Citi stays bullish on Australia's SiteMinder on better pricing, subscriber growth

SiteMinder

06/06/2023 05:51

** Analysts at Citigroup say SiteMinder Ltd's  SDR.AX 
superior functionality and better pricing presents opportunity
for the Australian hotel ecommerce platform to grow its
addressable market
    ** Brokerage says industry analysis suggests there's upside
to SDR's pricing and subscriber growth given offerings from
larger providers cost more vs SDR's monthly fee
    ** Says SDR's Little Hotelier app downloads continued to
grow, with May app downloads up 10% from prior month, and 4Q23
monthly average up 27% on 3Q23
    ** Citi adds SDR could accelerate its subscriber growth by
continuing to develop/invest in its partner channel program
    ** Brokerage retains PT of A$4.80, "buy" rating on stock
    ** 12 of 14 analysts rate the stock "buy" or higher, one
"hold" and one "sell"; their median PT is A$4.53 – Refinitiv
data
    ** SDR trading 0.7% lower, as of 0342 GMT; up 1.6% this
year, as of last close

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))