In today’s briefing:
- Eureka Group (EGH AU): Aspen’s Sweetened Offer
- Cash Converters International – Rejuvenated and Growing
- QANTM Intellectual Property Ltd – Guidance for EPS of 20-25% Above Consensus
- Rent.com.au Ltd – RentPay Payments Accelerating, $200m Milestone Passed
Eureka Group (EGH AU): Aspen’s Sweetened Offer
- On the 2 March 2023, Aspen Group (APZ AU) made an all-scrip NBIO for Eureka Group (EGH AU), a senior accommodation rental play. The implied A$0.399/share Offer was subsequently rejected.
- Aspen held 13.7% of shares out at the time, having acquired the stake in December 2022. Aspen has returned with all-scrip off-market Offer with an improved implied price of A$0.431/share.
- The Offer is contingent of Aspen getting to 50.1% of shares out. Eureka said it hasn’t received a formal approach. I think they’ll ask for more gruel.
Cash Converters International – Rejuvenated and Growing
- Cash Converters International (ASX:CCV) is a consumer finance company operating as a service provider, owner and franchisor of second-hand goods and financial services stores in Australia and internationally.
- It derives its revenue from personal loans, vehicle finance, sale of goods and store services.
- In recent years, the business has faced both company specific and industry headwinds involving litigation and regulatory scrutiny, but it has worked through those and evolved into a highly regulated, well-run profitable business with a clear strategic direction and multi- layered growth opportunities.
QANTM Intellectual Property Ltd – Guidance for EPS of 20-25% Above Consensus
- QANTM Intellectual Property Ltd (ASX:QIP) owns a group of intellectual property (IP) services businesses operating under the independent brands of Davies Collison Cave (DCC), FPA Patent Attorneys, and Sortify.tm.
- It is a major player in the mature and regulated Australian patent, trade marks and IP legal services market, and has a diversified mix of local and foreign clients (~45%/55% split; ~50% US$ revenue).
- The company has provided a trading update that it expects underlying EBITDA (post AASB 16) to be between 8% and 10% higher than the analyst estimate of $31m and that reported EPS will be between 20% and 25% higher than the analyst estimate of $0.081/share.
Rent.com.au Ltd – RentPay Payments Accelerating, $200m Milestone Passed
- Rent.com.au Limited (ASX:RNT) is a purpose-led company seeking to empower home renters through its technology platform and a growing number of aligned transactional services.
- The company has provided a trading update noting that its RentPay rental payments platform had now processed $200m in payments since its relaunch.
- Achieving the $200m milestone comes just three months after passing the $150m mark, demonstrating a continued acceleration in the take-up of the platform.
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