IRESS Ltd

IRE: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$7.30	Gshrty	Dyvypgxr

Iress: Continued Signs of Earnings Revival

Shaun Ler

May 7, 2024

Narrow-moat Iress remains on track for near-term margin expansion. It is supported by a capital market recovery from turbulent levels in 2023, a renewed focus on its core Australian trading, wealth, and superannuation businesses, and cost reductions. We expect improving product up/cross-sell to support client retention and incremental new client wins. Cost reductions are mainly in noncore areas and are not likely to hinder revenue generation.

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