UBS observes the company has outperformed the market by 20% over the last month because of improved operating leverage, double-digit back book growth and the acquisition of Church Community Builder.
Forecasts are upgraded to reflect higher payment margins and revenue synergies. FY21 and FY22 operating earnings estimates are increased by 30% and 31% respectively.
UBS maintains a Buy rating and raises the target to NZ$4.60 from NZ$3.75.
Sector: Software & Services.
Current Price is $3.92. Target price not assessed.
