Report
Gareth James
EUR 147.86 For Business Accounts Only

Reckon's First-Half Result Better than it Looks

Accounting and practice management software provider, Reckon reported a 34% decline in net profit after tax, or NPAT, to AUD 6.2 million for the first half of 2016; however, the result was in line with both management guidance and our expectations. 
We maintain our fair value estimate at AUD 1.75 and at the current market price of AUD 1.50, the shares are undervalued. First-half reported revenue and EBITDA of AUD 57 million and AUD 18.5 million, respectively, were in line with full-year revenue ...
Underlying
Reckon Ltd.

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Gareth James

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