From New Fosters report: Recommendation and Price Target: • We...

From New Fosters report:

Recommendation and Price Target:

1. 
   • We maintain our BUY recommendation and price target at $0.47/share. Given the breadth of the business development pipeline and progress that 9SP has made on a range of large prospects over the last quarter, we are confident that the company is likely to succeed in winning at least two channel partners in the near term.

Catalysts for the share price include: 1) end-user customer adoption, 2) additional channels in existing jurisdictions; and 3) additional channels in new jurisdictions.

• As last reported in early June, adoption rates by Barclay’s end-users were accelerating, with National promotional roll-out on-going. Based on run-rate, 9SP users would be c.38.5k by Jun-18 (2.5kusersaddedpermthx13mths+6ksubscriberstoday=38.5kendusers). However,wewould not be surprised to see the run-rate double, with Barclays ramping-up marketing initiatives. We believe 41k end users by Dec-17 is feasible (5k users added per mth x 7 mths + 6k subscribers today = 41k end users).