Ahead of results for the year to 31 March 2021 (FY21) due in June, a trading update for Appreciate Group (APP) indicates underlying results in line with market expectations, supported by the continuing positive trend in billings and despite an increase in profit deferral. In this note we provide an update on our forecasts and a detailed review of our fair valuation (60p per share), which looks through the near-term suppression of earnings by the pandemic and the cash flow effects of business mix changes.Den vollständigen Artikel lesen ...