Activity Stream
GBC AG: Aspermont Ltd.: Buy
Original-Research: Aspermont Ltd. - from GBC AG
Classification of GBC AG to Aspermont Ltd.
Company Name: Aspermont Ltd.
ISIN: AU000000ASP3
Reason for the research: Research Report (Anno)
Recommendation: Buy
Target price: 0,07 AUD
Target price on sight of: 31.12.2024
Last rating change:
Analyst: Julien Desrosiers, Matthias Greiffenberger
Continued Growth. 2023 a consolidation year. 2024e back to double digit
growth.
Single digit growth. The company continues its growth with a 3% increase in
revenue, in line with management guidance for FY2023.
Blue Horseshoe investment write off. The decision to write off the Blue
Horseshoe investment was made due to its lack of short-term profitability.
However, the company retains the intellectual property and remains open to
revisiting the venture should industry conditions improve.
Capital efficiency. The company has improved its capital efficiency by
divesting or upgrading low-margin products and events in favor of solutions
that promise higher growth and profitability.
Normalized EBITDA remains healthy, from $2.8m to $1.7m while the normalized
NPAT grew from $0.6m to $0.8m, indicating brighter future ahead.
New playgrounds. The Company has branded their marketing services branch
into a new entity called Nexus. The Company has created two sold out live
events in the past months. The company has signed an agreement with Rick
Rule, a highly prominent in the mining sector investment realm.
Management and Key operators hiring. The company hired a new Chief
Marketing officer, Group head of content and group head of research,
bringing onboard industry wide leading executives.
Focus on long term strategy. FY2024 priority is to return to double digit
growth.
Adjusted Price Target: Based on our Discounted Cash Flow (DCF) analysis, we
have adjusted our share price target to 0.07 AUD / 0.04 EUR (previously:
0.10 AUD / 0.07 EUR), reflecting our current valuation assessment.
You can download the research here:
http://www.more-ir.de/d/29121.pdf
Contact for questions
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date and time of completion of this research: 11.03.2024 15:00
Date and time of first distribution: 12.03.2024 12:00
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
GBC AG: Aspermont Ltd: Buy
Original-Research: Aspermont Ltd - von GBC AG
Einstufung von GBC AG zu Aspermont Ltd
Unternehmen: Aspermont Ltd
ISIN: AU000000ASP3
Anlass der Studie: Research Update
Empfehlung: Buy
Kursziel: 0.08 AUD
Kursziel auf Sicht von: 31.12.2024
Letzte Ratingänderung:
Analyst: Julien Desrosiers, Matthias Greiffenberger
On August 8th, Aspermont released their Q3 Financial Results
The company has drastically improved their growth rate compared to
historical results.
Aspermont recently reported robust Q3 2023 results, showing continuity in
its growth trajectory and diversification efforts. This Q3 2023 is the 28th
consecutive quarters of growth in subscriptions. This performance
highlights the company's resilience, strategic acumen, and potential for
sustained value creation.
Aspermont exhibited a 4% year-on-year (YoY) increase in total revenue,
reaching $4.4 million in Q3. This steady growth reflects the company's
ability to navigate industry dynamics and capitalize on market
opportunities.
The company's subscription revenue, a vital component of its business
model, posted an impressive $2.3 million, translating to a substantial 7%
YoY growth. This highlights Aspermont's consistent ability to attract and
retain subscribers, a critical revenue stream.
The Content Works division contributed to a revenue of $0.2 million with an
impressive YoY growth of 170%. This exemplifies Aspermont's agility in
diversifying its portfolio and leveraging innovative content-driven
offerings.
Aspermont's EBITDA reached $0.1 million, and more notably, the normalised
EBITDA surged to $0.3 million, reflecting a remarkable 75% YoY growth. This
performance accentuates the company's commitment to operational efficiency
and cost management.
Product innovation: the launch of SCOUT, a ground-breaking our own
announcement. SCOUT is a ground-breaking intent data product tailored for
the global resource sector, underscores Aspermont's forward-looking
approach to innovation. This product diversification augments the company's
revenue streams and opens avenues for cross-selling.
