accesso Technology Group (ACSO): We expect revenue growth to accelerate
In this note, we review the prospects for accesso ahead of the final results in April. The January update was reassuring, with revenue of ca.$152m ahead of our $150m forecast and the ca.15% cash EBITDA margin well ahead of the 13.2% forecast. Conservatively, we maintained our FY25 and FY26 forecast. However, as accesso is a growth technology company with a leading market position, we expect revenues to gradually accelerate from 6% in FY25E into the high single digits, and margins to rise as the group focuses on high-margin transactional revenues. Nevertheless, the shares trade on a modest ca.13x our FY26E earnings.Accesso Technology Group is engaged in the development and application of ticketing, mobile and eCommerce technologies, and virtual queuing solutions for the attractions and leisure industry. Co.'s solutions include accesso LoQueue, accesso Passport, accesso Siriusware and accesso ShoWare. Co. primarily has operations or customers in the U.K., the U.S., Canada, Italy, Germany, Australia, Brazil, and Mexico.
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