BP updated yesterday, a couple of snips
"Becoming more like Technology One and Pro Medicus
Citadel is currently transitioning from a managed services provider to more of a software and services company and the recent result suggests this change is gaining traction. We believe the company now has characteristics similar to other software and services companies such as Technology One (TNE) and Pro Medicus (PME). For instance, Citadel has secured part of the Brisbane City Council (BCC) contract which Technology One originally won but then lost over a contract dispute. Also, the company is now taking Charm – the leading oncology e-Health system in Australia – offshore and so is starting to look more like what Pro Medicus is doing in radiology. Interestingly, however, the FY19 PE ratio of Citadel is much lower than that of Technology One and Pro Medicus (i.e. 22x vs 30x and 66x) and so this suggests to us that the current re-rating of the Citadel multiple could still have some way to go."
"Investment view: PT up 6% to $9.00, Maintain BUY"
BP updated yesterday, a couple of snips "Becoming more like...
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