Structural Trends Likely to Outweigh Brexit for Xero
We maintain our fair value estimate for Xero at NZD 21.00 per share following the British electorate's vote in favour of the United Kingdom leaving the European Union, or EU, also known as Brexit. At the current market price of AUD 17.60, the shares are 17% below our fair value estimate. We expect this discount to narrow as the company approaches profitability and Brexit related concerns dissipate. The lack of profits and dividends means price/earnings, or PE, ratio and dividend yield metrics ar...Xero is engaged in the provision of a platform for online accounting and business services to small businesses.
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