Live event success: Aspermont's Future of Mining Perth event exemplifies
the company's ability to curate impactful industry gatherings now that the
COVID situation has been resolved. This translates into additional revenue
streams and enhanced brand visibility as well as cross-selling
opportunities.
Management expertise: the management team's proficiency, particularly in
executing Project Skywave, signifies incremental growth potential. This
expertise is poised to drive value in FY24.
Aspermont's strategic engagement with potential corporate advisers in
London for potential acquisition opportunities echoes its intent to
expedite growth. While historically focused on organic expansion, the
company's solid financial foundation and market leadership position enable
it to pursue inorganic avenues for accelerated market share capture.
The Q3 performance of Aspermont underscores its ability to navigate market
complexities and leverage its core strengths for growth. The consistent
growth in subscription revenues, successful forays into content
innovations, and adept management augur well for the company's trajectory.
Aspermont's strategic moves, such as the launch of SCOUT and the Future of
Mining Perth event, align with increasing revenue diversification and
fortifying its industry foothold. The exploration of acquisition
opportunities adds another layer of growth potential, a prospect that
allows for potential synergies and expansion prospects.
In conclusion, Aspermont's Q3 results, exhibit a resilient growth story
backed by strategic moves and effective management. While the transition
from double-digit growth to 5% growth may raise concerns, it is essential
to view this shift within the context of Aspermont's industry and lifecycle
stage.
The company's strategic moves, diversification efforts, and exploration of
new markets demonstrate a proactive approach to growth. With the company's
innovative approach, industry leadership, and new potential for inorganic
growth underscore its position as an attractive proposition for investors
seeking exposure in the B2B media landscape.
We will be updating our valuation when the company publishes their FY
financials in January. Until then, we are maintaining our BUY rating and
our current target price of 0.08 AUD / 0.05 EUR.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/27623.pdf
Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date (time) Completion: 25/08/2023 (10.30 am)
Date (time) first publication: 28/08/2022 (12.00 am)
-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
GBC AG: Aspermont Ltd: Buy
Original-Research: Aspermont Ltd - von GBC AG
Einstufung von GBC AG zu Aspermont Ltd
Unternehmen: Aspermont Ltd
ISIN: AU000000ASP3
Anlass der Studie: Research (Note)
Empfehlung: Buy
Kursziel: 0.08 AUD
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung:
Analyst: Julien Desrosiers, Matthias Greiffenberger
Growth even facing headwinds market conditions. Renowned top executive and
management hiring. Forecast focus on return to double digit growth.
Facing headwinds but growing. The revenues are up 1% YoY, reaching $9.36m
AUD. Revenues are in line with company’s guidance.
Increased net liquidity asset. The company has a net liquidity position of
4.4m, up from HY 2022 $3.9m.
HY gross margin, lower but healthy. The company’s gross margin has
decreased to 63.56% for the HY 2023.
Privileged position. While the entire sector is seeing important diminution
in publicity revenues and overall revenues, the company’s revenues are
still growing.
Accountable. The company’s guidance has proven right once again. The
management has a core understanding of their business and market
conditions.
Enviable Hiring. The company continues to hire top talent from different
bluechip companies, building a dream team. The fruit of this hiring should
be borne soon enough with implementation and scaling of new and existing
products.
Operational Agility. Decentralised structure and scalable human resources
for rapid launch or products while controlling investment risk as seen in
the increase of their net asset liquidity.
Continued double digit growth. The company guidance is to reach a double
digit growth in revenues for the FY2023.
