IRESS Ltd

IRE: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$93.00	Qrnpkf	Sfympvjbz

Iress Earnings: Core Businesses Need Work as Noncore Segments Supported Results

Shaun Ler

Aug 19, 2024

Narrow-moat Iress’ first-half 2024 results exceeded expectations, with stronger revenue growth and cost reductions driving improved earnings and margins. This, combined with an upgraded earnings outlook, demonstrates Iress’ ability to still deliver revenue growth amid aggressive cost-outs, surpassing our prior rather conservative projections. We lift our fair value estimate to AUD 10.00 per share from AUD 9.60, reflecting slightly improved revenue growth assumptions, particularly from offshore businesses.

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