Ceasing coverage on Oakton

Oakton slipped onto our coverage list in IT Services under a cloud – Part 2 on 5 Jun 14 (Hold – $1.31), but we couldn’t quite bring ourselves to make it a Buy. Pity that because, following a recommended takeover proposal from NTT-owned Dimension Data Australia, the stock has soared 45%. The bid makes today’s full-year result somewhat redundant but, for the record, the company saw net profit fall 9% to $8.3m on revenue that slipped only 1% to $164m. Earnings per share fell 9% to 9.2 cents – slightly short of the consensus forecast for 9.6 cents –...

Oakton slipped onto our coverage list in IT Services under a cloud – Part 2 on 5 Jun 14 (Hold – $1.31), but we couldn’t quite bring ourselves to make it a Buy. Pity that because, following a recommended takeover proposal from NTT-owned Dimension Data Australia, the stock has soared 45%.

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