Original-Research: Aspermont Ltd. - from GBC AG
Classification of GBC AG to Aspermont Ltd.
Resilient Subscriptions and Strategic Focus. Strong Foundation for Growth: Cash Stability and continued innovation. FY2025e Return to profitability. Revenue Decline Amid Market Headwinds: Aspermont reported FY2024 revenues of AUD 17.49M, reflecting a 9.2% YoY decline, primarily driven by volatility in Events and Nexus segments due to challenging market conditions. However, revenues are forecasted to rebound 13% to AUD 19.76M in FY2025, supported by growth in subscription services and new product expansion. Strength in Recurring Revenue: The company's core subscription business maintained its resilience, delivering its 33rd consecutive quarter of growth and contributing over 50% of total revenue. This reflects Aspermont’s ability to scale high-margin, recurring income streams despite cyclical market pressures. Cash Liquidity Amid Strategic Investments: Despite strategic investments, Aspermont preserved a stable cash position of AUD 1.4M as of FY2024. Funds were allocated to expanding the DataWorks platform, upgrading the Horizon V5 system, and enhancing the Data & Intelligence division, positioning the company for future growth. Operational Optimization: The company continued to optimize its operations by discontinuing low-margin legacy products, reallocating resources toward scalable digital offerings, and enhancing senior leadership to drive execution and innovation. This has strengthened operational efficiency and revenue quality. FY2025 Outlook: Aspermont is well-positioned to return to profitability in FY2025. The recovery is expected to be fueled by a rebound in Events, continued data services growth, and ongoing cost optimization efforts. Valuation and Recommendation: Based on our Discounted Cash Flow (DCF) model, we maintain a Buy rating with a target price of AUD 0.03 (EUR 0.02) per share, reflecting upside potential as growth strategies yield results.
You can download the research here: http://www.more-ir.de/d/31557.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: 17.12.2024 (21:00) Date and time of first distribution: 18.12.2024 (12:00)
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