External broker reports(aggregated public sources), CCZ Statton Equities

CCZ Statton Equities

External broker reports(aggregated public sources)

CCZ is a leading Australian stockbroking firm providing stockbroking and wealth generation services to private clients and institutional investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>3P's FY22 full-year results were above CCZ expectations and within mgnt guidance. FY22 includes the BeL acquisition in full with revenue of $97.3m, up +69% pcp (CCZe: $92.3m), gross profit of $91.7m (CCZe: $79.1m), up +67% pcp and U-EBITDA of $13.8m, up +46% pcp (CCZe: $12.1m). Mgnt's guidance implies a +c.16% headline growth in FY23.</li><li>The B2C segment contributed $39.3m in revenue, +c.13% vs pro-forma pcp, driven by new customers in the APAC and Americas region (license volumes up +11% vs pcp) and improved retention (ARPU +2% vs pcp).</li><li>In addition, targeted marketing has increased 3PL's sales via its website (+2pps to 50%), resulting in a 3pps improvement in contribution margin and we expect this to continue.</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>

3P's FY22 full-year results were above CCZ expectations and within mgnt guidance. FY22 includes the BeL acquisition in full with revenue of $97.3m, up +69% pcp (CCZe: $92.3m), gross profit of $91.7m (CCZe: $79.1m), up +67% pcp and U-EBITDA of $13.8m, up +46% pcp (CCZe: $12.1m). Mgnt's guidance implies a +c.16% headline growth in FY23.The B2C segment contributed $39.3m in revenue, +c.13% vs pro-forma pcp, driven by new customers in the APAC and Americas region (license volumes up +11% vs pcp) and improved retention (ARPU +2% vs pcp).In addition, targeted marketing has increased 3PL's sales via its website (+2pps to 50%), resulting in a 3pps improvement in contribution margin and we expect this to continue.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.

3P Learning - B2C Drives Growth Whilst Strategic Products Undergo Development

Australia

Shine Corporate Ltd. is a national law firm. The Firm's areas of practice includes personal injuries law, family law, property law, class actions, wills, probate and residential conveyancing.

Slater & Gordon Limited is a national law firm. The Firm's areas of practice include commercial, family, employment, asbestos-related and personal injury law.

NextEd Group Limited provides educational solutions. The Company delivers industry relevant courses and programs, as well as offers work placement and internship. NextEd Group serves students worldwide.

Top Education Group Ltd, doing business as Top Education Institute, offers educational services. The Company provides graduates and undergraduate degree program in the field of business, legal, and technology. Top Education Institute serves clients in Australia.

Academies Australasia Group Limited grants baccalaureate and graduate degrees. The College offers degrees in accounting, language, information technology, management, marketing, tourism, and sports and fitness. Academies Australasia Group serves students in Australia and Singapore.

Kip McGrath Education Centres Limited is a franchiser of education centers that provide tutoring services to children ages 6-16.  The centers aid children in a variety of subject matters including mathematics, reading, spelling and English.

Ainsworth Game Technology Limited designs, develops and manufactures gaming machines and games combination software and other related equipment for the gaming industry in Australia. Products include the Ambassador video gaming machines, video games and Embassy Jackpot systems.

Site Group International Ltd. provides Australian accredited vocational education to Asian markets. The Company also services global employment needs by placing qualified graduates in high demand employment areas. Site Group has operations in both Australia and the Philippines.

Retail Food Group Ltd is a retail food brand manager and franchiser. The Company currently manages donut stores and cafes.

Helloworld Travel Limited operates as a travel company. The Company provides corporate travel management services to corporate and government customers including booking flights, cruises, and accommodation. Helloworld Travel serves customers worldwide.

STUDIO ALICE Co., Ltd. operates photo studio chain stores for children throughout Japan.  The Company provides a variety of costumes at its studios. STUDIO ALICE mainly operates direct-run stores.

STEP CO., LTD. operates preparatory schools for elementary, junior, and high school students mainly in Shonan, Kanagawa Prefecture.  The Company also prepares, prints, and publishes text books and educational materials.

Japan Best Rescue System Co., Ltd. provides solution services for troubles in daily life.  Its services include repair for locks, glass, and plumbing systems. The Company offers a membership to customers and provides services through a network of franchisees and co-operate shops.

WASEDA ACADEMY CO., LTD. manages a preparatory school for elementary and junior high school students.

China YuHua Education operates private education from kindergarten to university in China.

Hope Education Group Co, Ltd. offers educational services. The Company provides educational training, knowledge point sharing, activities arrangement, and other services. Hope Education Group offers its services throughout China.

Siam Wellness Group Public Company Limited owns and operates spa and wellness centers. The Company also provides management and consulting services.

GAKKYUSHA CO., LTD. operates the cram school mainly in the Tokyo metropolitan area, majority of students belonging to elementary and junior-high level.  The Company also operates schools in US, UK, and Germany, targeting children of Japanese nationals living abroad.

IBJ Inc provides marriage matchmaking services. The Company offers marriage consulting services through the Internet. IBJ also offers and consults business events and seminars.

TSUKADA GLOBAL HOLDINGS Inc. provides a variety of wedding services. The Company arranges ceremonies with overseas chapels and churches as well as with domestic ones.

3P Learning Limited provides educational services. The Company owns and operates a website for students, teachers, and mathematics coordinators with a focus on e-learning of mathematics. 3P Learning serves the kindergarten through twelfth grade curriculum worldwide.

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3P Learning (3PL AU)

3P Learning - B2C Drives Growth Whilst Strategic Products Undergo Development

The B2C segment contributed $39.3m in revenue, +c.13% vs pro-forma pcp, driven by new customers in the APAC and Americas region (license volumes up...

CCZ Statton Equities

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