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Peel Hunt: iomart (Buy) - Final results




Peel Hunt


28 May 2014





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iomart (Buy) Final results Interims are in line with the pre-close update and showed 37% adj PBT growth to £14.6m and 29% adj EPS growth, driven by organic hosting sales growth of 14%, acquisitions and operational gearing (EBITDA margin 42.5%). Cash flow from operations grew by over 60% to £24.0m, over 100% conversion of EBITDA. We raise our FY15 EPS forecast by 4%. We remain strong buyers of the stock on a PER of 18.8x for forecast EPS growth of 25% and a FCF yield of 5%. A PEG well below 1 is the wrong price for a company with this quality of revenues, a strong track record of upgrades and earnings enhancing acquisitions. Alexandra.Jarvis@peelhunt.com

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