Xero Sensibly Cashes in Some Overvalued Scrip to Acquire Hubdoc
Narrow-moat-rated Xero’s NZD 100 million acquisition of data capture software provider Hubdoc is a sensible transaction that monetises its overvalued share price and adds real value to the company. However, the acquisition price represents only 2% of Xero’s market capitalisation, meaning the transaction isn’t sufficiently material to increase our AUD 24.00 fair value estimate. At the current market price of AUD 42.82, Xero shares trade on a fiscal 2019 enterprise value/revenue multiple of 12, an...Xero is engaged in the provision of a platform for online accounting and business services to small businesses.
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