GBC AG: Aspermont Ltd. | Rating: BUY
Original-Research: Aspermont Ltd. - von GBC AG
Einstufung von GBC AG zu Aspermont Ltd.
Unternehmen: Aspermont Ltd.
ISIN: AU000000ASP3
Anlass der Studie: Research Update
Empfehlung: BUY
Kursziel: 0.11 AUD
Kursziel auf Sicht von: 31/12/2022
Letzte Ratingänderung:
Analyst: Julien Desrosiers; Felix Haugg
Q2-2022 preliminary report shows increased growth
The following are some of the company's highlights:
- Total revenue +39% at $4.8m
- Gross profit +43% at $3.1m, with gross margins of 65% versus 63%
- Earnings +20% at $0.5m on a normalized basis
- Dean Felton joined the Aspermont board
- Aspermont returned to live events with Future of Mining - Australia
- Aspermont subsidiary, Kondinin Group, awarded $2.3m government contract
- Aspermont set out corporate strategy at recent AGM
- Soochow CSSD Capital Markets engaged as corporate adviser
The company has drastically improved their growth rate compared to historical results.
This growth in revenues is by far the strongest compared to previous full year results and Q1 2022. The company has already generated revenues of over 9M AUD for the first half of 2022.
At the current cumulated rate, the company could grow at an accelerated 25% growth rate for FY2022e. This rhythm is far higher than our current estimates, which is 8.9%.
The company has now accumulated 23 consecutive growth quarters and generated positive return for shareholders over the past five years.
Aspermont returned to live events
Aspermont has organised their first live event, 'The Future of Mining' March 27-29 in Australia. For this year, Aspermont is returning to the live events scene with FOM Sydney, which will bring in more than $1 million in new revenue at guaranteed gross margins. FOM Denver is scheduled for September 27th, 2022, with high advance bookings; it is the biggest Aspermont event to date with over 700 registered guests.
Kondinin Group, awarded $2.3m government contract
At the heart of Aspermont's agricultural media brands is the Kondinin Group, which is the premier information distributor to Australia's agricultural sector. Mr David Littleproud, Minister for Agriculture and Northern Australia, awarded $2.3 million Federal Drought Resilience Innovation Grant to Kondinin Group. In addition, the award will assist in the development of the Kondinin Group's Drought Resilience Program for Agriculture Research, which will give Australia's farmers comprehensive drought-related information and assistance on drought mitigation measures and technology.
Aspermont JV's Blue Horseshoe going live
Blue Horseshoe is a digital capital-raising platform that offer investors a wide range of investment opportunities. The company is currently lead by Antony Tofts, who is Blu Horseshoe's CEO. With this JV, Aspermont will provide a new, fast and fair way to invest in companies on the ASX coming soon, without commission, membership costs or licence fees. Institutional investors will be able to invest in four easy steps:
This new platform will offer important advantages for the institutional clients:
- Free access to more capital raises
- No change of brokers
- Same prices for all
- Transparent and fair allocations policy
- Instant offers alerts
- Quick bidding tools
- Keep using your favorite HIN
- Secured and regulated by ASIC
Antony Tofts, Blu Horseshoe CEO
Mr Tofts has an impressive curriculum. He has held executive positions in
ASX-listed firms, include director, officer, and executive positions.
Antony has also worked at the Sydney Stock Exchange, where he was
responsible for Listing & Market Operations, as well as the Head of Market
Supervision & Listing Compliance.
Prior to joining the exchange, he worked at Computershare, where he helped firms through their initial public offering (IPO) and listed company life cycle, after earlier positions with Barclays Private Bank's Business Development team (London) and HSBC Bank (Global Project team). M. Toftsholds a Master's in Business Administration (with a concentration in Corporate Finance), a Bachelor of Commerce (from the University of Cape Town).
Dean Felton joined the Aspermont board
Dean Felton has over 25 years of experience in the mining business, having held top management and consultancy positions with Rio Tinto, BHP and Vale, among other companies. Dean's previous senior management positions at Accenture and Ernst & Young have provided him with significant knowledge of capital and technology capabilities that he will bring to Aspermont.
Mr. Felton should be a key addition to Aspermont's extensive growth in Latin America and Africa.
We will be updating our valuation when the company publishes their HY financials in May.
Until then, the results published by the company for their Q2-2022 increases our confidence in the company achieving our FY 2022 financial projections. We are therefore maintaining our BUY rating and our current target price of 0.11 AUD / 0.07 EUR.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/24053.pdf
Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
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Date and time of completion of this research: 09/05/2022 (10.30 pm)
Date and time of first distribution: 09/05/2022 (12.00 am)
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