RHP – Morgans rates the stock as Add

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FY17 results were in line with recent guidance. The company has also announced an on-market buy-back of up to 10% of shares on issue.

Morgans reduces forecasts by -10%. The broker believes the outlook is positive and the valuation attractive relative to growth in earnings per share. The broker believes the business is back on the radar for investors.

Add rating retained. Target is $0.82.

Sector: Software & Services.

Target price is $0.82.Current Price is $0.72. Difference: $0.11 – (brackets indicate current price is over target). If RHP meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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