Original-Research: Aspermont Ltd. (von GBC AG): Buy

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Original-Research: Aspermont Ltd. - from GBC AG

18.12.2024 / 12:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

Group AG.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of GBC AG to Aspermont Ltd.

Company Name: Aspermont Ltd.

ISIN: AU000000ASP3

Reason for the research: Research Report (Anno)

Recommendation: Buy

Target price: 0.03 AUD

Target price on sight of: 31.12.2025

Last rating change:

Analyst: Julien Desrosiers, Matthias Greiffenberger

Resilient Subscriptions and Strategic Focus. Strong Foundation for Growth:

Cash Stability and continued innovation. FY2025e Return to profitability.

Revenue Decline Amid Market Headwinds: Aspermont reported FY2024 revenues of

AUD 17.49M, reflecting a 9.2% YoY decline, primarily driven by volatility in

Events and Nexus segments due to challenging market conditions. However,

revenues are forecasted to rebound 13% to AUD 19.76M in FY2025, supported by

growth in subscription services and new product expansion.

Strength in Recurring Revenue: The company's core subscription business

maintained its resilience, delivering its 33rd consecutive quarter of growth

and contributing over 50% of total revenue. This reflects Aspermont's

ability to scale high-margin, recurring income streams despite cyclical

market pressures.

Cash Liquidity Amid Strategic Investments: Despite strategic investments,

Aspermont preserved a stable cash position of AUD 1.4M as of FY2024. Funds

were allocated to expanding the DataWorks platform, upgrading the Horizon V5

system, and enhancing the Data & Intelligence division, positioning the

company for future growth.

Operational Optimization: The company continued to optimize its operations

by discontinuing low-margin legacy products, reallocating resources toward

scalable digital offerings, and enhancing senior leadership to drive

execution and innovation. This has strengthened operational efficiency and

revenue quality.

FY2025 Outlook: Aspermont is well-positioned to return to profitability in

FY2025. The recovery is expected to be fueled by a rebound in Events,

continued data services growth, and ongoing cost optimization efforts.

Valuation and Recommendation: Based on our Discounted Cash Flow (DCF) model,

we maintain a Buy rating with a target price of AUD 0.03 (EUR 0.02) per

share, reflecting upside potential as growth strategies yield results.

You can download the research here: http://www.more-ir.de/d/31557.pdf

Contact for questions:

GBC AG

Halderstraße 27

86150 Augsburg

0821 / 241133 0

research@gbc-ag.de

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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR

Beim oben analysierten Unternehmen ist folgender möglicher

Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher

Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung

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Date and time of completion of this research: 17.12.2024 (21:00)

Date and time of first distribution: 18.12.2024 (12:00)

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2053307 18.12.2024 CET/CEST

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