External broker reports(aggregated public sources), CCZ Statton Equities

CCZ Statton Equities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>3P's FY22 full-year results were above CCZ expectations and within mgnt guidance. FY22 includes the BeL acquisition in full with revenue of $97.3m, up +69% pcp (CCZe: $92.3m), gross profit of $91.7m (CCZe: $79.1m), up +67% pcp and U-EBITDA of $13.8m, up +46% pcp (CCZe: $12.1m). Mgnt's guidance implies a +c.16% headline growth in FY23.</li><li>The B2C segment contributed $39.3m in revenue, +c.13% vs pro-forma pcp, driven by new customers in the APAC and Americas region (license volumes up +11% vs pcp) and improved retention (ARPU +2% vs pcp).</li><li>In addition, targeted marketing has increased 3PL's sales via its website (+2pps to 50%), resulting in a 3pps improvement in contribution margin and we expect this to continue.</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>

3P's FY22 full-year results were above CCZ expectations and within mgnt guidance. FY22 includes the BeL acquisition in full with revenue of $97.3m, up +69% pcp (CCZe: $92.3m), gross profit of $91.7m (CCZe: $79.1m), up +67% pcp and U-EBITDA of $13.8m, up +46% pcp (CCZe: $12.1m). Mgnt's guidance implies a +c.16% headline growth in FY23.The B2C segment contributed $39.3m in revenue, +c.13% vs pro-forma pcp, driven by new customers in the APAC and Americas region (license volumes up +11% vs pcp) and improved retention (ARPU +2% vs pcp).In addition, targeted marketing has increased 3PL's sales via its website (+2pps to 50%), resulting in a 3pps improvement in contribution margin and we expect this to continue.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.

3P Learning - B2C Drives Growth Whilst Strategic Products Undergo Development