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Clare Capital - Updated target price for Pushpay (NZAX:PAY)

Clare Capital - Updated target price for Pushpay (NZAX:PAY)

Based on the recently released results we have updated our target price for Pushpay (NZAX:PAY) from $3.64 to $4.44. Although this uplift only brings the target price in-line with the current share price, this valuation is based on the current guidance of 100% merchant growth in the six months, to 30 September 2015 – Pushpay have shown a habit of exceeding guidance.

For the three month period to 31 March 2015, Pushpay set a target of 50% merchant growth, and exceed this by 31%. If Pushpay continues their pattern of exceeding guidance, further upwards revision in the target price is likely, north of $5.00 is possible.

The Company’s financial reports are due out in May, at this time we will further calibrate our modelling to their full financial performance, updated our scenario analysis and release a more detailed report.

Attachments:

Updated research - "Pushpay Holdings Limited: Pushpay exceeds growth targets
Detailed original piece - "Pushpay Holdings Limited: A SaaS play which makes donating and paying easy"

ENDS



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