Director, RaaS Research Group, Research as a Service (RaaS)

Research as a Service (RaaS)

Director, RaaS Research Group

Insightful Financial Models and Research Analysis

Connect to the right investors through smart and insightful financial models and research analysis.

Equity Bottom-Up

WRKR LTD provides software solutions. The Company offers platform for employers to take care of compliance obligations such as onboarding and ongoing verification solutions, which saves money, time, and reduces risk. WRKR serves customers in Australia.

<ul><li>RaaS has published an update on superannuation and payroll compliance solutions business Wrkr (ASX:WRK) following its Q1 FY25 results in which it delivered +22% in cash receipts and just +4.5% in cash outflows.• We have made timing adjustments to costs in FY25 which has resulted in our revenue forecasts reducing 13% and EBITDA by 65%.</li><li>We still expect positive EBITDA and operating cashflow over FY25 and make no changes to medium-term estimates.</li><li>The Q1 FY25 cash burn including capitalised expenses represents 14 quarters of runway by RaaS calculations.</li></ul>

RaaS has published an update on superannuation and payroll compliance solutions business Wrkr (ASX:WRK) following its Q1 FY25 results in which it delivered +22% in cash receipts and just +4.5% in cash outflows.• We have made timing adjustments to costs in FY25 which has resulted in our revenue forecasts reducing 13% and EBITDA by 65%.We still expect positive EBITDA and operating cashflow over FY25 and make no changes to medium-term estimates.The Q1 FY25 cash burn including capitalised expenses represents 14 quarters of runway by RaaS calculations.

WRKR Ltd - Solid quarter amidst new client onboarding

BirdDog Technology Limited develops and manufactures audio-visual and video technology products. The Company offers an integrated hardware and software solutions for use in video processing, transmission, and recording. BirdDog Technology serves customers in Australia.

<ul><li>RaaS has published an update report on hardware and software video technology solutions group BirdDog Technology following its Q1 FY25 result.</li><li> Q1 revenue increased 39% to $5.0m and Q1 EBITDA of -$0.2m was a $2m improvement on the last two quarters.</li><li>The company is fully funded to execute its growth strategy, with a 30 September 2024 cash balance of $11.6m (or 7.2cps) and no debt.</li></ul>

RaaS has published an update report on hardware and software video technology solutions group BirdDog Technology following its Q1 FY25 result. Q1 revenue increased 39% to $5.0m and Q1 EBITDA of -$0.2m was a $2m improvement on the last two quarters.The company is fully funded to execute its growth strategy, with a 30 September 2024 cash balance of $11.6m (or 7.2cps) and no debt.

ReadCloud Limited operates as an education technology company. The Company offers content library, virtual classroom operations, e-books, and social learning solutions. ReadCloud serves customers in Australia.

<ul><li>RaaS Research has published an update on edtech group ReadCloud (ASX:RCL) following its Q4 result in which it delivered its FY24 full year guidance for positive underlying EBITDA and positive statutory operating cash flow.</li><li>FY24 revenue grew 15% to $12.3m, 3.4% ahead of RaaS forecasts.</li><li>FY24 represents an inflection point for the business where it continues to grow organically at the top-line and is now EBITDA profitable and cash generative.</li></ul>

RaaS Research has published an update on edtech group ReadCloud (ASX:RCL) following its Q4 result in which it delivered its FY24 full year guidance for positive underlying EBITDA and positive statutory operating cash flow.FY24 revenue grew 15% to $12.3m, 3.4% ahead of RaaS forecasts.FY24 represents an inflection point for the business where it continues to grow organically at the top-line and is now EBITDA profitable and cash generative.

Readcloud Ltd - Hitting the numbers and growing

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Freelancer Limited operates within the online outsourcing industry, primarily through the company's websites from users posting outsourcing projects and crowdsourcing contests.

<p>Freelancer’s Q324 business update confirmed an increase in gross marketplace volume (GMV) of 26% y-o-y, boosted by a US$50m Escrow.com transaction during the quarter. Operating cash inflow more than doubled over the year, resulting in a small sequential increase in cash to A$21.7m. The company noted that it generated a profit after tax for the quarter. While the Freelancer division saw a decline in GMV and cash receipts in Q3, the company has started to see encouraging signs that its efforts in both customer retention and customer acquisition are paying off.</p>

Freelancer’s Q324 business update confirmed an increase in gross marketplace volume (GMV) of 26% y-o-y, boosted by a US$50m Escrow.com transaction during the quarter. Operating cash inflow more than doubled over the year, resulting in a small sequential increase in cash to A$21.7m. The company noted that it generated a profit after tax for the quarter. While the Freelancer division saw a decline in GMV and cash receipts in Q3, the company has started to see encouraging signs that its efforts in both customer retention and customer acquisition are paying off.

Freelancer - Escrow drives strong volume growth in Q324

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

CAR Group Limited operates as a digital marketplace for vehicles. The Company provides a diversified portfolio of brands to sell and buy cars. CAR Group serves customers worldwide.

<ul>
<li>With three quarters of the review period complete, there could be one change for the S&amp;P/ASX 50 Index and two changes for the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> in December. </li>
<li>There are two stocks that could be deleted from global indexes in November and that could keep those names under pressure for the next few weeks.</li>
<li>Passive trackers will need to buy between 4-5x ADV in the forecast adds and sell between 2-8x ADV in the forecast deletes. Shorts have been building up in some names.</li>
</ul>


With three quarters of the review period complete, there could be one change for the S&amp;P/ASX 50 Index and two changes for the S&amp;P/ASX 200 (AS51 INDEX) in December. 
There are two stocks that could be deleted from global indexes in November and that could keep those names under pressure for the next few weeks.
Passive trackers will need to buy between 4-5x ADV in the forecast adds and sell between 2-8x ADV in the forecast deletes. Shorts have been building up in some names.


S&P/ASX Index Rebalance Preview (Dec 2024): Big Impact as Shorts Ramp Up

Australia TMT
Insight on Australia TMT companies

WRKR Ltd - Solid quarter amidst new client onboarding

RaaS has published an update on superannuation and payroll compliance solutions business Wrkr (ASX:WRK) following its Q1 FY25 results in which it...

Research as a Service (RaaS)

BirdDog 2.0 building momentum

RaaS has published an update report on hardware and software video technology solutions group BirdDog Technology following its Q1 FY25 result. Q1...

Research as a Service (RaaS)

Readcloud Ltd - Hitting the numbers and growing

RaaS Research has published an update on edtech group ReadCloud (ASX:RCL) following its Q4 result in which it delivered its FY24 full year...

Research as a Service (RaaS)

Freelancer - Escrow drives strong volume growth in Q324

Freelancer’s Q324 business update confirmed an increase in gross marketplace volume (GMV) of 26% y-o-y, boosted by a US$50m Escrow.com transaction...

Edison Investment Research

S&P/ASX Index Rebalance Preview (Dec 2024): Big Impact as Shorts Ramp Up

There could be 1 change for the ASX50 and 2 changes for the ASX200 in Dec. Couple of ASX deletes could also be deleted from a global index in...

Brian Freitas