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RedstoneConnect Justifying the 250p price target – Whitman Howard Research

With the full year numbers confirmed, Whitman Howard Research focus on the diversity of the earnings stream and by adopting a sum-of-the-parts methodology to reflect their different characteristics they determine a fair value of 250p.

This is substantially ahead of the current share price. With clients requiring ‘connected office’ software, RedstoneConnect Plc (LON:REDS) is now generating sustainable revenues from a wide client base and from numerous sources e.g. SaaS, licence fees, consultancy, one-off and recurring contracts. At 250p, the FY19 PE rating is 19x.

This is not demanding for a company which has developed cutting edge software, can boast of a blue-chip client base, is expected to post a 3yr CAGR (2017 – 2020E) for adjusted PBT of 48% and enjoys a net cash position. Whitman Howard Research maintain their buy.

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