External broker reports(aggregated public sources), Taylor Collison

Taylor Collison

External broker reports(aggregated public sources)

Taylor Collison is a leading financial services firm, providing advice & wealth creation strategies to private & institutional investors and corporate clients throughout Australia. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>MPA’s 1H25 results were in largely line with our expectations, with a small beat at the EBITDA line.</li><li>The Mad Paws marketplace is again growing strongly following a media deal with Seven West Media and the overall group (including eCommerce) has reached cash flow positive status.</li><li>MPA’s sum-of-the-parts (SOTP) are worth materially more than its current share price. </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.

MPA’s 1H25 results were in largely line with our expectations, with a small beat at the EBITDA line.The Mad Paws marketplace is again growing strongly following a media deal with Seven West Media and the overall group (including eCommerce) has reached cash flow positive status.MPA’s sum-of-the-parts (SOTP) are worth materially more than its current share price. 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.

Mad Paws Holdings Limited (MPA) - 1H25 Results – Cashflow Positive, Media Driven Growth

<ul><li>MPA’s sum-of-the-parts (SOTP) are worth materially more than its current share price.</li><li>We value the marketplace assets at ~14c/share and eCommerce assets at ~6c/share (MPA last close 6.9c).</li><li>Following expressions of interest in both segments and the appointment of an advisor, we are of the view that there is a reasonable possibility that this value can be unlocked.</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.

MPA’s sum-of-the-parts (SOTP) are worth materially more than its current share price.We value the marketplace assets at ~14c/share and eCommerce assets at ~6c/share (MPA last close 6.9c).Following expressions of interest in both segments and the appointment of an advisor, we are of the view that there is a reasonable possibility that this value can be unlocked.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.

Mad Paws Holdings Limited (MPA) - Initiation – Optionality In A Leading PetTech Business

Australia

Mad Paws Holdings Limited designs and develops application software. The Company builds a software platform that enables pet owners to find pet sitters that provide housing for pet and other services including dog walking, training, and grooming. Mad Paws serves customers worldwide.

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Mad Paws Holdings (MPA AU)

Mad Paws Holdings Limited (MPA) - 1H25 Results – Cashflow Positive, Media Driven Growth

The Mad Paws marketplace is again growing strongly following a media deal with Seven West Media and the overall group (including eCommerce) has...

Taylor Collison

Mad Paws Holdings Limited (MPA) - Initiation – Optionality In A Leading PetTech Business

MPA’s sum-of-the-parts (SOTP) are worth materially more than its current share price. We value the marketplace assets at ~14c/share and eCommerce...

Taylor Collison

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