Ori­gi­nal-Re­se­arch: Asper­mont Ltd. (von GBC AG): Buy

Re­se­arch | 12 März 2024 00:00

Ori­gi­nal-Re­se­arch: Asper­mont Ltd. – from GBC AG­Clas­si­fi­ca­ti­on 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.

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Cont­act for ques­ti­ons
Hal­der­stra­ße 27
86150 Augs­burg
0821241133 0
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
Date and time of com­ple­ti­on of this re­se­arch: 11.03.2024 15:00
Date and time of first dis­tri­bu­ti­on: 12.03.2024 12:00



Hal­der­stra­ße 27
86150 Augs­burg

Pho­ne: +49 821 241133–0
E‑mail: office(@)gbc-ag.de

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