Update: FY14 forecasts are comfortably exceeded
In a brief trading update, NetDimensions (AIM: NETD, OTCQX: NETDY) states that it expects to report FY14 statutory revenues of at least $22m. This is significantly ahead of our previous forecast of $20m, and implies FY14 revenue growth was more than 35%. Further, the company says that the FY14 loss is likely to be smaller than market expectations. We are conservatively maintaining our FY15 forecasts given the uncertain global macroeconomic outlook. We note that our FY15 revenue forecast of $26.0m still represents a healthy 18% growth. Nevertheless, the group’s US peers continue to trade at significant EV/sales premiums and we believe the shares could warrant a significant re-rating.
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