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

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