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Berenberg raises target price on Craneware following 'positive' FY results
By Iain Gilbert
Date: Tuesday 21 Sep 2021
LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg hiked their target price on software outfit Craneware from 2,420.0p to 2,750.0p on Tuesday following the group's "positive" full-year results.
Berenberg stated Craneware's full-year results were positive, being slightly ahead of figures released with its trading update back in July.
However, the German bank said the real focus was the new opportunity that stands before Craneware as an enlarged group following its acquisition of Sentry Data Systems.
"The Sentry deal has re-shaped the group and added several features to the investment case," said Berenberg. "It has a meaningful impact on Craneware's financial profile and we raise our FY22 earnings per share estimates by circa 7% on a pre-synergy basis."
Over the longer term, as Sentry reduces the pro-forma growth profile, Berenberg noted both Craneware's existing growth opportunity relating to Trisus and generating revenue synergies from Sentry will be important.
"As the group enters FY22 with high levels of visibility, it has every opportunity to make a strong start to its future with Sentry," added Berenberg, which reiterated its 'buy' rating on the stock.
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