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Dow Jones News
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Edison issues outlook on Piteco (PITE)

Dow Jones received a payment from EQS/DGAP to publish this press release.

Edison Investment Research Limited 
Edison issues outlook on Piteco (PITE) 
 
17-Apr-2019 / 15:07 GMT/BST 
 
London, UK, 17 April 2019 
 
*Edison issues outlook on Piteco (PITE)* 
 
Piteco's traditional corporate treasury business returned to growth in FY18 
after a flat FY17, with growth accelerating in H2 and momentum continuing in 
FY19. Juniper Payments, the group's US payments software business, recorded 
solid FY18 results while Myrios, acquired late in the 2018, recorded an 
impressive initial contribution. Consequently, the shares look increasingly 
attractive on c 11x our FY20e earnings. 
 
The stock looks appealing, trading on c 12x our EPS in FY19e, falling to c 
11x in FY20e and to c 10x in FY21e. Our DCF model suggests a valuation of 
655c (previously 591c), which is 22% above the current price. Our 
calculation uses assumptions including a 5.8% CAGR in organic net sales 
revenue over 10 years, long-term operating margins of 40% of net sales and a 
WACC of 9%. We have also adjusted for the dilution impact of the convertible 
bonds. 
 
Click here [1] to view the full report. 
 
Subscribe [2]to Edison's content to receive reports by email. 
All reports published by Edison are free-to-access and available on 
thewebsite [3]. 
 
*About Edison:* Edison is an investment research and advisory company, with 
offices in North America, Europe, the Middle East and AsiaPac. The heart of 
Edison is our world-renowned equity research platform and deep multi-sector 
expertise. At Edison Investment Research, our research is widely read by 
international investors, advisers and stakeholders. Edison Advisors 
leverages our core research platform to provide differentiated services 
including investor relations and strategic consulting. 
 
Edison is authorised and regulated by the Financial Conduct Authority [4]. 
 
Edison is not an adviser or broker-dealer and does not provide investment 
advice. Edison's reports are not solicitations to buy or sell any 
securities. 
 
*For more information please contact Edison:* 
 
Richard Jeans, +44 (0)20 3077 5700 
Katherine Thompson, +44 (0)20 3077 5730 
tech@edisongroup.com 
 
Learn more at Edisongroup.com [3] and connect with Edison on: 
LinkedIn https://www.linkedin.com/company/edison-group- [5] 
Twitter www.twitter.com/Edison_Inv_Res [6] 
YouTube www.youtube.com/edisonitv [7] 
 
Dissemination of a CORPORATE NEWS, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
End of Announcement - EQS News Service 
 
801339 17-Apr-2019 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=2193924f175f09dfa10ad0dd39496522&application_id=801339&site_id=vwd&application_name=news 
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=dc4b6da9609a3fa15934b7007f0912b2&application_id=801339&site_id=vwd&application_name=news 
3: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=c0da504bc37f356d3fffdc8eee905ae7&application_id=801339&site_id=vwd&application_name=news 
4: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=105fe9be9b5e36892886e5a39d51d4b7&application_id=801339&site_id=vwd&application_name=news 
5: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=afe662765000a80ab72afd922939c992&application_id=801339&site_id=vwd&application_name=news 
6: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=ec2d264fe4f303e2143a2e85c6eaa823&application_id=801339&site_id=vwd&application_name=news 
7: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=6b959e4d7ee3c402b931a274d2bbe945&application_id=801339&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

April 17, 2019 10:07 ET (14:07 GMT)

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