G'day Thunder, Here is a little piece from Scott Power of...

G'day Thunder,

Here is a little piece from Scott Power of Morgan's Stockbroking on Mach7 that hit my inbox last night.

Cheers.......D

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ScoPo’s Powerplay – Mach 7 ‘doing everything right’

Enterprise Imaging solutions company Mach7 Technologies (ASX:M7T) is Power’s pick of the week.

M7T recently reported its Q3 FY24 results including 20% growth in annual recurring revenue and record contracted annual recurring revenue of $28.2m.
The company says it expects to be cashflow positive in FY24 due to careful cost management, increased fees for licence renewals and improved receipts predictability for subscription contracts.

Power says the outlook remains strong for M7T with its continuing trend toward subscription contracts make the company a more attractive proposition to a wider range of investors.
“It does seem like it is doing everything right operationally and they have had a strong third quarter,” Power says.

“Mach 7 is one of our key picks in the sector and I feel like it has really turned the corner.
“In terms of stocks to watch Mach7 stands out.”

Morgans has an add rating on M7T and a 12-month target price of $1.56.