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’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

<ul><li>DSE’s 2Q24 result was positive, with record quarterly paid user adds (112k), solid partner growth (+51% vs OMLe +35), and robust ARR ($26.5m, +30%), continuing to underpin our long-term positive view.</li><li>ARPU of $1.64 was slightly lower, driven by a shift in product mix. DSE trades on just 5x FY24 ARR, is growing at &gt;30% and has delivered positive FCF for 9 consecutive quarters.</li><li>We maintain a BUY and increase our TP 14% to $3.84/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 2Q24 result was positive, with record quarterly paid user adds (112k), solid partner growth (+51% vs OMLe +35), and robust ARR ($26.5m, +30%), continuing to underpin our long-term positive view.ARPU of $1.64 was slightly lower, driven by a shift in product mix. DSE trades on just 5x FY24 ARR, is growing at &gt;30% and has delivered positive FCF for 9 consecutive quarters.We maintain a BUY and increase our TP 14% to $3.84/sh.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.

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 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

Dropsuite Limited - The Breakout Quarter

DSE’s 2Q24 result was positive, with record quarterly paid user adds (112k), solid partner growth (+51% vs OMLe +35), and robust ARR ($26.5m, +30%)

Ord Minnett

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