Jefferies sees Australia's ReadyTech 'well-disposed' on solid pipeline

Readytech Holdings

24/07/2023 22:57

** Jefferies sees ReadyTech Holdings  RDY.AX  as
"well-disposed" on solid pipeline and  improving  cash  flows 
    ** Brokerage has a price target of A$3.70 on software as a
Service (SaaS) firm, rates "Buy" 
    ** Jefferies says RDY offers solid pipeline in local govt
education in FY23, improving cash flows from FY24
    ** Brokerage sees RDY's FY23 revenues of A$104 mln ($70.08
mln), compared to A$78 mln reported a year ago 
    ** Also sees FY23 gross profit of A$96 mln, against A$74 mln
in the previous year
    ** "We think RDY's offshore potential is also material
though admittedly longer-dated" - Jefferies
    ** All 6 analysts rate RDY "buy" or higher - Refinitiv
    ** Stock down ~9% YTD, as of last close
 


($1 = 1.4841 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))