External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. 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>Bottom-line earnings miss to BPeDRO recorded revenue from customers of $23.3m (+106% vs pcp) during the 1H24, -3% below BP estimates.</li><li>Gross margin (71.6%) was largely in-line with BPe however opex (-$22.7m) was materially greater than our estimates (-$18.5m) and was the primary reason for the miss at the bottom line.</li><li>This included share-based payment expenses of -$2.7 million, an increase of 207% relative to 1H23 of -$0.8m.</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>

Bottom-line earnings miss to BPeDRO recorded revenue from customers of $23.3m (+106% vs pcp) during the 1H24, -3% below BP estimates.Gross margin (71.6%) was largely in-line with BPe however opex (-$22.7m) was materially greater than our estimates (-$18.5m) and was the primary reason for the miss at the bottom line.This included share-based payment expenses of -$2.7 million, an increase of 207% relative to 1H23 of -$0.8m.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.

DroneShield Limited (DRO): A game of two halves

Australia

DroneShield Limited provides drone detection technology. The Company offers analysis, identification, and alerts solutions. DroneShield serves the detention, airport, government, commercial, and infrastructure sectors.

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