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>The <a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite Ltd (DSE AU)</a> IE considers NinjaOne’s A$5.90 offer fair and reasonable as it is above its A$3.92-5.88 valuation range.</li>
<li>The offer is conditional on shareholder and FIRB approval. Despite the largest shareholder's selldown, the vote remains low-risk.  </li>
<li>The offer is attractive and represents an all-time high. At the last close and for a 30 May payment, the gross/annualised spread is 1.7%/11.5%.  </li>
</ul>


The Dropsuite Ltd (DSE AU) IE considers NinjaOne’s A$5.90 offer fair and reasonable as it is above its A$3.92-5.88 valuation range.
The offer is conditional on shareholder and FIRB approval. Despite the largest shareholder's selldown, the vote remains low-risk.  
The offer is attractive and represents an all-time high. At the last close and for a 30 May payment, the gross/annualised spread is 1.7%/11.5%.  


External broker reports(aggregated public sources), CCZ Statton Equities

CCZ Statton Equities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>FLX reported total revenue of $2.5m, +27% on pcp (CCZe: $2.4m).</li><li>Revenue growth was driven by Contractor revenue, up +58% on pcp to $1.5m (CCZe: $1.3m), whilst Vendor revenue remained flat on pcp at $0.9m, in-line with CCZe and management’s strategy.</li><li>Operating cash burn expanded c.$400k on pcp, though new contract wins, and a reduced cost base should see this improve.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FLX reported total revenue of $2.5m, +27% on pcp (CCZe: $2.4m).Revenue growth was driven by Contractor revenue, up +58% on pcp to $1.5m (CCZe: $1.3m), whilst Vendor revenue remained flat on pcp at $0.9m, in-line with CCZe and management’s strategy.Operating cash burn expanded c.$400k on pcp, though new contract wins, and a reduced cost base should see this improve.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Felix Group - ANZ Pipeline Strengthens with InEight Opportunities to Come

<ul><li>FLX’s management has released a business update and 4C – quarterly cashflow statement for the quarter ended 31 December 2022.</li><li>Contractor MRR increased +49% on PCP, and +10% on Q1, driven by 3 new Contractor wins and 6 existing Contractor expansions.</li><li>Vendors in Marketplace increased +34% on PCP and +8% on Q1, with new Contractors added in the half yet to contribute.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FLX’s management has released a business update and 4C – quarterly cashflow statement for the quarter ended 31 December 2022.Contractor MRR increased +49% on PCP, and +10% on Q1, driven by 3 new Contractor wins and 6 existing Contractor expansions.Vendors in Marketplace increased +34% on PCP and +8% on Q1, with new Contractors added in the half yet to contribute.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Felix Group - Cashflow Improvements Paves Way Forward

<ul><li>Felix Group (ASX: FLX) is a founder led, SaaS company whose software helps 'Contractors' find, manage and engage with their third-party ‘Vendors’.</li><li>FLX’s solutions digitise and automate a number of processes throughout the procurement lifecycle, reducing administrative burden, increasing Vendor transparency, and improving corporate governance.</li><li>InEight, a US$60m ARR US software company has recently partnered with FLX, presenting FLX a new +850 Contractor base and a low CAC entry into the US.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Felix Group (ASX: FLX) is a founder led, SaaS company whose software helps 'Contractors' find, manage and engage with their third-party ‘Vendors’.FLX’s solutions digitise and automate a number of processes throughout the procurement lifecycle, reducing administrative burden, increasing Vendor transparency, and improving corporate governance.InEight, a US$60m ARR US software company has recently partnered with FLX, presenting FLX a new +850 Contractor base and a low CAC entry into the US.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Felix Group - FLX’s Implied Option Provides Enormous Upside

Australia

Felix Group Holdings Ltd designs and develops software solutions. The Company offers SaaS procurement management platform that connects contractors and third-party vendors by digitising, automating, and streamlining a range of critical procurement-related business processes. Felix Group Holdings serves clients in Australia.

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Felix Group Holdings (FLX AU)

Dropsuite (DSE AU): Scheme Vote on 9 May

The offer is attractive and represents an all-time high. This is a done deal. At the last close and for a 30 May payment, the gross/annualised...

Arun George

Felix Group - ANZ Pipeline Strengthens with InEight Opportunities to Come

Revenue growth was driven by Contractor revenue, up +58% on pcp to $1.5m (CCZe: $1.3m), whilst Vendor revenue remained flat on pcp at $0.9m, in...

CCZ Statton Equities

Felix Group - Cashflow Improvements Paves Way Forward

FLX’s management has released a business update and 4C – quarterly cashflow statement for the quarter ended 31 December 2022.

CCZ Statton Equities

Felix Group - FLX’s Implied Option Provides Enormous Upside

Felix Group (ASX: FLX) is a founder led, SaaS company whose software helps 'Contractors' find, manage and engage with their third-party ‘Vendors’.

CCZ Statton Equities

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