Goldman has retained its neutral rating and $42.00 price target. The broker also notes that “subscriber performance was marginally weaker than expected,” which could be what is putting a bit of pressure on the Altium share price today. GSe, with weaker Octopart and License revenues offset by solid B&S pricing and cost control. It commented:ĪLU reported 1H23 Sales/EBITDA that was -1%/+1% vs. Over at Goldman Sachs, its analysts echoed Bell Potter’s view. In response to the result, Bell Potter has retained its hold rating with an improved price target of $42.50. The interim dividend increased 19% to A25.0c 40% franked which was ahead of our forecast of A23.0c unfranked. Cash flow was strong with operating cash flow exceeding NPAT and this was despite a hike in tax paid (US$9.6m vs US$3.4m in the pcp). The beat was driven by lower expenses than forecast (US$77.3m vs BPe US$80.4m) which resulted in a higher than forecast EBITDA margin (36.2% vs BPe 34.3%). The miss was driven by a mix of currency and lower than expected revenue in Russia and China.ĮBITDA grew 24% to US$43.3m and was 4% ahead of our forecast of US$41.7m. However, it notes that the company missed on the top line but beat on the bottom line.ġHFY23 revenue grew 17% to US$119.5m but was 2% below our forecast of US$121.6m. The team at Bell Potter was relatively pleased with Altium’s result. Altium also continues to expect an underlying EBITDA margin of 35% to 37%. This allowed Altium to declare an interim dividend of 25 Australian cents per share, which is up 19% on the prior corresponding period.įinally, the company has reaffirmed its full year guidance for total revenue of US$255 million to US$265 million, which represents 15% to 20% annual growth. Whereas its bottom line growth reflects the benefits of operating leverage, which boosted its EBITDA margin up 2.1 percentage points to 36.2%. The company’s top line growth was driven largely by a 16% increase in Design Software revenue to US$91.6 million and a 22% increase in Octopart revenue to US$27 million. In case you missed it, Altium reported a 17% increase in revenue to US$119.5 million and a 30% jump in net profit after tax to US$29.6 million. Investors have been selling down the Altium share price today following the release of the company’s half year results after the market close on Monday. In morning trade, the electronic design software company’s shares are down 6% to $37.43. The Altium Limited ( ASX: ALU) share price is on the slide on Tuesday.

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