External broker reports(aggregated public sources), Canaccord Genuity

Canaccord Genuity

Canaccord Genuity Group Inc. is a leading independent investment bank with operations in North America, UK & Europe and Asia-Pacific. Canaccord Genuity Group Inc. is a leading independent, full-service financial services firm. 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>SPZ held its AGM and provided a positive 1Q24 trading update with revenues increasing +25% to $14m (pcp $10.8m, +30% excl. QLD) and already run-rating at our FY24 forecasts (CGe $58m).</li><li>Adj. EBITDA of +$4m was above expectations with the company reporting record EBITDA margins of 31% (FY24e: 28%, FY23: 25%, FY22a: 26% 1Q23: 25%) illustrating the earnings leverage to growth.</li><li>SPZ 1Q24 EBITDA is now run-rating at ~$17m and +12% above our previous forecasts.</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>

SPZ held its AGM and provided a positive 1Q24 trading update with revenues increasing +25% to $14m (pcp $10.8m, +30% excl. QLD) and already run-rating at our FY24 forecasts (CGe $58m).Adj. EBITDA of +$4m was above expectations with the company reporting record EBITDA margins of 31% (FY24e: 28%, FY23: 25%, FY22a: 26% 1Q23: 25%) illustrating the earnings leverage to growth.SPZ 1Q24 EBITDA is now run-rating at ~$17m and +12% above our previous forecasts.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.

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