bullish
WRKR Ltd - Timing the key issue for revenue and EBITDA uplift
SUMMARY
- RaaS has published an update on superannuation and payroll compliance solutions business Wrkr (ASX:WRK) following its FY24 results in which it delivered a RaaS-adjusted FY24 EBITDA of $0.5m, compared to a loss of $1.3m in FY23.
- We have revised our FY25-FY27 across a range of variables including for the timing of likely client migration and the recent $7.1m capital raise and $3.3m convertible note conversion.
- The net result is large reduction in our FY25 estimates due to timing assumptions, slowing into FY27 as client assumptions remain relatively unchanged.
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