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>RKN has had an active December, with two material transactions taking place: Acquiring Adelaide-based accounting and payroll software, Cashflow Manager (CM), for $8.75 million.</li><li>This is expected to add 20,000 users and bring 1,000 accounting and bookkeeping advisors into the RKN fray; and</li><li>Committing US$3.75 (A$5.9m) in additional funding to support nQZ’s BillingQ growth and expansion plans.</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.

RKN has had an active December, with two material transactions taking place: Acquiring Adelaide-based accounting and payroll software, Cashflow Manager (CM), for $8.75 million.This is expected to add 20,000 users and bring 1,000 accounting and bookkeeping advisors into the RKN fray; andCommitting US$3.75 (A$5.9m) in additional funding to support nQZ’s BillingQ growth and expansion plans.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.

Reckon Limited (RKN) - Acquiring and Aspiring: Cashflow Manager & NQZ Confidence

<ul><li>Cloud users and related subscription revenue in the Business Group grew 4% and 8% respectively but were offset by an 8% decline in Desktop subscription revenue.</li><li>The return to growth following the one-off fall from non-paying payroll customers was a positive development.</li><li>In the Legal segment, nQZ uptake was slower than anticipated due to a soft sales cycle in the Dec-23 quarter. </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.

Cloud users and related subscription revenue in the Business Group grew 4% and 8% respectively but were offset by an 8% decline in Desktop subscription revenue.The return to growth following the one-off fall from non-paying payroll customers was a positive development.In the Legal segment, nQZ uptake was slower than anticipated due to a soft sales cycle in the Dec-23 quarter. 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.

Reckon Limited (RKN) - 1H24 – Cloud Business Growth Tempered by Legal Uptake

<ul><li>nQZ recently showcased its billing integrations with leading legal platforms Aderant and Elite at their respective key industry conferences.</li><li>We understand these events have gone to plan and anticipate this will translate into meaningful revenue for BillingQ in 2H24.</li><li>In the Business Group, Reckon One’s competitor Xero announced price rises, widening the discount for RKN to 36% in the most comparable plan ($45 vs $70 per month). </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.

nQZ recently showcased its billing integrations with leading legal platforms Aderant and Elite at their respective key industry conferences.We understand these events have gone to plan and anticipate this will translate into meaningful revenue for BillingQ in 2H24.In the Business Group, Reckon One’s competitor Xero announced price rises, widening the discount for RKN to 36% in the most comparable plan ($45 vs $70 per month). 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.

Reckon Limited (RKN) - Legal Integrations and Reckon One Peer Pricing

<ul><li>Overall, we were pleased with RKN’s result, generally in line with our estimates.</li><li>Legal subscription revenue grew strongly to $10.8m in FY23 (up 17%, 12% constant currency pcp), supported by cloud growth of 5% in the Australian / New Zealand accounting and payroll solution.</li><li>This growth in Legal, combined with continued progress of the Business Group contributed to a 10% rise in EBITDA to $21.5m and a 36% increase in NPAT to $4.9m. </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.

Overall, we were pleased with RKN’s result, generally in line with our estimates.Legal subscription revenue grew strongly to $10.8m in FY23 (up 17%, 12% constant currency pcp), supported by cloud growth of 5% in the Australian / New Zealand accounting and payroll solution.This growth in Legal, combined with continued progress of the Business Group contributed to a 10% rise in EBITDA to $21.5m and a 36% increase in NPAT to $4.9m. 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.

Reckon Limited (RKN) - FY23 – Aus Tracking, US Growing with Integrations Coming

<ul><li>RKN is a software business offering accounting solutions for domestic SMEs and legal practice workflows in the lucrative US/UK market.</li><li>Following the $100m sale of RKN’s APS Group for more than its market cap in August 2022, we think the market is undervaluing the remaining Business and Legal Groups.</li><li>Currently trading on FY23e EV/EBITDA and PE multiples of 3.2x (76% discount to peers) and 11.8x respectively, we believe an opportunity exists for investors in the nQueue Zebraworks (Legal Group) software as it consolidates and grows its US customers. </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.

RKN is a software business offering accounting solutions for domestic SMEs and legal practice workflows in the lucrative US/UK market.Following the $100m sale of RKN’s APS Group for more than its market cap in August 2022, we think the market is undervaluing the remaining Business and Legal Groups.Currently trading on FY23e EV/EBITDA and PE multiples of 3.2x (76% discount to peers) and 11.8x respectively, we believe an opportunity exists for investors in the nQueue Zebraworks (Legal Group) software as it consolidates and grows its US customers. 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.

Reckon Limited (RKN) - Initiating Coverage – Overlooked Value and Poised for US Growth

Australia

Reckon Limited distributes, publishes, supports and markets financial management software in Australia.  The Company's products are developed locally by the Group or republished under license from Intuit.  The Company's software targets personal financial management, SME financial management and financial planning and are sold under the "Quicken" brand.

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Reckon Ltd (RKN AU)

Reckon Limited (RKN) - Acquiring and Aspiring: Cashflow Manager & NQZ Confidence

RKN has had an active December, with two material transactions taking place: Acquiring Adelaide-based accounting and payroll software, Cashflow...

Taylor Collison

Reckon Limited (RKN) - 1H24 – Cloud Business Growth Tempered by Legal Uptake

Cloud users and related subscription revenue in the Business Group grew 4% and 8% respectively but were offset by an 8% decline in Desktop...

Taylor Collison

Reckon Limited (RKN) - Legal Integrations and Reckon One Peer Pricing

nQZ recently showcased its billing integrations with leading legal platforms Aderant and Elite at their respective key industry conferences.

Taylor Collison

Reckon Limited (RKN) - FY23 – Aus Tracking, US Growing with Integrations Coming

This growth in Legal, combined with continued progress of the Business Group contributed to a 10% rise in EBITDA to $21.5m and a 36% increase in...

Taylor Collison

Reckon Limited (RKN) - Initiating Coverage – Overlooked Value and Poised for US Growth

RKN is a software business offering accounting solutions for domestic SMEs and legal practice workflows in the lucrative US/UK market.

Taylor Collison

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