MYOB Remains Undervalued Despite Abandoning Reckon Acquisition and Increasing Reinvestment
We have cut our fair value estimate for narrow-moat-rated MYOB by 6% to AUD 3.82 following management’s decision to abandon the acquisition of Reckon’s Accountant Practice Management, or APM, division and revise earnings guidance. The reduction is driven by slightly higher operating and capital expenditure forecasts on the basis that the company will need to invest more to grow organically. However, at the current market price of AUD 2.84, we still believe the shares are undervalued and we retai...MYOB Group is engaged in development and publishing of software and the provision of services for small and medium enterprises, including accountants in public practice. Co.'s operating segments comprise of SME Solutions, which provides business management software and services to small and medium enterprises; Practice Solutions, which provides business software and services to accounting professionals in practice; and Enterprise Solutions, which provides enterprise resource planning and human resource management software and services to medium and large enterprises.
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