ATTURRA LIMITED (ATA)
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27/08/2024

1

Add

$1.05

-3.67%

Atturra's FY24 top-line result appears to have met Morgans' forecasts, the company posting a strong rise in profitability, and management reiterated FY25 guidance for double-digit growth.

One-offs hit the EPS line and cash flow as did higher depreciation and amortisation and M&A-related dilution but Morgans observes the company's balance sheet remains very strong and the company holds a solid net cash position.

The broker spies potential for more M&A in 2025, and an improvement in operating conditions and organic growth over the year.

Add raing and $1.05 target price retained. 

FORECAST
Morgans forecasts a full year FY25 dividend of 0.00 cents and EPS of 5.20 cents.
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.80 cents.

18/11/2024

1

Buy

$1.31

20.18%

Atturra recently hosted its first investor day, announcing three potential acquisitions and a capital raise to support its inorganic growth strategy, Moelis highlights.

The broker states these acquisitions could add over 1,000 clients, expand the company's  presence in A&NZ, enhance revenue quality, and be immediately accretive to EPS in FY25.

The acquisitions, valued at approximately $45m, will be funded by a $70.5m placement and a $6.1m share purchase plan. Management pointed to expected FY25 benefits including $22m-$30m in revenue and $3.0m-$3.5m EBITDA.

Buy rated with a target price of $1.31 with possible re-rating potential from successful integration of the acquisitions, the broker suggests.

FORECAST
Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 5.40 cents.
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 6.80 cents.