ISD Outperform - #SocialWinner - Macquarie Equities initiate coverage on recently listed iSentia Group with an outperform rating

ISD Outperform - #SocialWinner - Macquarie Equities initiate coverage on recently listed iSentia Group with an outperform rating. We initiate coverage of iSentia, the leading APAC media intelligence provider, with an Outperform rating and $2.70 PT. Our run rate analysis suggests FY15 prospectus forecasts are readily achievable in ANZ and Asia. We forecast ~15% EPSg in FY16 & FY17. iSentia deserves a premium to the EL industrials due to its superior earnings outlook, strong CF, low capex / scalable model & market positioning.