Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 28th January, <a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite Ltd (DSE AU)</a>, a backup, recovery and protection software company, entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.</li>
<li>NinjaOne's A$5.90/share Offer was a 34.1% premium to last close. The Offer has the backing of Dropsuite's largest shareholder, Topline Capital (31%). Board &amp; management hold a further 9%. </li>
<li>Done &amp; dusted no? Then Topline sold down to 19.7% on the <a href="https://announcements.asx.com.au/asxpdf/20250218/pdf/06fn28rx7qf8ym.pdf" target="_blank" rel="noopener">28th Jan</a>, then 10.5% on the <a href="https://announcements.asx.com.au/asxpdf/20250318/pdf/06grdx4sl4yn5t.pdf" target="_blank" rel="noopener">28th Feb</a>. The Takeover Panel now <a href="https://announcements.asx.com.au/asxpdf/20250320/pdf/06gtnhdbqyjk2j.pdf" target="_blank" rel="noopener">orders</a> Topline to stop selling. </li>
</ul>


Back on the 28th January, Dropsuite Ltd (DSE AU), a backup, recovery and protection software company, entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.
NinjaOne's A$5.90/share Offer was a 34.1% premium to last close. The Offer has the backing of Dropsuite's largest shareholder, Topline Capital (31%). Board &amp; management hold a further 9%. 
Done &amp; dusted no? Then Topline sold down to 19.7% on the 28th Jan, then 10.5% on the 28th Feb. The Takeover Panel now orders Topline to stop selling. 


Dropsuite (DSE AU): Topline Selling Is A Buying Opportunity

<ul>
<li>
<a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite (DSE AU)</a>, a backup, recovery and protection software company, has entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.</li>
<li>NinjaOne is offering A$5.90/share, a 34.1% premium to last close. Apart from Dropsuite's shareholder approval, the Offer requires FIRB signing off. The Offer has the unanimous backing of both boards. </li>
<li>The Offer also has the backing of Dropsuite's largest shareholder, Topline Capital (31%). Board &amp; management hold a further 9%.  Implementation is expected late May 2025. This is done. </li>
</ul>



Dropsuite (DSE AU), a backup, recovery and protection software company, has entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.
NinjaOne is offering A$5.90/share, a 34.1% premium to last close. Apart from Dropsuite's shareholder approval, the Offer requires FIRB signing off. The Offer has the unanimous backing of both boards. 
The Offer also has the backing of Dropsuite's largest shareholder, Topline Capital (31%). Board &amp; management hold a further 9%.  Implementation is expected late May 2025. This is done. 


Dropsuite (DSE AU): NinjaOne's A$5.90/Share Scheme

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>On 28 January, <a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite Ltd (DSE AU)</a> entered a scheme implementation deed with NinjaOne at A$5.90 per share, a 34.1% premium to the undisturbed price of A$4.40 per share.</li>
<li>The offer is conditional on shareholder and FIRB approval. The vote is low-risk as the largest shareholder has provided an irrevocable. </li>
<li>The offer is attractive and represents an all-time high. At the last close, for a 20 May payment, the gross/annualised spread was 3.0%/10.3%.</li>
</ul>


On 28 January, Dropsuite Ltd (DSE AU) entered a scheme implementation deed with NinjaOne at A$5.90 per share, a 34.1% premium to the undisturbed price of A$4.40 per share.
The offer is conditional on shareholder and FIRB approval. The vote is low-risk as the largest shareholder has provided an irrevocable. 
The offer is attractive and represents an all-time high. At the last close, for a 20 May payment, the gross/annualised spread was 3.0%/10.3%.


Dropsuite (DSE AU): NinjaOne’s Binding Offer a Done Deal

External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

External broker reports(aggregated public sources)

Ord Minnett is a leading Australian wealth management group, incorporating full-service stockbroking, financial planning and funds management. 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>DSE delivered a typically strong 3Q24 result, with few surprises. User growth continues to accelerate, as does net new ARR.</li><li>From a strategic perspective, the company remains focused on growth &gt; profitability, which is the correct choice in our view, given: (1) the enormous white space opportunity still available, (2) the best-in-class unit economics that DSE continues to demonstrate.</li><li>Following the result, we raise our Price Target +8% to $4.09/sh and retain a BUY recommendation.</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.

