Weak Fiscal 2017 Result Justifies Voting for ASG’s Takeover of SMS
We continue to recommend SMS Management & Technology shareholders vote in favour of the ASG Group takeover offer at the Scheme of Arrangement meeting on Sept. 1, 2017. SMS’ fiscal 2017 result was unsurprisingly weak and in line with both our expectations and the downward earnings trend of recent years. EBIT fell 34% in fiscal 2017 which follows a 49% decline in fiscal 2016. EBIT margin has steadily compressed from 15.2% in fiscal 2010 to 3.1% in fiscal 2017, reflecting an increasingly compet...
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