PPS – Morgans rates the stock as Add

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Praemium’s FY19 profit met the broker, Australian operations continuing to underpin the stock.

Morgans lowers earnings forecast to account for a lower UK revenue base, and slower assumed growth in Australia and the UK.

As the stock trades at a discount to valuation, the broker maintains an Add rating. Target price eases -1% to 59c.

Sector: Software & Services.

Target price is $0.59.Current Price is $0.51. Difference: $0.08 – (brackets indicate current price is over target). If PPS meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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