Hardman & Co Research on Cornerstone FS (CSFS):

Pragmatic strategic reset under the new CEO

After a relatively tricky period for the company, the arrival of the new CEO has seen the adoption of a more pragmatic and focused strategy that takes nothing for granted in terms of availability of incremental funding. Efforts to reduce transaction costs, redirect capex towards more immediately realisable initiatives and a resolute focus on reaching cashflow breakeven are encouraging markers. At the same time, with a reduced emphasis on acquisitions, Cornerstone needs to deliver consistent underlying revenue growth to demonstrate that its core platform and augmented sales resources are able to deliver market share gains. Our updated DCF-implied fair equity value is £7.4m.

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