The acquisition of two UK financial tech businesses accelerates the growth strategy and broadens the client base and product suite, in Deutsche Bank’s view.
The broker expects the debt-funded acquisitions to be 2.0% accretive in 2016. Investors should be rewarded for their patience with 2015 a year of transition, the broker maintains.
A Buy rating is retained. Target is raised to $11.40 from $11.20.
Sector: Software & Services.
Target price is $11.40.Current Price is $9.11. Difference: $2.29 – (brackets indicate current price is over target). If IRE meets the Deutsche Bank target it will return approximately 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).