Rare opportunity in e-learning technologies

Through a buy and build strategy, Learning Technologies Group (LTG) has established a distinctive international position in corporate e-learning with a broad range of software and service offerings. LTG has been growing apace and profit margins have been rising strongly. The recent acquisition of LMS provider NetDimensions is the last major piece in the technological jigsaw. Attractive growth drivers and synergies from the NetDimensions acquisition put the company in a strong position to generate positive surprises. Given these factors, the c 23x our FY18 EPS is not demanding and our DCF analysis indicates upside potential of 43% to 103%.