Ann: Investor Presentation, page-3

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gamblore

998 Posts.

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05/05/21

13:25

Post #: 52954379
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Originally posted by SteveSage ↑

The positive is that NPAT guidance is unchanged and 2H21 is expected to deliver ~2.5 times 1H21 NPAT

The negative it calling professional services from ongoing client demand is 'attached recurring revenue'......it declined over the last two 6 month reporting periods so is that really that reliable to term recurring.....I'm sure there is a better way to express this, because it looks like an own goal to class this as 'recurring revenue' when it has declined for a SaaS company.
The other point of concern is that R&D capitalised increased significantly in 1H21......R&D in itself is not bad, but was this capitalised to make the 1H21 results look better than reported.....perhaps legit, and perhaps they redeployed project staff into R&D but interesting to see how this looks in 2H21.

Anyway, FY 2021 NPAT of 32-35m means EPS of 13-14c and a PE of 21-23 on FY2021 earnings...nNot necessarily expensive, but perhaps appropriate given the growth reflected in the last 9 months.

2H21 project fees will highlight a turnaround I think

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Where appropriate, R&D is capitalised as its part of the cost of creating an intangible asset. Absolutely standard. I spent 12 years running finance for a half billion $ tech division.

BVS Price at posting: $3.10 Sentiment: Buy Disclosure: Held
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