Adacel's snakes and ladders
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Adacel's trading update started well, detailing $18m of new contracts to new and existing customers. Unfortunately, it then went on to reveal that it had missed out on NASA's $72m Simlabs contract.
Full-year guidance of 35% growth in pre-tax profit was reiterated, but the foregone potential of the NASA contract still shaved 7% off Adacel's price.
The news comes as a disappointment. The contract would have bolstered Adacel's credibility as well as turbocharging its bottom line, although it doesn't change the company's opportunity with traditional airport and training centre customers.
We're reducing our price guide to account for the reduced upside, with our Buy price dropping from $2.00 to $1.80 and our Sell price falling from $3.40 to $3.00. HOLD
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