0030 GMT - Enterprise-software provider ReadyTech gets a new bull at Morgans, where analyst James Filius sees the stock trading at a 20% discount to its historic average Ebitda multiple. Filius initiates coverage with an add rating, telling clients in a note that ReadyTech's recent organic growth trajectory supports his forecast of 14.5% average Ebitda growth over the coming years. He says that the Australia-listed company is still in the early stages of trying to capitalize on moves in the education sector to modernize legacy software systems, and on local governments' on-site conversion of planning solutions. Morgans puts an A$3.74 target price on the stock, which is down 0.3% at A$2.94. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
December 12, 2024 19:30 ET (00:30 GMT)
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