BCA issued two positive updates yesterday. 1) H2 performance was at the upper end of expectations. We have upgraded FY17 EPS by 4%, lifting YoY growth to 29.4%, with only a part year contribution from Paragon. We see upside risk to outer years too given a structural shift towards auctions, share gains & additional service revenues, and operational gearing. 2) BCA is moving to a premium listing which will be well received given it was originally scheduled a year ago. High barriers to entry, a dom ....
03 May 2017
N+1 Singer - BCA Marketplace - Positive trading + transition to Premium listing - Buy
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N+1 Singer - BCA Marketplace - Positive trading + transition to Premium listing - Buy
BCA issued two positive updates yesterday. 1) H2 performance was at the upper end of expectations. We have upgraded FY17 EPS by 4%, lifting YoY growth to 29.4%, with only a part year contribution from Paragon. We see upside risk to outer years too given a structural shift towards auctions, share gains & additional service revenues, and operational gearing. 2) BCA is moving to a premium listing which will be well received given it was originally scheduled a year ago. High barriers to entry, a dom ....