External broker reports(aggregated public sources), Taylor Collison

Taylor Collison

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

3P Learning Limited provides educational services. The Company owns and operates a website for students, teachers, and mathematics coordinators with a focus on e-learning of mathematics. 3P Learning serves the kindergarten through twelfth grade curriculum worldwide.

<ul><li>At 3PL’s last result management highlighted their intention to accelerate growth in the US market.</li><li>Part of this strategy was re-acquiring the school distribution rights to their core reading product Reading-Eggs.</li><li>Third party web traffic1 and third-party app download2 data available to us appears to confirm the accelerated rollout of Reading-Eggs in the US. </li></ul>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.

At 3PL’s last result management highlighted their intention to accelerate growth in the US market.Part of this strategy was re-acquiring the school distribution rights to their core reading product Reading-Eggs.Third party web traffic1 and third-party app download2 data available to us appears to confirm the accelerated rollout of Reading-Eggs in the US. 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) - Confirmation of US Growth Acceleration

ClearView Wealth Limited of Australia operates as a diversified financial services company that specializes in life insurance, wealth management, and financial advice solutions. The Group partners with financial advisers to help more Australians grow and protect their wealth and achieve their financial goals.

<ul><li>Crescent Capital’s recent sell down of ~11.2% of the free float in CVW has added some much-needed liquidity.</li><li>While a significant overhang remains, we believe CVW’s discount to its embedded value is more likely to close as liquidity continues to improve.</li><li>The discount to embedded value is now 37% (EV/share at 9% discount rate of $0.88).</li></ul>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.

Crescent Capital’s recent sell down of ~11.2% of the free float in CVW has added some much-needed liquidity.While a significant overhang remains, we believe CVW’s discount to its embedded value is more likely to close as liquidity continues to improve.The discount to embedded value is now 37% (EV/share at 9% discount rate of $0.88).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.

ClearView Wealth Limited (CVW) - Crescent Selldown Creates Liquidity & 3Q24 Update

Academies Australasia Group Limited grants baccalaureate and graduate degrees. The College offers degrees in accounting, language, information technology, management, marketing, tourism, and sports and fitness. Academies Australasia Group serves students in Australia and Singapore.

<ul><li>Our last update prudently highlighted increased uncertainty surrounding future student visa approvals.</li><li>Unfortunately for AKG, it appears this has become a political focal point amidst the cost of living crisis.</li><li>The result is a further decrease in student visa approvals as industry regulation is increased.</li></ul>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.

Our last update prudently highlighted increased uncertainty surrounding future student visa approvals.Unfortunately for AKG, it appears this has become a political focal point amidst the cost of living crisis.The result is a further decrease in student visa approvals as industry regulation is increased.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.

Academies Australasia Group (AKG) - Updated Outlook Following Increased Visa Regulations

Desane Group Holdings Limited invests in, develops and resells real estate property throughout Australia.  The Company is also active in property reinforcement and construction financing and other related building services.

<ul><li>We remain positive on DGH heading into FY25, based on: A steep trading discount of 46% to its NTA/sh of $1.64.</li><li>Upcoming development catalysts expected in 1H for its Penrith and Wacol properties.</li><li>A healthy balance sheet to fund development projects and minimise the impact of debt in the current interest rate environment.</li></ul>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.

We remain positive on DGH heading into FY25, based on: A steep trading discount of 46% to its NTA/sh of $1.64.Upcoming development catalysts expected in 1H for its Penrith and Wacol properties.A healthy balance sheet to fund development projects and minimise the impact of debt in the current interest rate environment.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.

Desane Group Holdings Ltd (DGH) - Steep Trading Discount with Development Ahead

Reckon Limited distributes, publishes, supports and markets financial management software in Australia.  The Company's products are developed locally by the Group or republished under license from Intuit.  The Company's software targets personal financial management, SME financial management and financial planning and are sold under the "Quicken" brand.

<ul><li>nQZ recently showcased its billing integrations with leading legal platforms Aderant and Elite at their respective key industry conferences.</li><li>We understand these events have gone to plan and anticipate this will translate into meaningful revenue for BillingQ in 2H24.</li><li>In the Business Group, Reckon One’s competitor Xero announced price rises, widening the discount for RKN to 36% in the most comparable plan ($45 vs $70 per month). </li></ul>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.

nQZ recently showcased its billing integrations with leading legal platforms Aderant and Elite at their respective key industry conferences.We understand these events have gone to plan and anticipate this will translate into meaningful revenue for BillingQ in 2H24.In the Business Group, Reckon One’s competitor Xero announced price rises, widening the discount for RKN to 36% in the most comparable plan ($45 vs $70 per month). 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.

Reckon Limited (RKN) - Legal Integrations and Reckon One Peer Pricing