Link Administration Tracking Well Following CAS Acquisition
Narrow-moat-rated Link Administration’s interim result was stronger than we expected, and we have increased our fiscal 2018 earnings forecasts accordingly. However, our long-term forecasts are largely unchanged, and the changes to our forecasts aren’t sufficient to affect our AUD 8.30 fair value estimate. At the current market price of AUD 8.68, we still believe the shares are slightly overvalued.Our fair value estimate implies a fiscal 2018 price/earnings ratio of 24, which is justified by the...
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