RaaS Research Group

Pointerra (ASX:3DP) - US$2m contract extension underlines Pointerra3D benefit RaaS Research Group has published a flash comment on on 3D spatial data solutions group Pointerra (ASX:3DP) following the announcement that that it has been awarded a US$2.0m (A$3.2m) contract extension by the US Department of Energy (DOE) to the existing programme modelling a range of electric grid resilience investment scenarios by electric utilities. Our forecasts remain unchanged and our DCF based valuation remains at $0.31/share, representing potential capital upside of 545%. All our Pointerra research is available here: www.raasgroup.com/live/ Join our mailing lists here: https://lnkd.in/gg_HefWA Ian Olson Milan Bogunovic

Amaero International Ltd (ASX:3DA) - US government loan of US$23.5m a significant milestone RaaS Research Group has published an update on advanced materials manufacturing group Amaero International (ASX:3DA) following the company's announcement yesterday that it has secured final approval for a US$23.5m (A$37.8m) loan from the Export-Import Bank of the United States, the US federal government's export credit agency, under the Make More in America (MMIA) initiative. Our base-case DCF valuation of $1.16/share, fully diluted, is unchanged and represents potential capital upside of 246% on the current share price. A a +15/-15% sensitivity analysis derives a valuation range of $0.65- $1.55/share. The reference price is $0.335/share. Our full report and all our Amaero research can be downloaded here: https://lnkd.in/gnWtN6yb Join our mailing lists: https://lnkd.in/gg_HefWA Hank Holland Eric Bono Chris Scanlon

RaaS Research Group companies under coverage up 40% over the past 12 months and 12.5% in the past quarter. We don't run a fund (maybe we should?) but we do choose our companies carefully so it is gratifying to see how well they have performed over the past quarter and 12 months. Companies we had under coverage as at 31 December delivered a +40% share price return as a combined group over the past 12 months (or from when we commenced coverage for those we didn't cover a year ago) and +12.5% jump on the quarter. This is against the ASX Emerging Companies Index up 13.7% in the 12 months to 31 December and down 0.1% in the last quarter. Some standout share price performances of note: Airtasker (ASX:ART) up 60% since we initiated coverage in August, Kinatico (ASX:KYP) up 21% on the year and 32% on the quarter, Pureprofile (ASX:PPL) up 36% in 12 months and 31% on the quarter, SunRice Group (ASX:SGLLV) up 65% and Wrkr (ASX:WRK) up 70% over the course of the 12 months. We'd like to think our research has helped. John Burgess, Graeme Carson, Scott Maddock, Andrew Williams, Joshua Baker Tim Fung Mahendra Tharmarajah Michael Ivanchenko Trent Lund Karen Gilmour Martin Filz Melinda Sheppard Dimitri Courtelis Richard Rose

Empire Energy Group (ASX:EEG) - The science says potential water impacts likely minor RaaS Research Group has published a flash comment on NT-focused gas explorer/producer Empire Energy Group (ASX:EEG) following the recently released findings of the Independent Expert Scientific Committee (IESC) on unconventional gas in the Beetaloo which has assessed the potential environmental impact and risk on water resources to be ‘minor’ if appropriate mitigation strategies are implemented. Our NAV estimate remains unchanged at $0.80-1.23/share with a mid-point (base case) of $0.91/share (on a fully diluted basis). The reference price is $0.21/share, which puts it at a significant (c.280%) discount to our low case valuation. Alex Underwood

SunRice Group (ASX:SGLLV) - Branded focus paying off RaaS Research Group has published an update on Agri-FMCG group SunRice following its H1 FY25 results. We move our preferred valuation method for SunRice from Sum of The Parts (SoTP) to discounted cash flow (DCF) for two key reasons, increased earnings visibility out to FY30 and the limited peer comparisons for some of the SGLLV divisions. Our DCF valuation increases to $13.90/share (previously $12.00/share), supported by the group’s 2030 revenue target (implying ~8% CAGR revenue growth). Our SoTP valuation as a sense check is $12.25/share. Our DCF valuation implies potential capital upside of 36% on the current share price. Dimitri Courtelis John Burgess

SunRice Group RaaS Research Group Interview 20 December 2024 We caught up with Dimitri Courtelis, Group Chief Financial Officer, of Ricegrowers which trades as SunRice Group (ASX:SGLLV) following the release of the company's H1 FY25 results last week.

Amaero International Ltd (ASX:3DA) - More milestones met, moving closer to commercialisation RaaS Research Group has published a flash comment on advanced materials manufacturer Amaero International (ASX:3DA) following the company's recent announcements that it has ordered its third EIGA and that it has secured Aerospace Quality Management System AS9100D accreditation for the Tennessee facility for the manufacturing and testing of metal powder and PM-HIP production, both important milestones on the path to commercialisation. We have already incorporated the company’s capex guidance in our forecasts so do not anticipate any change to our estimates from these announcements. Our base-case DCF valuation is $1.16/share, fully diluted, which represents potential capital upside of 346%. A a +15/-15% sensitivity analysis derives a valuation range of $0.65- $1.55/share. The reference price is $0.26/share. Our research is available at www.raasgroup.com/live/ Join our mailing list here: https://lnkd.in/gg_HefWA Hank Holland Chris Scanlon Eric Bono

Structural Monitoring Systems Plc - 80% of low-end revenue guidance covered RaaS Research Group has published an update on aviation designer and manufacturer Structural Monitoring Systems (ASX:SMN) following its updated guidance. We have maintained our forecasts and DCF valuation of $0.78/share which represents potential capital upside of 71% on the current share price. Our research on SMN is available here: www.raasgroup.com/live/ Subscribe to our research: https://lnkd.in/gg_HefWA Ross Love Sam Wright Gary Elwell John Burgess

RaaS Research Group Stock Take Webinar Recording - Gold focus Yesterday we heard excellent presentations from our senior resources analyst Joshua Baker, Nicholas Earner from Alkane Resources Ltd, Neil Marston from Flynn Gold, James Gurry from Aureka (ASX: AKA) and Sam Smith from Santana Minerals Ltd, curated for us by David Tasker. In case you missed it, here is a link to the webinar on our YouTube channel: https://lnkd.in/gHmDQqPY #gold #webinar #asxstocks

Global Traffic Network (ASX:GTN) - Initiation of Coverage RaaS Research Group has initiated coverage of media group GTN Ltd (ASX:GTN) with a base peer EV/EBITDA-derived valuation of $0.81/share, representing potential capital upside of 40% from the current share price, although we suggest premiums of 10% and 20% to the peer average are justified based on GTN's superior metrics. As a sense check, our DCF valuation is $1.34/share, with low medium-term growth assumptions and utilisation rates still below pre-pandemic levels. Our research is available to download at www.raasgroup.com/live/ Peter Tonagh Brent Henley John Burgess #initiationofcoverage #media #globaltrafficreports #growth