Based on our DCF model, we maintain our Buy rating with a price target at
0.08 AUD (0.05 EUR) (previously: 0.10 AUD (0.07 EUR)) per share.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/27245.pdf
Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date and time of completion of this research: 21.06.2023 16:00
Date and time of first distribution: 22.06.2023 10:00
-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
GBC AG: Aspermont Ltd: Buy
Original-Research: Aspermont Ltd - von GBC AG
Einstufung von GBC AG zu Aspermont Ltd
Unternehmen: Aspermont Ltd
ISIN: AU000000ASP3
Anlass der Studie: Research Note
Empfehlung: Buy
Kursziel: 0.11 AUD
Letzte Ratingänderung:
Analyst: Julien Desrosiers, Matthias Greiffenberger
Q2-2023 preliminary report shows increased growth
Aspermont, which is a leading global resource sector B2B media provider,
has once again demonstrated its robustness in Q2, maintaining an enviable
growth trajectory while expanding operational capacity. The company has
celebrated an impressive 27th consecutive quarter of double-digit growth in
subscriptions revenues, fueled by positive contributions from Content
Works.
The following are some of the company's highlights:
* Total revenue at $4.9m was up 3% year on year.
* Subscriptions revenue at $2.3m was up 10% year on year.
* Content Works revenue at $0.3m was up 102% year on year.
* Net liquidity at $4.5m was up 10% year on year.
* Partnership with Saudi Arabia confirmed
Aspermont's Q2 performance showcases its resilience and ability to thrive
in challenging market conditions. The company's unwavering focus on
subscriptions revenues, along with the remarkable growth of Content Works,
underscores its adaptability and capacity to seize new business
opportunities.
Furthermore, the net liquidity growth of 10% year-on-year reflects
Aspermont's prudent financial management and its ability to maintain a
solid financial foundation for future endeavors. This financial stability
is crucial in an industry where economic headwinds can impact revenue
streams, such as advertising.
With decreasing conventional advertising spending hitting the sector,
Aspermont's strategic partnership with Saudi Arabia solidifies its position
as a global player for content-based advertising in the mining sector and
opens doors to new revenue streams. This milestone underscores the
potential of the company's diversified business model and its ability to
cater to evolving market demands.
Recent key appointments within Aspermont's management team signal the
company's commitment to augmenting its operational capacity and expertise.
The addition of experienced professionals such as Josh Robertson, Graeme
McCracken, and Lindsay Santos further bolsters Aspermont's ability to
capitalize on growth opportunities and expand its global footprint.
The company appoints Josh Robertson as Group Chief Marketing Officer
Josh Robertson has extensive marketing experience gained at several large
global network agencies. Josh held senior management positions at Havas,
Publicis and Dentsu and as Chief Marketing Officer at VCCP serving large
corporate and government clients worldwide.
The company appoints Lindsay Santos as Group Head of Events
The role of Group Head of Events is a recently established position that
carries the crucial responsibility of overseeing the creation and execution
of Aspermont's global events, in alignment with the company's dedication to
crafting top-notch gatherings within the global resource sectors.
Ms Lindsay Santos brings with her more than 14 years of expertise in the
events industry, having excelled in various roles encompassing the
commercial, operations, and production domains. Her notable accomplishments
include spearheading trade shows for InfoComm Asia over the past two years,
catering to diverse industries. Lindsay's valuable experience in event
launches and the development of fresh initiatives will significantly
contribute to Aspermont's ambitious growth plans.
The company appoints Graeme McCracken as Non-Executive Director
Mr McCracken has more than 30 years of experience in media, events, data
and analytics across diverse industry sectors. Graeme has held senior
management roles at RELX Group and Warburg Pincus, and CEO positions at
Proagrica and CMD Group. Graeme is a graduate of the University of Glasgow
with a master’s degree in politics and economics.
In conclusion, Aspermont's continued double-digit growth in subscriptions
revenues, successful partnerships, and prudent operational expansions
highlight its position as a frontrunner in the global resource sectors' B2B
media landscape. The company's progressive inward investment program,
alongside its emphasis on strategic hires, demonstrates a forward-thinking
approach and positions Aspermont for sustained success.
The company's ambitious initiatives, including projects such as Skywave,
Esperanto, and archive digitalization, contribute to its long-term growth
prospects. Aspermont's unwavering commitment to delivering high-value
content to a global audience further enhances its monetization potential.
