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Analyst Research Report Snapshot


Tribal (TRB.L) A strong strategic story




Hardman & Company


31 May 2013





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Tribal’s 2012 results led to upgrades and in this document we assess some of the strategy behind the encouraging prospects. The share price rating is below other software IP backed service operators and maybe this stems from the apparently modest 2013 and 2014 growth. This reflects, we believe, conservative projections. The momentum and the way Tribal’s customisation within large long term projects embeds the client relationships is the key. This is built in by the intellectual property in the Tribal software suite.

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