Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<div><ul><li>The WTR AI Flow Newsletter highlights recent developments in AI.</li><li>In the AI Flood Watch (Top 10 Format), we curate the month’s top AI news items, classify them as “Rising” or “Falling,” and provide takeaways.</li><li>This issue features five Rising, one Neutral, and four Falling stories.</li></ul></div>

The WTR AI Flow Newsletter highlights recent developments in AI.In the AI Flood Watch (Top 10 Format), we curate the month’s top AI news items, classify them as “Rising” or “Falling,” and provide takeaways.This issue features five Rising, one Neutral, and four Falling stories.

AI Flow Newsletter : Monitoring The "Currents" Of AI

<div><ul><li>Water Tower AI Flow Index. We monitor ~400 public companies across tech and AI for performance and AI-related news flow. Last month (ending 2/28), the WTR AI Index was down 0.6% M/M versus the S&amp;P 500 Index (down 0.9%), the Russell 2000 Index (up 0.2%), and the Nasdaq Index (down 2.3%).</li><li>Within the WTR AI Flow Index, declines in Software, Internet &amp; Data Services, and Other Industries were not completely offset by gains in Semiconductor and Other Tech.</li><li>Software (22% of the index) was down 12.0%, while Semiconductor (17% of the index) was up 13.9%, Internet and Data Services (7% of the index) was down 12.8%, Other Tech (24% of the index) was up 13.0%, and Other Industries (30% of the index) was down 5.3%.</li></ul></div>

Water Tower AI Flow Index. We monitor ~400 public companies across tech and AI for performance and AI-related news flow. Last month (ending 2/28), the WTR AI Index was down 0.6% M/M versus the S&amp;P 500 Index (down 0.9%), the Russell 2000 Index (up 0.2%), and the Nasdaq Index (down 2.3%).Within the WTR AI Flow Index, declines in Software, Internet &amp; Data Services, and Other Industries were not completely offset by gains in Semiconductor and Other Tech.Software (22% of the index) was down 12.0%, while Semiconductor (17% of the index) was up 13.9%, Internet and Data Services (7% of the index) was down 12.8%, Other Tech (24% of the index) was up 13.0%, and Other Industries (30% of the index) was down 5.3%.

AI Flow Index : Sailing a Sea of Companies in AI - 2 March 2026

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/qoria-ltd" target="_blank" data-smartkarma-citation="entities:30531:1" rel="noopener">Qoria (QOR AU)</a> IE opines that the Aura transaction is NOT fair but is reasonable and, hence, in the best interests of shareholders.</li>
<li>The IE’s Qoria valuation, on which it bases its NOT fair opinion, has issues. Shareholders should be largely supportive, as the alternative involving a dilutive raise is unappealing.</li>
<li>The IE values MergerCo at A$0.33-A$0.41, which is justifiable. If MergerCo trades in line with the median SaaS EV/ARR of 3.6x, it implies a Qoria value of A$0.43 per share.</li>
</ul>


The Qoria (QOR AU) IE opines that the Aura transaction is NOT fair but is reasonable and, hence, in the best interests of shareholders.
The IE’s Qoria valuation, on which it bases its NOT fair opinion, has issues. Shareholders should be largely supportive, as the alternative involving a dilutive raise is unappealing.
The IE values MergerCo at A$0.33-A$0.41, which is justifiable. If MergerCo trades in line with the median SaaS EV/ARR of 3.6x, it implies a Qoria value of A$0.43 per share.


Qoria (QOR AU): In a Bind as IE Opines that the Offer Is NOT Fair but Reasonable

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

<p>Key points <em>(machine generated)</em></p><ul><li>Mitek specializes in mobile image capture and digital identity verification solutions, with approximately 60% of its business in mobile image capture and 40% in digital identity verification.</li><li>The company has experienced strong revenue growth, with a compound annual growth rate of 18% to 22% over the past one, three, and five years, reaching approximately $170 million as of September 2023.</li><li>Mitek has focused on using profits from its mature mobile image capture business to build its identity verification segment, but the mobile deposit business has also grown at a similar rate, limiting portfolio rebalancing in recent years.</li></ul><p><em>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Key points (machine generated)Mitek specializes in mobile image capture and digital identity verification solutions, with approximately 60% of its business in mobile image capture and 40% in digital identity verification.The company has experienced strong revenue growth, with a compound annual growth rate of 18% to 22% over the past one, three, and five years, reaching approximately $170 million as of September 2023.Mitek has focused on using profits from its mature mobile image capture business to build its identity verification segment, but the mobile deposit business has also grown at a similar rate, limiting portfolio rebalancing in recent years.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Mitek Systems (MITK) - Monday, Oct 30, 2023

United States

Mitek Systems, Inc. is involved in character recognition technology, products, and services for the document imaging markets. The Company's document imaging software engine and intelligent character recognition products and services are used in mission-critical and high volume data entry, data capture, and forms processing applications.

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Mitek Systems (MITK US)

AI Flow Index : Sailing a Sea of Companies in AI - 2 March 2026

Water Tower AI Flow Index. We monitor ~400 public companies across tech and AI for performance and AI-related news flow. Last month (ending 2/28)...

Water Tower Research

Qoria (QOR AU): In a Bind as IE Opines that the Offer Is NOT Fair but Reasonable

Shareholders should be largely supportive, as the alternative involving a dilutive raise is unappealing. The high-end of the IE MergerCo valuation...

Arun George

Mitek Systems (MITK) - Monday, Oct 30, 2023

Mitek specializes in mobile image capture and digital identity verification solutions, with approximately 60% of its business in mobile image...

Value Investors Club (VIC)

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