FCL – Macquarie rates the stock as Outperform

Macquarie expects the new contract with American Public Life Insurance will underpin the company’s performance.

FY21 guidance already incorporates the additional revenue but confirmation of the contract helps close the gap to Macquarie’s revenue growth expectations from software in FY22.

Outperform rating and $4.63 target retained.

Sector: Software & Services.


Target price is $4.63.Current Price is $4.16. Difference: $0.47 – (brackets indicate current price is over target). If FCL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).



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