PSA ERP Software: Reassessing Visional (4194 JT)
We take a fresh look at our expectations for Visional, in light of the company’s decision to place its mid-term annual sales growth outlook at between 15%~20%. Even with more tempered expectations, Visional’s valuations aren’t looking particularly stretched with a FY25 EV/OP of just under 15x based on our estimates. That said, we think the company is more vulnerable to competition with this slower growth outlook. So, the FY24 performance will be crucial in ascertaining its ability to grow the business in a more difficult economic environment than FY22 and FY23. As such, it is a watch and wait period, requiring a significant upward surprise to warrant reignition of investor interest.
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries.
The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012.
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