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>We believe the recent sell off in ADA following its 1H24 results, presents an opportunity for investors.</li><li>Whilst we acknowledge the financial results for the period were below expectations, the strategic contract wins announced by ADA will be cash generative and enable dividends to recommence in FY25.</li><li>Recently signed multiple 5-year contracts, with high quality government or quasi-government entities</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.

We believe the recent sell off in ADA following its 1H24 results, presents an opportunity for investors.Whilst we acknowledge the financial results for the period were below expectations, the strategic contract wins announced by ADA will be cash generative and enable dividends to recommence in FY25.Recently signed multiple 5-year contracts, with high quality government or quasi-government entitiesContent 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.

Adacel Technologies Limited (ADA) - 1H24 – Results Disappoint but Its All About FY25

<div><ul><li>Over the next 12 months, five tenders will be awarded presenting a 50% revenue upside, with 20% revenue at risk with renewals;</li></ul><div><ul style="list-style-type: disc;"><li>One major contract with FAA up for tender which we believe ADA should win (pg 2);</li><li>Recurring revenue business on 5 – 10 year contracts with a largely fixed cost base; and</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.</div></div>

Over the next 12 months, five tenders will be awarded presenting a 50% revenue upside, with 20% revenue at risk with renewals;One major contract with FAA up for tender which we believe ADA should win (pg 2);Recurring revenue business on 5 – 10 year contracts with a largely fixed cost base; andContent 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.

Adacel Technologies Limited (ADA) - FY23 Results – A Bet on Tender Wins

<ul><li>We view ADA as an asymmetric bet on five tenders upcoming with limited downside risk.</li><li>In next 18 months, ADA can double annual revenues at improving EBITDA margins if it is successful in the tenders.</li><li>We estimate in the same period 20% of ADA’s contracted revenue base is up for renewal.</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.

We view ADA as an asymmetric bet on five tenders upcoming with limited downside risk.In next 18 months, ADA can double annual revenues at improving EBITDA margins if it is successful in the tenders.We estimate in the same period 20% of ADA’s contracted revenue base is up for renewal.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.

Adacel Technologies Limited (ADA) - First Tender Won, Five To Go

<ul><li>Over the next 18 months, ADA has the opportunity to double annual revenues based on the award of six tenders.</li><li>Approximately 20% of ADA’s contracted base is up for renewal over the same period, while nearly half of the revenue base is underwritten by a 12-year contract still in its first year.</li><li>We view ADA as an asymmetric bet on tender success with limited downside risk.</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.

Over the next 18 months, ADA has the opportunity to double annual revenues based on the award of six tenders.Approximately 20% of ADA’s contracted base is up for renewal over the same period, while nearly half of the revenue base is underwritten by a 12-year contract still in its first year.We view ADA as an asymmetric bet on tender success with limited downside risk.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.

Adacel Technologies Limited (ADA) - 1HFY23 – Disappointing 1H23 but Opportunity Remains

<ul><li>ADA is a provider of air traffic management solutions, air traffic control simulators and virtual air traffic control systems.</li><li>There exists a re-rate opportunity for ADA with US $125m of contracts up for tender in FY23 and FY24.</li><li>With 75% of those contracts being new business, we see revenue potentially doubling at NPAT margins similar to current levels.</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.

ADA is a provider of air traffic management solutions, air traffic control simulators and virtual air traffic control systems.There exists a re-rate opportunity for ADA with US $125m of contracts up for tender in FY23 and FY24.With 75% of those contracts being new business, we see revenue potentially doubling at NPAT margins similar to current levels.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.

Adacel Technologies Limited (ADA) - Asymmetric Return Based on Potential Contract Wins

Australia

Adacel Technologies Limited is a developer of complex, real-time automation, communications, and simulation software and systems. The Company's software is primarily utilized by air traffic controllers and satellite-based air traffic automation systems.

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Adacel Technologies (ADA AU)

Adacel Technologies Limited (ADA) - 1H24 – Results Disappoint but Its All About FY25

We believe the recent sell off in ADA following its 1H24 results, presents an opportunity for investors. Whilst we acknowledge the financial...

Taylor Collison

Adacel Technologies Limited (ADA) - FY23 Results – A Bet on Tender Wins

Over the next 12 months, five tenders will be awarded presenting a 50% revenue upside, with 20% revenue at risk with renewals

Taylor Collison

Adacel Technologies Limited (ADA) - First Tender Won, Five To Go

In next 18 months, ADA can double annual revenues at improving EBITDA margins if it is successful in the tenders. We estimate in the same period...

Taylor Collison

Adacel Technologies Limited (ADA) - 1HFY23 – Disappointing 1H23 but Opportunity Remains

Approximately 20% of ADA’s contracted base is up for renewal over the same period, while nearly half of the revenue base is underwritten by a 12...

Taylor Collison

Adacel Technologies Limited (ADA) - Asymmetric Return Based on Potential Contract Wins

With 75% of those contracts being new business, we see revenue potentially doubling at NPAT margins similar to current levels.

Taylor Collison

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