All this while boosting its overall net liquidity position.
Until then, the results published by the company for their Q2-2023
increases our confidence in the company achieving our FY 2023 financial
projections. We are therefore maintaining our BUY rating and our current
target price of 0.11 AUD / 0.07 EUR.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/27057.pdf
Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date (time) Completion: 19/05/2023 (13.45 am)
Date (time) first publication: 22/05/2022 (11.00 am)
-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
GBC AG: Aspermont Ltd: Buy
Original-Research: Aspermont Ltd - von GBC AG
Einstufung von GBC AG zu Aspermont Ltd
Unternehmen: Aspermont Ltd
ISIN: AU000000ASP3
Anlass der Studie: Research Report (Anno)
Empfehlung: Buy
Kursziel: 0.10 AUD
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung:
Analyst: Julien Desrosiers, Matthias Greiffenberger
XaaS powerhouse in the making. 64% Gross Profit Margin. Record FY2022
results.
FY net results impacted by one-time event. The company has posted their
highest EBITDA results with 2.1M AUD but ended the financial year with a
net loss of (0.31M AUD) due to a 700k write-off of the Blue Horseshoe
investment.
Strong cash position. The company has over AUD 6.6M cash on hand.
High gross margin maintained. The company has maintained a 64% gross margin
for the FY 2022 compared to 65% for FY 2021.
Stronger EBITDA margin. The company increased their EBITDA margin from 10%
for the FY2021 to 12% for the FY2022.
Increase in recurring revenues. Aspermont grew their recurring revenues
base from 70% to 75% YoY for 2022.
Continued growth. The company is growing at a double-digit rate across the
XaaS KPIs board. Most importantly, their subscribers' ARPU has increased by
28% to a record $1538.
Delivering on promises: The company has exceeded all their FY2022
guidance.
25 consecutive quarters of growth. The CaaS model is still growing, such as
total revenues and earnings.
Based on our DCF model, with an updated market risk premium, we reviewed
our price target to 0.10 AUD / 0.07 EUR (previously: 0.11 AUD / 0.08 EUR)
per share.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/26465.pdf
Kontakt für Rückfragen
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date and time of completion of this research: 24.02.2023 11:00
Date and time of first distribution: 24.02.2023 12:00
Target price valid until: max. 31.12.2023
-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
GBC AG: Aspermont Ltd: Kaufen
Original-Research: Aspermont Ltd - von GBC AG
Einstufung von GBC AG zu Aspermont Ltd
Unternehmen: Aspermont Ltd
ISIN: AU000000ASP3
Anlass der Studie: Research Update
Empfehlung: Kaufen
Kursziel: 0.11 AUD
Kursziel auf Sicht von: 30.09.2023
Letzte Ratingänderung:
Analyst: Julien Desrosiers, Matthias Greiffenberger
FY-2022 preliminary report shows increased growth
The following are some of the company's highlights:
-Total revenue +17% at $18.7m
-Gross profit +15% at $12m, with gross margins of 64%
-EBITDA +40% at $2.3m with margin of 12%
-Ana Gyorkos joined Aspermont as the Group Content Director
-Soochow CSSD Capital Markets retained as corporate adviser
The company has drastically improved their growth rate compared to
historical results.
The growth rate has reached pre-COVID levels with revenues of over 18.7m.
At the current cumulated rate, the company could grow at an accelerated 20%
growth rate for FY2023e.
The company has also noticeably improved their recurring revenues to 75% up
from 70%.
The company has now accumulated 25 consecutive growth quarters and
generated positive return for shareholders over the past five years.
Most importantly, the company is increasing their internal investments
directly out of their cash flow and cash reserves. The company remains very
strong financially with cash on hand of $6.6m and long-term debt free.
