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>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

Prophecy International Holdings Limited develops, sells and supports business application and development software for managing the financial operations of medium to large worldwide organizations in the private and public sectors.  The Company's products include the "ProphecyOpen" family of software.

DigitalX Ltd operates as a software solutions company. The Company operates in the global digital payments systems industry through disruptive fintech solutions in the remittance and value chain sectors, and allows consumers to make secure and cost-effective money transfers worldwide..

Adveritas Limited operates as a software company. The Company develops mitigation software which detects, mitigates, and reports on digital advertising fraud. Adveritas serves customers worldwide.

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.

XREF Limited is a human resource technology company focused on candidate referencing. The Company utilizes a cloud-based system that automates the process for obtaining and checking candidates' references, helping compliance with privacy regulations, reducing fraud, and enabling employers to obtain detailed references anonymously and directly.

K2fly Limited operates a software-as-a-service business that is involved in the enterprise asset management sector. The Company offers an integrated software ecosystem for the management of physical assets in asset-intensive industries. K2fly serves customers worldwide.

PharmX Technologies Limited provides software solutions. The Company develops and markets health care solutions.

Orcoda Limited provides logistics services. The Company offers fleet management, goods distribution, supply-chain, delivery, and other mobility solutions. Orcoda serves customers in Australia.

Complii Fintech Solutions Ltd is a digital platform that removes the need for paper based compliance. The Company's customisable software has been designed to automate, record, and report on an AFS licensee's and brokers compliance obligations.

Beonic Ltd operates as a data and technology company. The Company provides AI-driven platform brings physical environments to life, so venue operators can drive revenues, optimize operations, and improve experiences. Beonic serves customers worldwide.

Igloo Security Inc. provides a wide range of Internet security solutions. The Company's solutions include SPiDER SysMon, which monitors the resources and performance of systems including sub-categories such as CPU, memory, disk, process and network interface.

Cheetah Mobile Inc develops internet and mobile enhancement software and applications. The Company develop and operates and internet browser, and internet security, memory saving, power optimization, mobile games, and photo collage applications. Cheetah Mobile operates in China.

EXTREME CO.,LTD. operates game and digital contents for PC and mobile users. The  company also offers a solution service of entertainment software development.

Rexit Bhd, through its subsidiaries, provides business application solutions. The Company's services range from conceptual development and project management, to overall systems implementation.  Rexit has developed and owns software application solutions, such as insurance management, imaging and workflow systems, and wireless radio frequency identification tracking systems.

Fun Yours Technology Co. Ltd. develops and sells role-playing computer games in Taiwan.

Appasia Berhad engages in the research, development, and sale of information communication technology (ICT) security systems, and provision of related professional services in Malaysia.

KL-Net Corp. provides system integration services and electronic data interchange (EDI) service, which enables government agencies and businesses process their transactions electronically.  The Company also markets computer hardware and software, and operates Internet portal service website.

Telcoware Co., Ltd. provides mobile infrastructure solutions and services.  The Company's products include wireless transmission of data and voice systems, such as home location registers, gateway location registers, authentication centers, telephony and IP integration systems, and instant messaging.

Nable Communications, Inc. provides communication solutions for operators, enterprises, and handset vendors. The Company provides IMS enabler solutions, IMS client framework and IP telephony solutions.

Willowglen MSC Berhad is an investment holding company.  The Company, through its subsidiaries, researches, develops, and supplies computer-based control systems. Willowglen also engineers, implements, and maintains computer-based control systems.

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) - 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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