In today’s briefing:
- Hotel Property (HPI AU) Rejects Charter Hall’s A$3.65/Share Offer
- Nanosonics Ltd (NAN AU): Steering Back to Growth Trajectory; Outlook Is Improving
- Kinatico Ltd – Recurring revenue streams top $21.7m in FY24
- Amaero International Ltd – ADDMAN qualification of C103 powder a major milestone
Hotel Property (HPI AU) Rejects Charter Hall’s A$3.65/Share Offer
- Pub play Hotel Property Investments (HPI AU) has announced – and summarily rejected – a A$3.65/share cash Offer from Charter Hall Retail Reit (CQR AU).
- Terms are a 14.8% premium to the undisturbed share price on March 28; following which a 14.8% “strategic interest” (@ A$3.35/share) was acquired by CQR and Charter Hall (CHC AU).
- The Offer is subject to a 50.1% acceptance hurdle. The Offer should be open for acceptances around the 23 September.
Nanosonics Ltd (NAN AU): Steering Back to Growth Trajectory; Outlook Is Improving
- Nanosonics Ltd (NAN AU) reported significant turnaround, with recording H2FY24 revenue of A$90M, up 14% over the first half, driven by 20% increase in capital revenue in H2 over H1.
- For FY25, Nanosonics guided for accelerated revenue growth of 8–12%, driven by growing capital revenue with greater unit volumes and increasing recurring revenue aligned with growth in installed base.
- The company expects FY25 gross profit margin of 77–79% versus 77.9% in FY24, on higher production volumes in FY25 after reducing inventory in FY24.
Kinatico Ltd – Recurring revenue streams top $21.7m in FY24
- RaaS has published an update report on ‘Know Your People’ regtech company, Kinatico (ASX:KYP) following its 5 September webinar in which it highlighted for the first time the annual recurring revenue being generated across the group.
- Total ARR for the group was 76% of revenue or $21.7m, comprising $12m in transactional ARR and $9.7m in SaaS revenue.
- • Kinatico is targeting 80% of its revenues from SaaS (currently 34%) within three years, which is well ahead of our forecasts for 60% by FY27.
Amaero International Ltd – ADDMAN qualification of C103 powder a major milestone
- RaaS has published an update report on advanced materials manufacturing group Amaero International (ASX:3DA) following its announcement that it has completed qualification of C103 additive manufacturing powder with US advanced manufacturing conglomerate ADDMAN Group more than a quarter ahead of schedule.
- Amaero notes that expected future sales from this relationship are material to its revenue and is a key assumption underpinning Amaero’s guidance that it will achieve EBITDA break-even in FY26.
- Our FY26f EBITDA forecast of $0.1m assumes qualification is achieved.
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