Macquarie resumes coverage with an Outperform rating and $4.92 target.
The company has raised additional equity and, along with the net cash position, this provides three years of requirements based on the monthly operating cash burn, the broker assesses.
Funds will be used primarily to support opportunities and provide working capital for R&D investment.
Sector: Software & Services.
Target price is $4.92.Current Price is $4.30. Difference: $0.62 – (brackets indicate current price is over target). If FCL meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).
