SiteMinder's 3Q results were largely in line with Morgans forecasts with revenue a slight miss, but the free cash flow (FCF) metric was slightly better-than-expected.

Management still expects to be positive for both FCF and underlying earnings (EBITDA) in the 2H, and also reiterated the 30% organic revenue growth target over the medium-term.

The launch of the SiteMinder mobile app in March was well received by users, notes the analyst, and the upcoming launch of Dynamic Revenue Plus (DR+) continues to track as planned.

The Add rating and $6.25 target are maintained.

Sector: Software & Services.

Target price is $6.25.Current Price is $5.57. Difference: $0.68 - (brackets indicate current price is over target). If SDR meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

© 2024 Acquisdata Pty Ltd., source FN Arena