Bytes Technology Group (BYIT)

Sector:

IT Services

Index:

FTSE 250

511.00p
   
  • Change Today:
      1.00p
  • 52 Week High: 657.00
  • 52 Week Low: 373.00
  • Currency: UK Pounds
  • Shares Issued: 240.36m
  • Volume: 635,427
  • Market Cap: £1,228.22m

Numis upgrades Bytes Technology, notes 'strong rebound' in 2H cash conversion

By Alexander Bueso

Date: Wednesday 22 Mar 2023

LONDON (ShareCast) - (Sharecast News) - Analysts at Numis upgraded their recommendation for shares of Bytes Technology from 'add' to 'buy' after the software reseller guided towards full-year operating earnings ahead of their expectations.
Adjusted earnings before interest and taxes were seen growing by roughly 20% or two percentage points quicker than Numis had estimated.

In particular, the analysts noted the "strong rebound" in cash conversion, which saw Bytes end the second half with approximately £73m of cash on hand an no debt (Numis: £60.7m).

"At a time when investors are sensitive to changes in the demand landscape, it is reassuring to see the group continue to see healthy demand levels across both private and public companies," they said in a research note sent to clients.

"At 375p, the shares are trading on Feb'24 EV/NOPAT of 18.3x, supported by a 4% FCF yield, which we believe is attractive given its growth."

Numis kept its target price for the shares at 500.0p.



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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

BYIT Market Data

Currency UK Pounds
Share Price 511.00p
Change Today 1.00p
% Change 0.20 %
52 Week High 657.00
52 Week Low 373.00
Volume 635,427
Shares Issued 240.36m
Market Cap £1,228.22m

BYIT Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
89.52% below the market average89.52% below the market average89.52% below the market average89.52% below the market average89.52% below the market average
83.33% below the sector average83.33% below the sector average83.33% below the sector average83.33% below the sector average83.33% below the sector average
Price Trend
66.29% above the market average66.29% above the market average66.29% above the market average66.29% above the market average66.29% above the market average
55.32% above the sector average55.32% above the sector average55.32% above the sector average55.32% above the sector average55.32% above the sector average
Income
6.82% below the market average6.82% below the market average6.82% below the market average6.82% below the market average6.82% below the market average
14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average
Growth
6.52% below the market average6.52% below the market average6.52% below the market average6.52% below the market average6.52% below the market average
29.55% below the sector average29.55% below the sector average29.55% below the sector average29.55% below the sector average29.55% below the sector average

BYIT Dividends

  Latest Previous
  Interim Final
Ex-Div 16-Nov-23 20-Jul-23
Paid 01-Dec-23 04-Aug-23
Amount 2.70p 5.10p

Trades for 28-Mar-2024

Time Volume / Share Price
16:35 233,527 @ 511.00p
16:35 930 @ 511.00p
16:35 84 @ 511.00p
16:35 390 @ 511.00p
16:35 372 @ 511.00p

BYIT Key Personnel

Chair Patrick De Smedt
CFO Andrew Holden
CEO Sam Mudd

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