Reckon Gets a Good Price for Practice Management; FVE Increased to AUD 1.46
We have increased our fair value estimate for no-moat-rated Reckon by 22% to AUD 1.46 per share following the announcement that it intends to sell its practice management division to MYOB for AUD 180 million. Reckon has achieved a good price for the business that exceeds our previous implied valuation and reflects MYOB’s ability to extract synergies by combining its practice management business with Reckon’s. We expect the transaction to be approved by the Australian Competition and Consumer Com...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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