ACCESSO TECHNOLOGY GROUP
In this note, we review the prospects for accesso ahead of the final results in April. The January update was reassuring, with revenue of ca.$152m ahead of our $150m forecast and the ca.15% cash EBITDA margin well ahead of the 13.2% forecast. Conservatively, we maintained our FY25 and FY26 forecast. However, as accesso is a growth technology company with a leading market position, we expect revenues to gradually accelerate from 6% in FY25E into the high single digits, and margins to rise as the group focuses on high-margin transactional revenues. Nevertheless, the shares trade on a modest ca.13x our FY26E earnings.
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