External broker reports(aggregated public sources), Moelis Australia Ltd

MA Moelis Australia

External broker reports(aggregated public sources)

Moelis Australia Ltd

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Equity Bottom-Up

RPMGlobal Holdings Limited / Equity Bottom-Up

<div><ul><li>Given this payment appears one-off in nature there is minimal impact to our valuation.</li><li>Across FY24e, we assume EBITDA growth of ~$8.7m is driven by (a) the aforementioned one-off payment (+$3m); (b) strong advisory demand (+$3m); and (c) drop-through of incremental software sales.</li><li>Buy rating maintained, $2.04 target price (prev: $2.03). Our thesis comprises: (a) operating inflection reached, with strong organic growth outlook supported by deep up/cross-sell opportunities; (b) flagship 'asset maintenance' solution considered industry-leading within its niche; (c) ~$35m net cash B/S with buyback in place.</li></ul></div><p><em>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.</em></p>

Given this payment appears one-off in nature there is minimal impact to our valuation.Across FY24e, we assume EBITDA growth of ~$8.7m is driven by (a) the aforementioned one-off payment (+$3m); (b) strong advisory demand (+$3m); and (c) drop-through of incremental software sales.Buy rating maintained, $2.04 target price (prev: $2.03). Our thesis comprises: (a) operating inflection reached, with strong organic growth outlook supported by deep up/cross-sell opportunities; (b) flagship 'asset maintenance' solution considered industry-leading within its niche; (c) ~$35m net cash B/S with buyback in place.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.

RPMGlobal Holdings Ltd - FY24 Guidance Upgrade

<div><ul><li>FY24 revenue guidance upgraded by $2m to range of $107m to $112m (prior $105m-$110m) implying 11% YoY growth at midpoint, and EBITDA guidance (before management incentives) upgraded by $1m to range of $18.5m to $20.5m (prior $17.5m-$19.5m) implying 30% growth YoY.</li><li>Subscription and maintenance ARR ended 1Q24 at $56m (+$1m vs. Jun-23). 1Q24 new software TCV was $13.2m (1Q23: $5.2m).</li><li>RUL starts 2Q24 with $133m in pre- contracted &amp; non-cancellable software revenue.</li></ul></div><p><em>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.</em></p>

FY24 revenue guidance upgraded by $2m to range of $107m to $112m (prior $105m-$110m) implying 11% YoY growth at midpoint, and EBITDA guidance (before management incentives) upgraded by $1m to range of $18.5m to $20.5m (prior $17.5m-$19.5m) implying 30% growth YoY.Subscription and maintenance ARR ended 1Q24 at $56m (+$1m vs. Jun-23). 1Q24 new software TCV was $13.2m (1Q23: $5.2m).RUL starts 2Q24 with $133m in pre- contracted &amp; non-cancellable software revenue.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.

RPMGlobal Holdings Ltd - Advisory-Led Upgrade to FY24 Guidance

<div><ul><li>FY23 operating EBITDA (pre one-off management incentives) of $15m was ahead of FY23 guidance of $13.8m.</li><li>However stronger than expected performance within advisory and software triggered the payment of ~$3m in one-off management incentives, taking overall FY23 EBITDA to $12m.</li><li>Subscription ARR ended Jun'23 at $42m (+$9m vs. Jun'22). Subscriptions sales included gross ARR growth of $11m with related TCV of $66m (FY22: $54m).</li></ul></div><p><em>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.</em></p>

FY23 operating EBITDA (pre one-off management incentives) of $15m was ahead of FY23 guidance of $13.8m.However stronger than expected performance within advisory and software triggered the payment of ~$3m in one-off management incentives, taking overall FY23 EBITDA to $12m.Subscription ARR ended Jun'23 at $42m (+$9m vs. Jun'22). Subscriptions sales included gross ARR growth of $11m with related TCV of $66m (FY22: $54m).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.

RPMGlobal Holdings Ltd - Strong 2H ARR Sales Lay Foundation for FY24 Earnings Growth

<ul><li>1H EBITDA of $5.3m (Moelis est. $4.8m). FY23 EBITDA guidance for $14.2m re-affirmed, albeit with higher weighting towards subscription sales and lower contribution from consulting &amp; advisory (due to labour constraints).</li><li>Ending ARR of $36m (+37% pcp) with ~$25m TCV software sales made during 1H.</li><li>Advisory sales of $15m with backlog of $16m at Dec'22 (Jun'22: $16m).</li></ul><p><em>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.</em></p>

1H EBITDA of $5.3m (Moelis est. $4.8m). FY23 EBITDA guidance for $14.2m re-affirmed, albeit with higher weighting towards subscription sales and lower contribution from consulting &amp; advisory (due to labour constraints).Ending ARR of $36m (+37% pcp) with ~$25m TCV software sales made during 1H.Advisory sales of $15m with backlog of $16m at Dec'22 (Jun'22: $16m).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.

RPMGlobal Holdings Ltd - Guidance Re-Affirmed, Though Strong 2H Sales Growth & Cost Control Required

<ul><li>FY22 EBITDA of $4.5m (vs. MAFe $6.9m) with variance largely attributable to higher than anticipated bonuses in 2H.</li><li>Ending ARR of $33m (+50%/$11m on pcp) with $56m TCV of software licences sold during the year (including 54 customers signing new product contracts).</li><li>FY23e guidance of $14.2m EBITDA at a 14% EBITDA margin. Mgmt. noted "other than to meet advisory &amp; consulting demand, employee numbers will remain steady".</li></ul><p><em>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.</em></p>

FY22 EBITDA of $4.5m (vs. MAFe $6.9m) with variance largely attributable to higher than anticipated bonuses in 2H.Ending ARR of $33m (+50%/$11m on pcp) with $56m TCV of software licences sold during the year (including 54 customers signing new product contracts).FY23e guidance of $14.2m EBITDA at a 14% EBITDA margin. Mgmt. noted "other than to meet advisory &amp; consulting demand, employee numbers will remain steady".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.

RPMGlobal Holdings Ltd - Strong FY23 Guidance Implies Significant Operating Leverage

Australia

RPMGlobal Holdings Limited is a technology company that provides integrated technology services (software), mining consulting and training the area of mining planning.

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RPMGlobal Holdings Limited (RUL AU)

RPMGlobal Holdings Ltd - FY24 Guidance Upgrade

Across FY24e, we assume EBITDA growth of ~$8.7m is driven by (a) the aforementioned one-off payment (+$3m); (b) strong advisory demand (+$3m)

MA Moelis Australia

RPMGlobal Holdings Ltd - Advisory-Led Upgrade to FY24 Guidance

FY24 revenue guidance upgraded by $2m to range of $107m to $112m (prior $105m-$110m) implying 11% YoY growth at midpoint

MA Moelis Australia

RPMGlobal Holdings Ltd - Strong 2H ARR Sales Lay Foundation for FY24 Earnings Growth

FY23 operating EBITDA (pre one-off management incentives) of $15m was ahead of FY23 guidance of $13.8m. However stronger than expected performance...

MA Moelis Australia

RPMGlobal Holdings Ltd - Guidance Re-Affirmed, Though Strong 2H Sales Growth & Cost Control Required

FY23 EBITDA guidance for $14.2m re-affirmed, albeit with higher weighting towards subscription sales and lower contribution from consulting &...

MA Moelis Australia

RPMGlobal Holdings Ltd - Strong FY23 Guidance Implies Significant Operating Leverage

Ending ARR of $33m (+50%/$11m on pcp) with $56m TCV of software licences sold during the year (including 54 customers signing new product contracts).

MA Moelis Australia

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