Hardman & Co Research: Acquisition of Capital Currencies Ltd

Cornerstone is a provider of forex, payment and currency risk management services, with a focus on small and medium-sized enterprises (SMEs) internationally. Central to our investment case on the company, in addition to the favourable organic demand drivers that it is experiencing, has been management's stated strategy to build market share and operating leverage through acquisitions of forex services providers. The company recently announced the acquisition of Capital Currencies for a total consideration of up to £3m. The transaction is expected to be earnings-accretive in the first year. Our DCF-implied fair equity value for Cornerstone is £15.0m.

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About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge.  Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

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