We will be updating our valuation when the company publishes their FY
financials in the next few weeks. We are therefore maintaining our BUY
rating and our target price of 0.11 AUD / 0.08 EUR.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/26135.pdf
Kontakt für Rückfragen
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date (time) Completion: 06.12.2022 (17:30 am)
Date (time) first transmission: 07.12.2022 (12.00 am)
-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
GBC AG: Aspermont Limited: BUY
Original-Research: Aspermont Limited - von GBC AG
Einstufung von GBC AG zu Aspermont Limited
Unternehmen: Aspermont Limited
ISIN: AU000000ASP3
Anlass der Studie: Research Report (Note)
Empfehlung: BUY
Kursziel: 0.11 AUD
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung: -
Analyst: Julien Desrosiers; Matthias Greiffenberger
Record HY results 2022 - 65% Gross Profit Margin - Entering their 4th
growth phase
Continuing their fast growth rate. The company's long-term strategy
implemented a few years ago has delivered as promised. Revenues are up 28%
YoY, reaching $9.3M AUD.
Strong HY cash position. The company has over $6.6M cash on hand.
Highest HY gross margin. The company's gross margin continues to grow,
reaching 67% for the HY 2022.
Technological full leverage. The company is currently in a strong position
with cash, revenues, and margins to fully leverage their technological
platforms, create new products, grow their audience and provide investors
with significant upside.
Accountable. The company's guidance is detailed, with precise KPIs to
achieve. This allows investors to clearly understand management views and
renders management accountable for succeeding in reaching these metrics or
for failing to do so.
Scalable Model. The company's scalable XaaS models deliver high margin and
recurring revenue stream, scalable to different sectors, geographies and
languages.
Operational Agility Decentralised structure and scalable human resources
for rapid launch or products while controlling investment risk.
Based on our DCF model, we maintain our price target to 0.11 AUD
(0.08 EUR) per share.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/25315.pdf
Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
+++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date and time of completion of this research: 05.09.2022 (13.45 pm)
Date and time of first distribution: 05.09.2022 (3.00 pm)
Target price valid until: max. 31.12.2023
-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
GBC AG: Aspermont Ltd.: International Investment Forum
Original-Research: Aspermont Ltd. - von GBC AG
Einstufung von GBC AG zu Aspermont Ltd.
Unternehmen: Aspermont Ltd.
ISIN: AU000000ASP3
Anlass der Studie:
Empfehlung: International Investment Forum
Letzte Ratingänderung:
Analyst: Julien Desrosiers; Felix Haugg
Upcoming Investor Event:
Aspermont to present at digital International Investment Forum (IIF)
On May 19, the IIF International Investment Forum will take place. At this
forum, Aspermont Ltd. will also present its business model and current
business development.
Presentation slot:
Aspermont Ltd. (ISIN: AU000000ASP3)
04.00 am EST (New York, Toronto time)
10.00 am CEST (Frankfurt, Paris time)
05.00 pm HKT (Hong Kong, Perth, Singapore time)
Speaker: Alex Kent, CEO
The International Investment Forum (IIF) is a live, digital-only event that
provides access to publicly traded companies from the small- and mid-cap
segments around the world. Speakers on May 19, 2022 will be board members
of publicly traded companies from the technology, commodities, security,
medical, logistics and aerospace sectors.
The program with schedule can be found at the following link:
https://ii-forum.com/timetable-all-events/
Registrations for this event and Aspermont' presentation are available at
the following link:
https://us06web.zoom.us/webinar/register/3716522695074/
WN_DGpMon9sSautfBEH4gZ8Ng
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/24107.pdf
Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
+++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
GBC AG: Aspermont Ltd.: BUY
Original-Research: Aspermont Ltd. - von GBC AG
Einstufung von GBC AG zu Aspermont Ltd.
Unternehmen: Aspermont Ltd.
