First half results were better than Morgan Stanley anticipated although the company is now guiding to the lower end of guidance, for EBITDA of $18-20m. Continuing pandemic-related impacts on hospitality and education are being experienced.

Morgan Stanley retains an Equal-weight rating and $1.10 target, noting the company has signed a multi-year contract with Symbio Networks valued at $25m. Industry view: In-line.

Sector: Telecommunication Services.

Target price is $1.10.Current Price is $0.92. Difference: $0.18 - (brackets indicate current price is over target). If SLC meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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