Shore Capital has reaffirmed its backing for accesso Technology Group, cheering early signs that a strategic revamp under fresh leadership is starting to pay off after the ticketing and technology group posted a near-50% jump in first-half cash profits. The broker pointed to building momentum across a broader offering spanning payments, artificial intelligence and integrated platform tools, singling out the launch of accessoPay, a payments layer developed with Adyen, as a potentially important and underappreciated earnings driver, and flagging growing interest in accesso Intelligence, its AI and analytics platform, where early cross-sell demand ran ahead of expectations. Analyst Katie Cousins left her full-year forecasts unchanged, pencilling in revenue of $146.5 million and cash earnings of $20.7 million, but trimmed her margin assumptions to bring them into line with the wider market and reflect heavier near-term investment. Shore reckons the shares fail to reflect accesso's improving position, trading on 5.7 times forecast cash earnings, 11.3 times earnings and offering an 11% free cash flow yield. The endorsement follows first-half results showing cash earnings up 49.7% to $7.6 million and margins widening to 11.2%, even as revenue held broadly flat at $67.8 million, with seventeen new venues signed up over the half and more buying several products at once, while the key autumn trading stretch taking in Halloween still lies ahead.
Accesso Technology Group PLCShore Capital reaffirmed backing and flagged shares as undervalued (5.7x cash earnings, 11% FCF yield) after accesso's first-half cash earnings jumped 49.7% to $7.6m.
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