Bell Potter Update, page-2

There is also another one out from Morgans this morning, suggesting ADD.

http://www.morgans.com.au/Blog/2014/August/Reporting-Season-Summary-26-August-2014.aspx

PS&C (PSZ)

Results

EBIT: $6.7m; Dividen 3cps
The result was in-line with expectations.
Morgans comment

PSZ's FY14 result was inline with guidance provided in June. They reported normalised EBIT of A$6.7m (vs our A$6.6m forecast). On our estimates this equates to 24% EBIT growth yoy (on a normalised basis). PSZ remains a value play in the IT services sector. In addition to being cheap it is growing earnings at a healthy rate and is small enough to undertake meaningful value and earnings enhancing acquisitions. Add recommendation.