ALCIDION GROUP LIMITED (ALC)
Share Price Analysis and Chart

24/02/2025

3

Hold

$0.11

44.74%

Bell Potter notes Alcidion Group has signed the previously reported contract with the North Cumbria Integrated Care NHS Foundation Trust for an electronic patient record, which is a 10-year contract valued at around $37.5m.

The broker highlights the contract had already been incorporated into earnings estimates and confirms FY25 is expected to exceed circa $36m in revenue, which is estimated to push the company into earnings (EBITDA) profitability.

Target price rises to 11c from 7c. No change to the Hold rating; the stock is viewed as fair value at current levels, with risk to the upside on additional contract wins, the analyst explains.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -0.06 cents.
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.03 cents.

05/03/2025

1

Buy

$0.13

71.05%

Alcidion Group posted first half results that were consistent with prior updates. Canaccord Genuity notes contracted revenue of $39.5m is a positive, increasing confidence the business will become EBITDA positive this financial year.

There is also scope for more contracts, after a windfall contract gain in recent days, an the broker believes this is a "nice opportunity" for operating leverage in FY26 and beyond. Buy rating retained. Target is $0.13.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -0.60 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.10 cents.