FCL – Macquarie rates the stock as Outperform

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Macquarie has provided an update on Fineos Corp’s September quarter activities.

Fineos Corp’s cash receipts in the first quarter were 25% of Macquarie’s revenue forecast for FY21. Product consulting utilisation was 87% against the target of 85%. Utilisation was in-line with management expectations although fell short of the 91% seen in the fourth quarter.

Outperform rating and $6.25 target retained.

Sector: Software & Services.

Target price is $6.25.Current Price is $4.64. Difference: $1.61 – (brackets indicate current price is over target). If FCL meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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