ISIN: AU000000ASP3
Anlass der Studie: Research Update
Empfehlung: BUY
Kursziel: 0.11 AUD
Kursziel auf Sicht von: 31/12/2022
Letzte Ratingänderung:
Analyst: Julien Desrosiers; Felix Haugg
Q2-2022 preliminary report shows increased growth
The following are some of the company's highlights:
- Total revenue +39% at $4.8m
- Gross profit +43% at $3.1m, with gross margins of 65% versus 63%
- Earnings +20% at $0.5m on a normalized basis
- Dean Felton joined the Aspermont board
- Aspermont returned to live events with Future of Mining - Australia
- Aspermont subsidiary, Kondinin Group, awarded $2.3m government contract
- Aspermont set out corporate strategy at recent AGM
- Soochow CSSD Capital Markets engaged as corporate adviser
The company has drastically improved their growth rate compared to
historical results.
This growth in revenues is by far the strongest compared to previous full
year results and Q1 2022. The company has already generated revenues of
over 9M AUD for the first half of 2022.
At the current cumulated rate, the company could grow at an accelerated 25%
growth rate for FY2022e. This rhythm is far higher than our current
estimates, which is 8.9%.
The company has now accumulated 23 consecutive growth quarters and
generated positive return for shareholders over the past five years.
Aspermont returned to live events
Aspermont has organised their first live event, 'The Future of Mining'
March 27-29 in Australia. For this year, Aspermont is returning to the live
events scene with FOM Sydney, which will bring in more than $1 million in
new revenue at guaranteed gross margins. FOM Denver is scheduled for
September 27th, 2022, with high advance bookings; it is the biggest
Aspermont event to date with over 700 registered guests.
Kondinin Group, awarded $2.3m government contract
At the heart of Aspermont's agricultural media brands is the Kondinin
Group, which is the premier information distributor to Australia's
agricultural sector. Mr David Littleproud, Minister for Agriculture and
Northern Australia, awarded $2.3 million Federal Drought Resilience
Innovation Grant to Kondinin Group. In addition, the award will assist in
the development of the Kondinin Group's Drought Resilience Program for
Agriculture Research, which will give Australia's farmers comprehensive
drought-related information and assistance on drought mitigation measures
and technology.
Aspermont JV's Blue Horseshoe going live
Blue Horseshoe is a digital capital-raising platform that offer investors a
wide range of investment opportunities. The company is currently lead by
Antony Tofts, who is Blu Horseshoe's CEO. With this JV, Aspermont will
provide a new, fast and fair way to invest in companies on the ASX coming
soon, without commission, membership costs or licence fees. Institutional
investors will be able to invest in four easy steps:
This new platform will offer important advantages for the institutional
clients:
- Free access to more capital raises
- No change of brokers
- Same prices for all
- Transparent and fair allocations policy
- Instant offers alerts
- Quick bidding tools
- Keep using your favorite HIN
- Secured and regulated by ASIC
Antony Tofts, Blu Horseshoe CEO
Mr Tofts has an impressive curriculum. He has held executive positions in
ASX-listed firms, include director, officer, and executive positions.
Antony has also worked at the Sydney Stock Exchange, where he was
responsible for Listing & Market Operations, as well as the Head of Market
Supervision & Listing Compliance.
Prior to joining the exchange, he worked at Computershare, where he helped
firms through their initial public offering (IPO) and listed company life
cycle, after earlier positions with Barclays Private Bank's Business
Development team (London) and HSBC Bank (Global Project team). M.
Toftsholds a Master's in Business Administration (with a concentration in
Corporate Finance), a Bachelor of Commerce (from the University of Cape
Town).
Dean Felton joined the Aspermont board
Dean Felton has over 25 years of experience in the mining business, having
held top management and consultancy positions with Rio Tinto, BHP and Vale,
among other companies. Dean's previous senior management positions at
Accenture and Ernst & Young have provided him with significant knowledge of
capital and technology capabilities that he will bring to Aspermont.
Mr. Felton should be a key addition to Aspermont's extensive growth in
Latin America and Africa.
We will be updating our valuation when the company publishes their HY
financials in May.
