Xero Remains Undervalued Following Strong First-Half Result
We maintain our fair value estimate for narrow-moat Xero at NZD 21.00 per share following a good first-half result that met our expectations. We still believe the shares are undervalued, trading on a 18% discount to our fair value estimate at the current market price of NZD 17.25. The 15% share price fall between August and November reflected broad technology sector weakness, rather than company-specific issues. Underlying fundamental trends remain strong, and we still believe the company will r...Xero is engaged in the provision of a platform for online accounting and business services to small businesses.
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