-
Share
24,045 Posts.
401
08/08/18
15:52
Share
The Macquarie View
- While FY18e guidance has been reaffirmed, it implies a material deterioration YoY.
- Industry feedback suggests competitive pressures and client budget sensitivity are likely to continue to weigh on ISD’s core ANZ franchise into FY19e,
- while potential copyright cost inflation adds risk.
- The Asia turnaround will be predicated on both operational and product improvements to drive conversion, which remain unproven, in our view.
- While optically valuation appears undemanding, evidence of a stabilisation in the earnings base is required given downside risks. Underperform.
-