External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations.

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External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. 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.

Equity Bottom-Up

<ul><li>Integrated Research (IR) provided an FY24 trading update and effectively narrowed the previously provided guidance ranges to the top end: Revenue up 17% to b/w $82- 84m (vs previous $76-85m and BPe $78.2m); EBITDA up 90-107% to b/w $23-25m (vs previous $18-25m and BPe $18.8m); and Total contract value up 20-23% to $82- 84m (vs previous $75-84m).</li><li>The company also said cash at 30 June was $31.9m which was ahead of our forecast of $29.4m.</li><li>IR also provided some outlook commentary for FY25 and said: Renewals are expected to be weighted to the second half; The full year will rely more on new business than in FY24; and The company will review its resourcing and capital plans mindful of the need to invest in new products for incremental growth but also the strength of the Balance Sheet. </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>

Integrated Research (IR) provided an FY24 trading update and effectively narrowed the previously provided guidance ranges to the top end: Revenue up 17% to b/w $82- 84m (vs previous $76-85m and BPe $78.2m); EBITDA up 90-107% to b/w $23-25m (vs previous $18-25m and BPe $18.8m); and Total contract value up 20-23% to $82- 84m (vs previous $75-84m).The company also said cash at 30 June was $31.9m which was ahead of our forecast of $29.4m.IR also provided some outlook commentary for FY25 and said: Renewals are expected to be weighted to the second half; The full year will rely more on new business than in FY24; and The company will review its resourcing and capital plans mindful of the need to invest in new products for incremental growth but also the strength of the Balance Sheet. 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.

Integrated Research (IRI): Strong Turnaround