Xero hits new all-time high as co. added to FTSE Asia Pacific index

Xero CEO Rod Drury with NZX CEO Tim Bennett in Auckland Jan 30

Xero shares [NZX:XRO] were up 5.61% to $45.01 in midday trading for a new all-time high market cap of $5.74 billion.

The gain has seen the accounting software company consolidate its position as the second most valuable company on the local bourse (behind Fletcher Building on $6.7 billion).

Xero has been included in FTSE’s Asia Pacific global equity index, excluding Japan, after its March review, released yesterday.

The company is now included in the index's mid-cap section, with an “investability weight” of 60%.

Fund managers who track the index will now have to buy in to Xero, by March 24.

Other New Zealand inclusions in the index are Fletcher Building (large cap), Ryman Healthcare (mid cap), Z Energy, Metlifecare, Argosy Property, Synlait Milk, Chorus and A2 (small cap).

The same list says Xero, with Ryman, is included in the FTSE All-World index (while Chorus has been excluded), as well as the FTSE All-Cap (LMS) index, alongside Z Energy, Metlifecare and Argosy Property, Synlait Milk and A2.

RATING XERO

Woodward Partners Securities:  Reduce; 12-month target: $27.00 
Forsyth Barr: Underperform; 12-month target: $24.75
First NZ Capital: Outperform; 12-month target: $45.70

XERO HALF-YEAR RESULT (reported Oct 3, 2013)

Loss: 17.1 million
Revenue: $30.3 million
Cash: $230 million
Customers: 250,000 as of February 2014. No geographic breakdown given beyond 100,000 in Australia. (In October 2013, with customers at 211,300, Xero gave the following geographic breakdown - NZ: 85,500; Australia :79,100; UK 30,100; US/rest-of-world: 16,600)
See also NBR's report on Xero's Jan 31 NZX update: Xero customer receipts rise 14% in 4Q as cash burn creeps higher

Xero 12-month price history (NZX.com)

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