We Maintain Our Bearish View on SMS Following Weak Earnings Guidance. FVE Cut 17% to AUD 1.00
We cut our fair value estimate for SMS Management & Technology, or SMS, by 17% to AUD 1.00 per share following weak earnings guidance. At the current market price of AUD 1.39, we continue to believe the shares are overvalued despite the 53% share price slump this year. First-half fiscal 2017 revenue guidance of AUD 150 to 155 million implies a 9% fall on the previous corresponding period with EBITDA guidance of AUD 4.5 to 5.0 million implying a 57% collapse. Although guidance is weaker than ...
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