GBC AG: Aspermont Ltd. | Rating: Buy

Classification of GBC AG to Aspermont Ltd.

Company Name:	Aspermont Ltd.
ISIN:	AU000000ASP3
Reason for the research:	Research Report (Anno)
Recommendation:	Buy
Target price:	0.03 AUD
Target price on sight of:	31.12.2025
Last rating change:
Analyst:	Julien Desrosiers, Matthias Greiffenberger

Resilient Subscriptions and Strategic Focus. Strong Foundation for Growth: Cash Stability and continued innovation. FY2025e Return to profitability.

Revenue Decline Amid Market Headwinds: Aspermont reported FY2024 revenues of AUD 17.49M, reflecting a 9.2% YoY decline, primarily driven by volatility in Events and Nexus segments due to challenging market conditions. However, revenues are forecasted to rebound 13% to AUD 19.76M in FY2025, supported by growth in subscription services and new product expansion.

Strength in Recurring Revenue: The company's core subscription business maintained its resilience, delivering its 33rd consecutive quarter of growth and contributing over 50% of total revenue. This reflects Aspermont’s ability to scale high-margin, recurring income streams despite cyclical market pressures.

Cash Liquidity Amid Strategic Investments: Despite strategic investments, Aspermont preserved a stable cash position of AUD 1.4M as of FY2024. Funds were allocated to expanding the DataWorks platform, upgrading the Horizon V5 system, and enhancing the Data & Intelligence division, positioning the company for future growth.

Operational Optimization: The company continued to optimize its operations by discontinuing low-margin legacy products, reallocating resources toward scalable digital offerings, and enhancing senior leadership to drive execution and innovation. This has strengthened operational efficiency and revenue quality.

FY2025 Outlook: Aspermont is well-positioned to return to profitability in FY2025. The recovery is expected to be fueled by a rebound in Events, continued data services growth, and ongoing cost optimization efforts.

Valuation and Recommendation: Based on our Discounted Cash Flow (DCF) model, we maintain a Buy rating with a target price of AUD 0.03 (EUR 0.02) per share, reflecting upside potential as growth strategies yield results.

 

You can download the research here: http://www.more-ir.de/d/31557.pdf

Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Date and time of completion of this research: 17.12.2024 (21:00)
Date and time of first distribution: 18.12.2024 (12:00)