Reckon Fair Value Estimate Maintained as 2016 Result Meets Expectations
We maintain our fair value estimate for Reckon at AUD 1.30 per share following the 25% fall in 2016 reported net profit after tax, or NPAT, to AUD 11 million, in line with our forecast and management guidance. Management didn't provide earnings guidance for 2017, but we expect underlying NPAT to fall a further 13% in 2017 to AUD 8.6 million, largely because of higher depreciation and amortisation costs, before earnings growth resumes in 2018. Over the next decade, we forecast an underlying EPS C...Reckon is organized into three reporting and operational segments: Practice Management, consisting of practice management, tax, client accounting and related software under the APS brand, Elite and Docs business accounting software solutions, and nQueue software solutions; Document Management, consisting of Virtual Cabinet and SmartVault secure cloud based online document management processes; and Business, consisting of Reckon One cloud based accounting software, Reckon Accounts Hosted online accounting software products, as well as Reckon Accounts, including Reckon BankData, a bank feed solution, and Reckon GovConnect, a SRP-enabled solution for lodging reports to the government agencies.
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