Until then, the results published by the company for their Q2-2022
increases our confidence in the company achieving our FY 2022 financial
projections. We are therefore maintaining our BUY rating and our current
target price of 0.11 AUD / 0.07 EUR.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/24053.pdf
Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
+++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date and time of completion of this research: 09/05/2022 (10.30 pm)
Date and time of first distribution: 09/05/2022 (12.00 am)
-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
GBC AG: Aspermont Ltd.: BUY
Original-Research: Aspermont Ltd. - von GBC AG
Einstufung von GBC AG zu Aspermont Ltd.
Unternehmen: Aspermont Ltd.
ISIN: AU000000ASP3
Anlass der Studie: Research Report (Anno)
Empfehlung: BUY
Kursziel: 0.11 AUD
Kursziel auf Sicht von: 31/12/2022
Letzte Ratingänderung:
Analyst: Julien Desrosiers; Felix Haugg
Record FY results 2021 - 65% Gross Profit Margin - Profitable & scalable
XaaS model
First FY posting positive net profit after tax. The Company long term
strategy put in force a few years ago has delivered as promised.
Strongest FY cash position. The Company has over $7M cash on hand.
Highest FY Gross Margin. The Company's Gross Margin has jumped from 56% to
65% for the FY 2021 compared to the FY2020.
Highest FY Operational Cashflow. For the FY2021, the Company posted $2.6M
operational cashflow, up of $0.1M compared to the previous fiscal year.
Record EBITDA FY2021. The Company presented yearly EBITDA of $1.6M, up from
$0.4M in FY 2020 and $-1.1M for FY2019.
Phase of sustained growth. Depending on the KPI, the company is still
growing at a rate of 15% to 25%. Most importantly, their subscribers' ARPU
has increased by 15% to a record $1236.
Delivering on promises: The Company has exceeded all their FY2021 guidance
objectives and have set the bar even higher for FY2022.
Based on our DCF model we have determine a price target of 0.11 AUD
(0.07 EUR) per share.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/23433.pdf
Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
+++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date and time of completion of this research: 22/02/2022 (05.27 pm)
Date and time of first distribution: 23/02/2022 (10.00 am)
-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
GBC AG: Aspermont Limited: BUY
Original-Research: Aspermont Limited - von GBC AG
Einstufung von GBC AG zu Aspermont Limited
Unternehmen: Aspermont Limited
ISIN: AU000000ASP3
Anlass der Studie: Company presentation
Empfehlung: BUY
Kursziel: 0.09 AUD
Letzte Ratingänderung:
Analyst: Julien Desrosiers; Felix Haugg
Upcoming Investor Event:
Aspermont to present at digital International Investment Forum (IIF)
On February 17, the IIF International Investment Forum will take place. At
this forum, Aspermont Ltd. will also present its business model and current
business development.
Presentation slot:
Aspermont Ltd. (ISIN: AU000000ASP3)
04.00 am EST (New York, Toronto time)
10.00 am CET (Frankfurt, Paris time)
05.00 pm HKT (Hong Kong, Perth, Singapore time)
Speaker: Alex Kent, CEO
The International Investment Forum (IIF) is a live, digital-only event that
provides access to publicly traded companies from the small- and mid-cap
segments around the world. Speakers on February 17, 2022 will be board
members of publicly traded companies from the technology, commodities,
security, medical, logistics and aerospace sectors.
The program with schedule can be found at the following link:
https://ii-forum.com/timetable-all-events/
Registrations for this event and Aspermont' presentation are available at
the following link:
https://us06web.zoom.us/webinar/register/8416443987095/
WN_fM2DLtC_S7eMzHfL7uYamA
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/23373.pdf
Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
+++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Zeitpunkt der Fertigstellung: 11.02.2022, 10:00
Zeitpunkt der Veröffentlichung: 15.02.2022, 11:00
-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
GBC AG: Aspermont Limited: BUY
Original-Research: Aspermont Limited - von GBC AG
Einstufung von GBC AG zu Aspermont Limited
Unternehmen: Aspermont Limited
ISIN: AU000000ASP3
Anlass der Studie: Research Update
Empfehlung: BUY
Kursziel: 0.09 AUD
Kursziel auf Sicht von: 31/12/2022
Letzte Ratingänderung:
Analyst: Julien Desrosiers; Felix Haugg
Preliminary FY2021 shows positive Net Profit After Tax
FY2021 preliminary report shows continued growth
As per their preliminary numbers, the company has delivered on all their
guidance:
- Overall growth
- Subscriptions growth rate to go back to pre-Covid-19 levels
- Growth in audience
- High growth in new products
- Continued growth in margins and profitability
The company has now cumulated 21 consecutive growth Quarters and generated
positive return for shareholders for the past 5 years, even more when
compared to the ASX and their peers in the media sector.
