ADVERITAS LIMITED (AV1)
Share Price Analysis and Chart

20/10/2025

1

Buy

$0.23

53.33%

Bell Potter notes Adveritas' 16% q/q ARR (annual recurring revenue) growth in 1Q26 to $12.2m was ahead of its $12.0m forecast. Net operating cash flow of -$2.4m missed the broker's -$1.8m forecast due to lower cash receipts, partly offset by lower payments.

The company stated lower receipts were due to several clients renewing their prepaid contracts early, but a "significant" rise is expected in 2Q26.

The broker lifted FY26-27 ARR forecasts by 3% each, leading to a narrower EBITDA loss forecast for FY26 and a 20% rise to FY27.

Buy. Target rises to 23c from 20c as the broker also lifted EV/revenue valuation multiple to 10x from 8.5x.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.30 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.40 cents.

11/09/2025

1

Speculative Buy

$0.17

13.33%

Adveritas’ FY25 result was in line with Taylor Collison's expectations, with annual recurring revenue up 72% to $10.5m and $10.8m post-quarter.

The broker highlights Meta’s approval to integrate TrafficGuard across Facebook and Instagram as doubling the company's addressable market and validating the platform.

TrafficGuard passed Meta’s technical and security checks, notes the analyst, with early trials encouraging.

Affiliate integrations, including with Impact Tech (a partnership automation and affiliate marketing platform), broaden reach beyond direct enterprise sales and support revenue diversification, explains Taylor Collison.

The target price increases to 17c from 16c, with a Speculative Buy rating maintained.

FORECAST
Taylor Collison forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.30 cents.
Taylor Collison forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.30 cents.