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​/​3​1​5​5​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: http://​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: 17.12.2024 (21:00)
Date and time of first dis­tri­bu­ti­on: 18.12.2024 (12:00)