Original-Research: Aspermont Limited - von GBC AG
Einstufung von GBC AG zu Aspermont Limited
Unternehmen: Aspermont Limited
Anlass der Studie: Research Update
Kursziel: 0,09 AUD
Kursziel auf Sicht von: 31.12.2022
Analyst: Julien Desrosiers; Felix Haugg
Impressive revenue growth and notable raise in gross profit
Aspermont's performance demonstrates the company's ability to grow at a
fast rate. When compared to Q4-2020, the company's revenues increased in
all sectors in Q4-2021. Currently, we can only look at partial numbers due
to Australian stock market regulatory laws.
These figures show a clear increase in all revenue sectors. Their XaaS and
service sectors grew by 20% and 17%, respectively, and now account for over
85% of total revenue. Their new data sector grew at a rate of 162%. Because
this division is less developed, faster growth is expected. Nonetheless, it
demonstrates how much potential management saw in this opportunity.
The increase in revenue did not result in a proportional increase in gross
profits margin. The quarter-on-quarter increase was only 12%, half of the
total revenue increase of 24%. This is unsurprising, as we believe
Aspermont needed to invest more money to maintain its current level of
growth and develop the new Data sector, as evidenced by their Q4-2021 OPEX
increase. Direct OPEX costs increased by 33%, owing to investments in new
businesses and increased operational capacity to support long-term growth.
All new investments are adequately funded by internal cash flow.
However, reaching a gross margin of 65% is a significant achievement. We
believe that the key to their new development strategy was to generate
higher margins and use the extra cash flow to fuel growth. This appears to
be working for the company at the moment, and we are eagerly awaiting the
full Q4-2021 and FY-2021 results, which should be released very soon, to
confirm our position.
In the fourth quarter, Aspermont experienced two significant events. The
company announced the establishment of a new fintech joint venture as well
as the launch of their first-generation capital raising platform.
Aspermont's current product offering in the mining sector will be enhanced
by the new partnership with Spark Plus and IPC. Spark Plus is a corporate
advisory firm that specializes in Asian roadshows for Asian companies. IPC
is a Sydney-based licensed securities dealer. Across Asia and Australia,
they provide Wealth Management and Corporate Advisory services to wholesale
and sophisticated investors.
The importance of the capital raising sector cannot be overstated. This is
a fiercely competitive industry that is undergoing a complete
transformation. Traditional banks and institutions continue to dominate the
market, but new entrants are gaining traction.
We believe that Aspermont unique position in the mining sector can pave the
way for important financing activities and the timing of the company could
not be better as the commodities have now entered in a super cycle. The
association with both Spark Plus, and IPC could generate substantial cash
flow within the next few years.
We believe the gross profits to be very healthy and the growth to be in
line with our expectations. We therefore confirm our buy rating with a 0.09
AUD target price.
Die vollständige Analyse können Sie hier downloaden:
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Date and time of completion of this research: 19.11.2021 (05:58 pm)
Date and time of first distribution: 19.11.2021 (08:00 am)
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