Jefferies kicks off 'buy' rating for NZ's Vista Group on upbeat outlook

Jefferies is optimistic about cinema software provider Vista Group's VGL.NZ transition from on-premise to SaaS model, expecting revenue per site to triple by FY30

Brokerage sees potential upside from new customer wins in North America and market expansion

Notes: Achieving targets of over NZ$300 million ($171.78 million) avg recurring rev and over 6,000 sites could further increase price target

Flags risks like larger churn of sites, lower price uplift and lower margin expansion than expected, among others

Initiates coverage with "buy" rating at PT of NZ$4.8

Stock up 19.4% YTD

($1 = 1.7464 New Zealand dollars)