Edison Investment Research Limited: Edison Issues Outlook on Findel
We are materially increasing our sum-of-the parts valuation from 236p to 324p, fully reflecting legacy issues. However, with these results Findel has clarified its strategic pure-play online goal. Our work shows that its existing cost structure is already in line with such companies (which enjoy P/E valuations of c 70x) and, having observed the operation, we believe it has the potential to accelerate revenue growth and that, consequently, there is further valuation headroom.
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