Blue Ocean Equities valuation unchanged at $0.13/s: Retain Buy

5 May 2022

	Pureprofile (PPL): Update: BUY

	Pureprofile (PPL) continued strong growth across all regions Strong revenue growth up 40% on PCP and ahead of run rate. Likely to exceed our FY22 revenue targets.

.5m for the quarter and .0m YTD. PPL Re-affirms FY22 EBITDA to be at midpoint of guidance .0m-.4m. Our EBITDA forecast for FY22 is .0m.

1		EBITDA of
2	EBITDA of $0.5m for the quarter and $3.0m YTD. PPL Re-affirms FY22 EBITDA to be at midpoint of guidance $4.0m-$4.4m. Our EBITDA forecast for FY22 is $4.0m.

BOEQ Comments We are pleased with PPL's strong 3Q22 result. PPL continues to execute its growth strategy. Data & Insights UK/EU revenue growth indicates a strong demand for PPL's services and that the Company is gaining market share in one of its key growth markets. PPL's new SaaS Platform offering is receiving good uptake. In Q3 the company added Coles as a major Audience Intelligence client. During the investor presentation PPL announced that it has formed an Audience Builder partnership with a US with reach to millions of consumers. The partnership has an initial 6 month trial phase. This partnership as a good breakthrough into the US market which is 40x the size of Australia's and adds further upside to our investment thesis. The company is also discussing further Audience Builder partnerships in the UK and Asia. EBITDA margin reduced from 12% at 1H22 to 5% in 3Q22. A reduction in margin was not unexpected as the Company had planned to invest in technology, panel and people. PPL made a number of investments over the quarter which should benefit long term growth and margins: A global panel management system → improve internal efficiency A refined panelist redemption process → improve user experience New feasibility tools to price new client business → assist project pricing Enhanced reporting for the panel management team → better customer service Enhanced reporting for the panel management team → better customer service People & Culture → drive growth and employee/customer satisfaction PPL's YTD EBITDA margin is 9.7% vs our FY22 forecast of 10.4%. We look to see margins improve slightly over 4Q22.

.13/s: Retain Buy

1		Valuation unchanged at
2	Valuation unchanged at $0.13/s: Retain Buy