Hardman & Co Research: Cornerstone FS (CSFS) - Acquisition of Capital Currencies Ltd

Hardman & Co Research: Acquisition of Capital Currencies Ltd

Cornerstone is a provider of forex, payment and currency risk management services, with a focus on small and medium-sized enterprises (SMEs) internationally. Central to our investment case on the company, in addition to the favourable organic demand drivers that it is experiencing, has been management's stated strategy to build market share and operating leverage through acquisitions of forex services providers. The company recently announced the acquisition of Capital Currencies for a total consideration of up to £3m. The transaction is expected to be earnings-accretive in the first year. Our DCF-implied fair equity value for Cornerstone is £15.0m.

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