Pushpay (PPH) upgrades guidance but market looks to sell down
Pushpay (PPH) -12.7%
Was out with first half results yesterday for the 6 months to September, operating revenue climbing more than 50% on 1H20, hitting $US85.6m while gross margins also expanded thanks to operating leverage. They upped FY EBITDAF guidance for the full year to $54-58m, although the market was already at that figure. The result looked good from most angles, hard to fault the company’s performance but the market wasn’t interested in buying today on news independent director Peter Huljich would resign at the end of the year. The Huljich family own 43m shares – even after selling a chunk in the middle of the year. JP Morgan and UBS led that sell down in July, I suspect more selling to come. We will cover off Pushpay in tomorrow’s Software Webinar with Shaw & Partners analyst Jules Cooper.
Pushpay (PPH) Chart
