External broker reports(aggregated public sources), Taylor Collison

Taylor Collison

External broker reports(aggregated public sources)

Taylor Collison is a leading financial services firm, providing advice & wealth creation strategies to private & institutional investors and corporate clients throughout Australia. 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>Following a substantial ramp up in product investment, 3PL is in a strong position to return to licence growth into the medium term.</li><li>We see FY24 as transitional, and from FY25 expect a ramp-up in sales attributed to: 1) 3PL’s newly launched products 2) An increase ARPU (Average Revenue Per User) – driven by solution selling Considering a degree of 3PL’s cost base is fixed, we expect the increase in topline to expand margins going forward.</li><li>Should 3PL’s newly launched products and solution selling not result in desired growth, our bear case assumes a valuation floor of $1.25/share, with 3PL optimising for profit.</li></ul>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.

Following a substantial ramp up in product investment, 3PL is in a strong position to return to licence growth into the medium term.We see FY24 as transitional, and from FY25 expect a ramp-up in sales attributed to: 1) 3PL’s newly launched products 2) An increase ARPU (Average Revenue Per User) – driven by solution selling Considering a degree of 3PL’s cost base is fixed, we expect the increase in topline to expand margins going forward.Should 3PL’s newly launched products and solution selling not result in desired growth, our bear case assumes a valuation floor of $1.25/share, with 3PL optimising for profit.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 Limited (3PL) - Initiating Coverage – Multiple Scenarios Lead to Upside

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

CCZ Statton Equities

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.

<ul><li>3PL recorded a 1H'FY23 revenue of $52.6m (CCZe: $55.4m), +18% vs pcp, driven by contributions from the B2B segment of $32.0m, +25% vs pcp and B2C segment of $20.6m, +10% vs pcp.</li><li>U-EBITDA was $5.8m, +205% vs pcp as mgmt continues to exercise disciplined spending in executing their strategic initiatives.</li><li>Product development costs were broadly flat at $13.8m, -$0.6m vs pcp.</li></ul>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.

3PL recorded a 1H'FY23 revenue of $52.6m (CCZe: $55.4m), +18% vs pcp, driven by contributions from the B2B segment of $32.0m, +25% vs pcp and B2C segment of $20.6m, +10% vs pcp.U-EBITDA was $5.8m, +205% vs pcp as mgmt continues to exercise disciplined spending in executing their strategic initiatives.Product development costs were broadly flat at $13.8m, -$0.6m 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.

3P Learning - Study Hard Now and Succeed Later

<ul><li>3PL has announced the acquisition of Brightpath Assessment for $10m cash (including a $1m earnout).</li><li>Brightpath is a founder-led education assessment platform provider (writing and mathematics) designed to identify student strengths and development in grades c.3-9.</li><li>Brightpath currently operates in over 800 AU schools, conducting over 500k assessments in 2021.</li></ul>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.

3PL has announced the acquisition of Brightpath Assessment for $10m cash (including a $1m earnout).Brightpath is a founder-led education assessment platform provider (writing and mathematics) designed to identify student strengths and development in grades c.3-9.Brightpath currently operates in over 800 AU schools, conducting over 500k assessments in 2021.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 - Acquisition Accelerates the Development of Assessment Capability

<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>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'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

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 Limited (3PL) - Initiating Coverage – Multiple Scenarios Lead to Upside

Following a substantial ramp up in product investment, 3PL is in a strong position to return to licence growth into the medium term.

Taylor Collison

3P Learning - Study Hard Now and Succeed Later

U-EBITDA was $5.8m, +205% vs pcp as mgmt continues to exercise disciplined spending in executing their strategic initiatives.

CCZ Statton Equities

3P Learning - Acquisition Accelerates the Development of Assessment Capability

Brightpath is a founder-led education assessment platform provider (writing and mathematics) designed to identify student strengths and development...

CCZ Statton Equities

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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