Computershare: Interim result 2014

The top line remains obstinate, but this share registry operator has been cutting costs and improving cash flow.

The latest interim result from Computershare shows that two of the ducks we wrote about in Computershare: The ducks start to line up on 27 Jun 13 (Buy – $10.54) are now in tight formation (a lower Aussie dollar and the boost from the Shareowner Services acquisition), but the other two are still bobbing around at the back (increased corporate activity and higher interest rates). We’ll start with the recalcitrants.

Despite some big floats in Australia over the past few months, increased corporate activity remains a tantalising prospect for Computershare, rather than anything tangible in the here and now.



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