Director, RaaS Advisory, Research as a Service (RaaS)

Research as a Service (RaaS)

Director, RaaS Advisory

Insightful Financial Models and Research Analysis

Connect to the right investors through smart and insightful financial models and research analysis.

Equity Bottom-Up

<ul><li>Comms Group Ltd (ASX:CCG), a global IT and communications services group, has provided some updated trading commentary as part of its AGM presentation.</li><li>Unaudited Q1 FY24 revenue was $13.6m, 50% of our H1 FY24 estimate, and unaudited EBITDA $1.5m, 50% of our H1 FY24 EBITDA estimate, placing RaaS H1 FY24 estimates on track.</li><li>Large opportunities are expected to close in the Global division over coming quarters, and along with additional Vodafone revenue is expected to boost the H2 FY24 result. </li></ul>

Comms Group Ltd (ASX:CCG), a global IT and communications services group, has provided some updated trading commentary as part of its AGM presentation.Unaudited Q1 FY24 revenue was $13.6m, 50% of our H1 FY24 estimate, and unaudited EBITDA $1.5m, 50% of our H1 FY24 EBITDA estimate, placing RaaS H1 FY24 estimates on track.Large opportunities are expected to close in the Global division over coming quarters, and along with additional Vodafone revenue is expected to boost the H2 FY24 result. 

Comms Group Limited - Valuation Gap Widening Despite Solid Trading

<ul><li>Comms Group Ltd (ASX:CCG) has received further valuation support in the form of the recent bid from Atturra Ltd (ASX:ATA) for Cirrus Networks (ASX:CNW).</li><li>We view CNW as the closest ASX peer to CCG in terms of business mix and market cap.</li><li>The ATA Scheme Implemented Deed values CNW at 7.4x post-AASB 16 FY23 EV/EBITDA and 8.8x pre-AASB 16. </li></ul>

Comms Group Ltd (ASX:CCG) has received further valuation support in the form of the recent bid from Atturra Ltd (ASX:ATA) for Cirrus Networks (ASX:CNW).We view CNW as the closest ASX peer to CCG in terms of business mix and market cap.The ATA Scheme Implemented Deed values CNW at 7.4x post-AASB 16 FY23 EV/EBITDA and 8.8x pre-AASB 16. 

Comms Group Limited  - Further Valuation Support from CNW Bid

<ul><li>Comms Group Ltd (ASX:CCG) has reported FY23 earnings and provided a more detailed and narrower range for both revenue and EBITDA guidance in FY24.</li><li>The result was largely in-line with expectations and with guidance already provided.</li><li>Revenue increased 27% and adjusted EBITDA ~17% as the onPlatinum acquisition contributed for a full 12-months and investment was made in the Global business for future growth. </li></ul>

Comms Group Ltd (ASX:CCG) has reported FY23 earnings and provided a more detailed and narrower range for both revenue and EBITDA guidance in FY24.The result was largely in-line with expectations and with guidance already provided.Revenue increased 27% and adjusted EBITDA ~17% as the onPlatinum acquisition contributed for a full 12-months and investment was made in the Global business for future growth. 

Comms Group Limited - Growth While Continuing to Invest Globally

<ul><li>Comms Group Ltd (ASX:CCG) has announced an extension of the Vodafone contract term to a minimum five-years together with an expansion in the range of services provided in delivering voice connectivity for Microsoft Teams, including the more advanced Operator Connect.</li><li>The extended agreement also includes a minimum monthly payment to CCG of A$30k beginning October 2023.</li><li>While our Vodafone assumptions are unchanged, and our medium-term expectations for Vodafone well above the minimum monthly payment, the revised agreement improves visibility and demonstrates Vodafone’s commitment to the relationship. </li></ul>

Comms Group Ltd (ASX:CCG) has announced an extension of the Vodafone contract term to a minimum five-years together with an expansion in the range of services provided in delivering voice connectivity for Microsoft Teams, including the more advanced Operator Connect.The extended agreement also includes a minimum monthly payment to CCG of A$30k beginning October 2023.While our Vodafone assumptions are unchanged, and our medium-term expectations for Vodafone well above the minimum monthly payment, the revised agreement improves visibility and demonstrates Vodafone’s commitment to the relationship. 

Comms Group Limited - Vodafone Contract Extension and Expansion

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a>'s binding proposal with <a href="https://www.smartkarma.com/entities/aussie-broadband-pty-ltd" target="_blank" data-smartkarma-citation="entities:30812:1" rel="noopener">Aussie Broadband Pty Ltd (ABB AU)</a> is at A$2.26 cash and 0.192 ABB shares per SYM share, 3.2% lower than its earlier proposal.</li>
<li>The key condition is shareholder approval. The scheme booklet will be despatched on 22 December, with a scheme meeting in early February 2024.</li>
<li>While the offer is light compared to long-term historical prices and multiples, there seem to be no signs of dissent from institutional or retail investors. </li>
</ul>



Symbio Holdings (SYM AU)'s binding proposal with Aussie Broadband Pty Ltd (ABB AU) is at A$2.26 cash and 0.192 ABB shares per SYM share, 3.2% lower than its earlier proposal.
The key condition is shareholder approval. The scheme booklet will be despatched on 22 December, with a scheme meeting in early February 2024.
While the offer is light compared to long-term historical prices and multiples, there seem to be no signs of dissent from institutional or retail investors. 


Symbio (SYM AU): Aussie Broadband’s Lower Binding Proposal

Australia

CommsChoice Group Limited provides information and communications technology solutions. The Company focuses on integration of managed data and voice solutions, multi-carrier fibre, and wireless data services, as well as offers management of multi-vendor mobile handset, tablet, and repeater equipment. CommsChoice Group serves telecom industries worldwide.

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CommsChoice Group Ltd (CCG AU)

Comms Group Limited - Valuation Gap Widening Despite Solid Trading

Comms Group Ltd (ASX:CCG), a global IT and communications services group, has provided some updated trading commentary as part of its AGM...

Research as a Service (RaaS)

Comms Group Limited - Further Valuation Support from CNW Bid

Comms Group Ltd (ASX:CCG) has received further valuation support in the form of the recent bid from Atturra Ltd (ASX:ATA) for Cirrus Networks...

Research as a Service (RaaS)

Comms Group Limited - Growth While Continuing to Invest Globally

Comms Group Ltd (ASX:CCG) has reported FY23 earnings and provided a more detailed and narrower range for both revenue and EBITDA guidance in FY24.

Research as a Service (RaaS)

Comms Group Limited - Vodafone Contract Extension and Expansion

Comms Group Ltd (ASX:CCG) has announced an extension of the Vodafone contract term to a minimum five-years together with an expansion in the range...

Research as a Service (RaaS)

Symbio (SYM AU): Aussie Broadband’s Lower Binding Proposal

While the offer is light compared to long-term historical prices and multiples, there is little evidence of dissent. At the last close, the gross...

Arun George

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