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The Melbourne IT Limited share price has stormed to a 52-week high

The Melbourne IT Limited (ASX: MLB) share price has climbed to an all-time high of $2.81 today.

This means the shares of the information technology services company have now risen almost 50% year-to-date.

Melbourne IT has undergone a transformation in recent times, some through astute acquisitions, and looks set to capitalise on the massive opportunities in cloud, mobile, and data analytics.

The catalyst for today’s move in the Melbourne IT share price looks to be an investor roadshow presentation where the company reiterated it expects strong earnings growth in 2017, with earnings per share (EPS) forecast to grow 27% year on year.

At a share price of $2.81, Melbourne IT shares trade on 15.6 times forward earnings estimates, and a forecast fully franked dividend yield of 3.6%.

For a company growing at double digit rates, and with both its main divisions enjoying strong organic growth, Melbourne IT shares look attractive.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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