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 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><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>

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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