Director, RaaS Research Group, Research as a Service (RaaS)

Research as a Service (RaaS)

Director, RaaS Research Group

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Equity Bottom-Up

Structural Monitoring Cdi / Equity Bottom-Up

<ul><li>RaaS Research is initiating coverage of vertically-integrated aviation designer and manufacturer Structural Monitoring Systems (ASX:SMN) with a DCF derived valuation of $0.82/share, representing potential capital upside of 44% from the current share price.</li><li>SMN delivered its maiden EBITDA profit in FY24 and we expect the company to maintain profitability into FY25 while bringing key new products to market.</li><li>A likely decline in contract manufacturing revenues to make way for higher margin own brand products should have a positive impact on group gross margins going forward, adding to the earnings leverage from expected revenue growth (management have forecast 25% revenue growth in FY25).</li></ul>

RaaS Research is initiating coverage of vertically-integrated aviation designer and manufacturer Structural Monitoring Systems (ASX:SMN) with a DCF derived valuation of $0.82/share, representing potential capital upside of 44% from the current share price.SMN delivered its maiden EBITDA profit in FY24 and we expect the company to maintain profitability into FY25 while bringing key new products to market.A likely decline in contract manufacturing revenues to make way for higher margin own brand products should have a positive impact on group gross margins going forward, adding to the earnings leverage from expected revenue growth (management have forecast 25% revenue growth in FY25).

Structural Monitoring Systems - Earnings at inflection point

Australia

Structural Monitoring Systems plc is involved in the development of a technology which monitors and tests the structural integrity of various materials and products.  The tests are done on structures such as aircrafts, ships, power plants and rolling stocks.

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Structural Monitoring Cdi (SMN AU)

Structural Monitoring Systems - Earnings at inflection point

RaaS Research is initiating coverage of vertically-integrated aviation designer and manufacturer Structural Monitoring Systems (ASX:SMN) with a...

Research as a Service (RaaS)

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