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

MA Moelis Australia

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External broker reports(aggregated public sources)

Moelis Australia Ltd

Equity Bottom-Up

<ul><li>Earnings broadly consistent with our previously upgraded estimates.</li><li>1H23 NPAT was $17.6m (+45% vs pcp) albeit 6% below MAe, with the delta primarily attributable to elevated debt levels ($61.4m vs $47.3m MAe) driving increased interest expense, as well as higher depreciation.</li><li>Pre-reported 1H23 revenue was $280.3m (+51% vs pcp), with 1H23 EBITDA of $33.8m (+60% vs pcp).</li></ul><span data-sheets-value='{"1":2,"2":"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."}' data-sheets-userformat='{"2":33281,"3":{"1":0},"12":0,"18":1}'>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.

Earnings broadly consistent with our previously upgraded estimates.1H23 NPAT was $17.6m (+45% vs pcp) albeit 6% below MAe, with the delta primarily attributable to elevated debt levels ($61.4m vs $47.3m MAe) driving increased interest expense, as well as higher depreciation.Pre-reported 1H23 revenue was $280.3m (+51% vs pcp), with 1H23 EBITDA of $33.8m (+60% vs pcp).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.

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