Renewals in the FY'24 H1 were strong generating more than 90% of revenue. The flip side to this is much lower new business. That concerns me however I do know that the US lost its Senior Manager Rodney Foreman who left and went to another IT company. He has since been replaced however I an certain this unplanned personel change would have disrupted any underlying new sales momentum.
What gives me confidence is that renewals are strong and with such a blue chip client list it is actually an endorsement of the product suite. The other comforting factor is that cash continues to be generated.
I believe the cash generation and the incredibly low SP makes IRI ripe for a re-rate once the H1 results are published and understood.
If you take away the 21m of cash at bank it leaves IRI with an EV of just $32m. Based on annual FCF generation of about $6m (my best estimate) it gives a EV/FCF ratio of just 5.3x and that is very low. Let's see what happens later this week.
Cheers......D
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Last
92.5¢ |
Change
-0.015(1.60%) |
Mkt cap ! $161.5M |
Open | High | Low | Value | Volume |
95.0¢ | 97.0¢ | 91.0¢ | $282.2K | 297.7K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 499 | 92.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
93.5¢ | 527 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 499 | 0.925 |
1 | 1100 | 0.905 |
1 | 27778 | 0.900 |
3 | 38001 | 0.890 |
1 | 30000 | 0.885 |
Price($) | Vol. | No. |
---|---|---|
0.935 | 527 | 1 |
0.945 | 1889 | 1 |
0.955 | 8897 | 1 |
0.960 | 10000 | 1 |
0.965 | 15787 | 1 |
Last trade - 16.10pm 22/07/2024 (20 minute delay) ? |
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IRI (ASX) Chart |