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Berenberg raises target price on Pinewood Technologies
(Sharecast News) - Analysts at Berenberg raised their target price on Pinewood Technologies from 590p to 700p on Wednesday after the software-as-a-service provider's interim results earlier in the morning. Berenberg said Pinewood had delivered another period of "excellent top-line growth, strong profitability and further strategic progress", with the key element of the group's results being its new medium-term guidance for underlying earnings of £58m-62m in FY28 - implying a 56% FY25-28 compound annual growth rate at the mid-point of its FY25 and FY28 guided ranges.
The German bank stated that while there were temporary impacts to near-term numbers, due to a one-time £1.3m accounting impact, and a one-quarter delay of an implementation with a major customer, it said Pinewood's FY28 guidance represents "a material upwards revision" of medium-term market expectations.
Berenberg, which has a ''buy' rating on the stock, added that Pinewood currently trades on 7.5x FY26 enterprise value-to-sales ratio and 28.1x FY26 enterprise value-to-underlying earnings ratio.
Reporting by Iain Gilbert at Sharecast.com
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