DSE delivered a typically strong 3Q24 result, with few surprises. User growth continues to accelerate, as does net new ARR.From a strategic perspective, the company remains focused on growth &gt; profitability, which is the correct choice in our view, given: (1) the enormous white space opportunity still available, (2) the best-in-class unit economics that DSE continues to demonstrate.Following the result, we raise our Price Target +8% to $4.09/sh and retain a BUY recommendation.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.

Dropsuite Limited - Growth > Profitability Makes Sense to Us

<ul><li>DSE’s 1H24 result was in-line with OMLe at revenue ($18.9m vs $19.2m) but slightly below at EBITDA (~flat vs $1.1mE) on higher technology spend ($1.5m vs $0.8m) and some other minor items.</li><li>FCF was in-line at $0.8m. Ultimately, we continue to believe DSE is striking the correct balance of growth (1H24 rev +34% YoY) and profit (1H positive at both NPAT / FCF lines) and expect this dynamic to persist given a large, underserved addressable market and structural industry tailwinds in place.</li><li>Following the release, we maintain a BUY recommendation, PT falls -$0.06 to $3.78/sh</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.

DSE’s 1H24 result was in-line with OMLe at revenue ($18.9m vs $19.2m) but slightly below at EBITDA (~flat vs $1.1mE) on higher technology spend ($1.5m vs $0.8m) and some other minor items.FCF was in-line at $0.8m. Ultimately, we continue to believe DSE is striking the correct balance of growth (1H24 rev +34% YoY) and profit (1H positive at both NPAT / FCF lines) and expect this dynamic to persist given a large, underserved addressable market and structural industry tailwinds in place.Following the release, we maintain a BUY recommendation, PT falls -$0.06 to $3.78/shContent 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.

Dropsuite Limited - 1H24:The Balancing Act

Australia

Dropsuite Limited operates a cloud based software platform. The Company owns commercialized cloud backup software that enables small and medium enterprises to  backup, recover, and protect their digital assets.

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Dropsuite Ltd (DSE AU)

Dropsuite (DSE AU): Topline Selling Is A Buying Opportunity

This was, and still is, a clean deal. As the spread widening is not specifically deal related, but a forced seller, all else being equal, this is a...

David Blennerhassett

Dropsuite (DSE AU): NinjaOne’s Binding Offer a Done Deal

The offer is attractive and represents an all-time high. The vote is done. At the last close, for a 20 May payment, the gross/annualised spread was...

Arun George

Dropsuite Limited - Growth > Profitability Makes Sense to Us

DSE delivered a typically strong 3Q24 result, with few surprises. User growth continues to accelerate, as does net new ARR.

Ord Minnett

Dropsuite Limited - 1H24:The Balancing Act

DSE’s 1H24 result was in-line with OMLe at revenue ($18.9m vs $19.2m) but slightly below at EBITDA (~flat vs $1.1mE) on higher technology spend...

Ord Minnett

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Dropsuite (DSE AU): Topline Selling Is A Buying Opportunity

This was, and still is, a clean deal. As the spread widening is not specifically deal related, but a forced seller, all else being equal, this is a...

David Blennerhassett

Dropsuite (DSE AU): NinjaOne's A$5.90/Share Scheme

This is a clean deal. Trading tight at 3.1%/9.8% gross/annualised spread, assuming late May completion. If in, stay in. If small, illiquid arbs are...

David Blennerhassett

Dropsuite (DSE AU): NinjaOne’s Binding Offer a Done Deal

The offer is attractive and represents an all-time high. The vote is done. At the last close, for a 20 May payment, the gross/annualised spread was...

Arun George

Dropsuite Limited - Growth > Profitability Makes Sense to Us

DSE delivered a typically strong 3Q24 result, with few surprises. User growth continues to accelerate, as does net new ARR.

Ord Minnett

Dropsuite Limited - 1H24:The Balancing Act

DSE’s 1H24 result was in-line with OMLe at revenue ($18.9m vs $19.2m) but slightly below at EBITDA (~flat vs $1.1mE) on higher technology spend...

Ord Minnett