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We are maintaining our Buy recommendation on RS2 Software plc with an improved 1-year price target of €2.77, from our previous target of €2.22.
This improvement is deemed to be in line with our main model assumption pricing in a revenue CAGR of 52.7% through to FY23E, while we see the EBITDA margin rising to 52.9% by FY23E, in-line with the averaged range provided by management. Our valuation model also incorporates an EV/EBITDA (23E) of 19x which we used as an exit multiple, in line with the median for foreign peers.
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