Berenberg starts Accesso at a 'buy', sets 2,700p target

Berenberg stated that Accesso and its end-to-end technology stack, married with its global footprint, position it well in "a market that is fragmented by product, geography and vertical".

"We believe this will allow Accesso to take market share in its core theme park market, but also expand in the broader leisure industry where it has less penetration," the Tuesday morning research note read.

Berenberg initiated coverage with a 'buy' rating and a 2,700p price target.

Berenberg said, "Accesso has spent c$170m on five acquisitions since 2012. With more than $120m of balance sheet firepower over 2018-20E, we believe that accesso will likely use M&A to accelerate growth in new verticals and geographies. Our analysis indicates that M&A could deliver 30%+ earnings upgrades over 2018-20E and add up to 1,100p to our base-case DCF price target."

"We value accesso on a 80/20 blend of our base-case DCF and blue-sky valuation. Accesso trades on 37x 2018 P/E for a 20% 2018-20E EPS CAGR," the analysts concluded.

As of 1430 GMT, shares had gained 7.33% to 2,270.00p.