Technology One: Taking SaaS to the next level
About the author:
- Author name:
- By Nick Harris
- Job title:
- Senior Analyst
- Date posted:
- 24 May 2023, 7:00 AM
- Sectors Covered:
- Telecommunications, Technology
- Technology One (ASX:TNE) delivered a solid 1H23 result that was inline with our forecasts. PBT was up 21% YoY, the dividend up 10% YoY and operating cashflow improved YoY. As expected cashflow is seasonally weak in 1H so we expect TNE to deliver 98% of their full year FCF in 2H23.
- FY23 guidance is for 10-15% profit growth, as expected. Overall this was a good result from TNE that was inline with our and consensus expectations.
- We make immaterial forecast adjustments and retain our Hold recommendation. Our Target Price increases to (login to view) predominately on a peer multiple refresh.
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