We will publish full FY2021 report and update the share price target with
the release by the company of their final FY 2021.
Rating: BUY
Target price: 0.09 AUD
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/23189.pdf
Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
+++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date and time of completion of this research: 09/12/2021 (11.48 am)
Date and time of first distribution: 13/12/2021 (09.00 am)
-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
GBC AG: Aspermont Limited: BUY
Original-Research: Aspermont Limited - von GBC AG
Einstufung von GBC AG zu Aspermont Limited
Unternehmen: Aspermont Limited
ISIN: AU000000ASP3
Anlass der Studie: Research Update
Empfehlung: BUY
Kursziel: 0,09 AUD
Kursziel auf Sicht von: 31.12.2022
Letzte Ratingänderung:
Analyst: Julien Desrosiers; Felix Haugg
Impressive revenue growth and notable raise in gross profit
Aspermont's performance demonstrates the company's ability to grow at a
fast rate. When compared to Q4-2020, the company's revenues increased in
all sectors in Q4-2021. Currently, we can only look at partial numbers due
to Australian stock market regulatory laws.
These figures show a clear increase in all revenue sectors. Their XaaS and
service sectors grew by 20% and 17%, respectively, and now account for over
85% of total revenue. Their new data sector grew at a rate of 162%. Because
this division is less developed, faster growth is expected. Nonetheless, it
demonstrates how much potential management saw in this opportunity.
The increase in revenue did not result in a proportional increase in gross
profits margin. The quarter-on-quarter increase was only 12%, half of the
total revenue increase of 24%. This is unsurprising, as we believe
Aspermont needed to invest more money to maintain its current level of
growth and develop the new Data sector, as evidenced by their Q4-2021 OPEX
increase. Direct OPEX costs increased by 33%, owing to investments in new
businesses and increased operational capacity to support long-term growth.
All new investments are adequately funded by internal cash flow.
However, reaching a gross margin of 65% is a significant achievement. We
believe that the key to their new development strategy was to generate
higher margins and use the extra cash flow to fuel growth. This appears to
be working for the company at the moment, and we are eagerly awaiting the
full Q4-2021 and FY-2021 results, which should be released very soon, to
confirm our position.
In the fourth quarter, Aspermont experienced two significant events. The
company announced the establishment of a new fintech joint venture as well
as the launch of their first-generation capital raising platform.
Aspermont's current product offering in the mining sector will be enhanced
by the new partnership with Spark Plus and IPC. Spark Plus is a corporate
advisory firm that specializes in Asian roadshows for Asian companies. IPC
is a Sydney-based licensed securities dealer. Across Asia and Australia,
they provide Wealth Management and Corporate Advisory services to wholesale
and sophisticated investors.
The importance of the capital raising sector cannot be overstated. This is
a fiercely competitive industry that is undergoing a complete
transformation. Traditional banks and institutions continue to dominate the
market, but new entrants are gaining traction.
We believe that Aspermont unique position in the mining sector can pave the
way for important financing activities and the timing of the company could
not be better as the commodities have now entered in a super cycle. The
association with both Spark Plus, and IPC could generate substantial cash
flow within the next few years.
We believe the gross profits to be very healthy and the growth to be in
line with our expectations. We therefore confirm our buy rating with a 0.09
AUD target price.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/23119.pdf
Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
+++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date and time of completion of this research: 19.11.2021 (05:58 pm)
Date and time of first distribution: 19.11.2021 (08:00 am)
-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.