We see RUL’s position as a best-in-class provider of mining operation and asset management enterprise software solutions as the crux of our thesis. Being best in breed of this niche in a highly competitive landscape has allowed RUL:
1) To replace internal solutions and gain incumbency advantage 2) Access to a diverse global client base, including Tier 1 operators and by extension Global Framework Agreements (GFA) 3) To cross sell a developed and extensive enterprise product suite 4) To create and enforce favourable contract terms with clients
The product suite rollout and subscription transition is now complete. With recent GFA’s signed and an attractive pipeline, we initiate coverage with an outperform recommendation and $3.55/share 12-month price target.
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