Clas­si­fi­ca­ti­on of GBC AG to Asper­mont Ltd.

Preli­mi­na­ry Fi­gu­res: H2 2024 bet­ter than first half – Re­ve­nues re­tur­ned to growth; Re­cur­ring Re­ve­nues are gro­wing YoY

On Oc­to­ber 14th, Asper­mont pu­blished its Q4 and H2 2024 preli­mi­na­ry fi­nan­cial re­sults. The main th­ree high­lights are as fol­low: the Com­pa­ny un­der­li­ned that in H2 2024, their re­ve­nues re­tur­ned to growth, their busi­ness re­tur­ned to pro­fi­ta­bi­li­ty and their cash re­ser­ves ba­lan­ced with in­ward in­vest­ment.

Asper­mont has skillful­ly ma­na­ged its cash re­ser­ves, ba­lan­cing in­ward in­vest­ment in its Data busi­ness with main­tai­ning cash li­qui­di­ty. As of the most re­cent quar­ter, the com­pa­ny holds $1.4 mil­li­on in cash and cash equi­va­lents, po­si­tio­ning it well to con­ti­nue in­ves­t­ing in growth in­itia­ti­ves and push pro­ducts roll­out.

The com­pa­ny stands at a pi­vo­tal mo­ment in its 189-year histo­ry as the lea­ding me­dia ser­vices pro­vi­der to the glo­bal re­sour­ce in­dus­tries. With a so­lid busi­ness mo­del trans­for­ma­ti­on over the past de­ca­de and a con­tin­ued fo­cus on sub­scrip­ti­ons, data mo­ne­tiza­ti­on, and con­tent-as-a-ser­vice (CaaS), the com­pa­ny is well-po­si­tio­ned for sub­stan­ti­al growth.

Asper­mont has un­der­go­ne a si­gni­fi­cant trans­for­ma­ti­on over the past eight ye­ars, tran­si­tio­ning from a tra­di­tio­nal me­dia com­pa­ny to a high­ly sca­lable, di­gi­tal-first B2B me­dia pro­vi­der. Cen­tral to its suc­cess has been the stra­te­gic shift toward a sub­scrip­ti­on-ba­sed re­ve­nue mo­del, which now ac­counts for over 55% of its to­tal re­ve­nue.

The company’s Con­tent-as-a-Ser­vice (CaaS) mo­del not only ad­dres­ses in­for­ma­ti­on gaps in the mi­ning, en­er­gy, and agri­cul­tu­re sec­tors but also un­locks new ave­nues for re­ve­nue by mo­ne­tiz­ing spe­cia­li­zed con­tent. This mo­del al­lows Asper­mont to pro­vi­de tail­o­red, gated con­tent, in­clu­ding news, re­se­arch, ana­ly­sis, and data, to a gro­wing glo­bal au­di­ence. The company’s em­pha­sis on buil­ding high-re­cur­ring re­ve­nue from sub­scrip­ti­ons has re­sul­ted in 33 con­se­cu­ti­ve quar­ters of growth, with im­pres­si­ve 17% com­pound an­nu­al growth in Avera­ge Re­ve­nue Per Unit (ARPU).

Asper­mont is at an in­flec­tion point in its histo­ry. The stra­te­gic in­itia­ti­ves laid out over the past two ye­ars, in­clu­ding the shift toward data mo­ne­tiza­ti­on and a stron­ger fo­cus on high-va­lue sub­scrip­ti­ons, are be­gin­ning to bear fruit. With an es­tab­lished glo­bal pre­sence, a high­ly sca­lable di­gi­tal mo­del, and a gro­wing port­fo­lio of data pro­ducts, the com­pa­ny is well-po­si­tio­ned for sus­tainable growth in the co­ming ye­ars.

The next 3–5 ye­ars will be cri­ti­cal as Asper­mont seeks to ex­pand its mar­ket share, in­crease ARPU, and ful­ly com­mer­cia­li­ze its Data di­vi­si­on. We will clo­se­ly mo­ni­tor the exe­cu­ti­on of new pro­duct roll­outs and the company’s abili­ty to pe­ne­tra­te key geo­gra­phic mar­kets. With careful ma­nage­ment of re­sour­ces and con­tin­ued in­no­va­ti­on, Asper­mont could be­co­me a do­mi­nant play­er not just in B2B me­dia for re­sour­ce sec­tors but also in glo­bal data and in­tel­li­gence ser­vices.

Ba­sed on our DCF mo­del, we main­tain our pri­ce tar­get to AUD 0.03 / 0.02 EUR per share and main­tain a buy ra­ting.

You can down­load the re­se­arch here: http://​www​.more​-ir​.de/​d​/​3​1​1​0​7​.​pdf

Cont­act for ques­ti­ons:
GBC AG
Hal­der­stra­ße 27
86150 Augs­burg
⁰⁸²¹⁄₂₄₁₁₃₃ 0
research@​gbc-​ag.​de
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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:
https://​www​.gbc​-ag​.de/​d​e​/​O​f​f​e​n​l​e​g​ung
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Date and time of com­ple­ti­on of this re­se­arch: 24.10.2024 (09:04 am)
Date and time of first dis­tri­bu­ti­on: 24.10.2024 (10:30 am)