding margins in excess of 30%. Reiterate Buy, 345p TP.