External broker reports(aggregated public sources), Taylor Collison

Taylor Collison

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Following a substantial ramp up in product investment, 3PL is in a strong position to return to licence growth into the medium term.</li><li>We see FY24 as transitional, and from FY25 expect a ramp-up in sales attributed to: 1) 3PL’s newly launched products 2) An increase ARPU (Average Revenue Per User) – driven by solution selling Considering a degree of 3PL’s cost base is fixed, we expect the increase in topline to expand margins going forward.</li><li>Should 3PL’s newly launched products and solution selling not result in desired growth, our bear case assumes a valuation floor of $1.25/share, with 3PL optimising for profit.</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>

Following a substantial ramp up in product investment, 3PL is in a strong position to return to licence growth into the medium term.We see FY24 as transitional, and from FY25 expect a ramp-up in sales attributed to: 1) 3PL’s newly launched products 2) An increase ARPU (Average Revenue Per User) – driven by solution selling Considering a degree of 3PL’s cost base is fixed, we expect the increase in topline to expand margins going forward.Should 3PL’s newly launched products and solution selling not result in desired growth, our bear case assumes a valuation floor of $1.25/share, with 3PL optimising for profit.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 Limited (3PL) - Initiating Coverage – Multiple Scenarios Lead to Upside