External broker reports(aggregated public sources), Euroz Limited

Euroz Hartleys

A Western Australian diversified financial services company focused on providing financial services solutions to Institutional, Corporate & Private Clients. 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)

Euroz Limited

Equity Bottom-Up

Matrix Composites & Eng / Equity Bottom-Up

<ul><li>MCE reported $85.0m revenue (+80% vs pcp), $11.0m EBITDA (vs $0.2m pcp) and $3.6m NPAT, a significant beat to our estimates and consensus (EHe:$6.1m EBITDA and $(1.4)m NPAT).</li><li>Increased activity from subsea oil &amp; gas drove topline growth, with a favourable revenue mix paired with meaningful operating leverage supporting the 17.9% EBITDA margin delivered in the 2H24.</li><li>Net cash (excl leases) increased to $14.4m ($13.9m at 1H23), supported by $3.2m in free cash flow after $4.5m in capex (~$3.0m growth) and modest $0.5m working capital draw supporting the larger revenue base.</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>

MCE reported $85.0m revenue (+80% vs pcp), $11.0m EBITDA (vs $0.2m pcp) and $3.6m NPAT, a significant beat to our estimates and consensus (EHe:$6.1m EBITDA and $(1.4)m NPAT).Increased activity from subsea oil &amp; gas drove topline growth, with a favourable revenue mix paired with meaningful operating leverage supporting the 17.9% EBITDA margin delivered in the 2H24.Net cash (excl leases) increased to $14.4m ($13.9m at 1H23), supported by $3.2m in free cash flow after $4.5m in capex (~$3.0m growth) and modest $0.5m working capital draw supporting the larger revenue base.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.

Matrix Composites & Eng

MCE: Leverage Exceeded Expectation