TNE delivered a strong 1H which was broadly in line with our expectations, as was their full year guidance for nearly $100m of PBT. FY21 guidance implies total revenue grows ~7% in FY21 (from ~4% growth in FY20). Under the hood strong double digit SaaS revenue growth has been muted by declining on-premise revenue. As recurring revenue grows the mix improves and the double-digit revenue growth (which is also much higher quality than transactional) will become increasingly obvious. We make minor changes to our forecasts and increase our target price to $10.00.
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