Key Takeaways
This month saw the announcement by TPG Telecom and Vodafone Hutchinson, that they propose to undertake a merger of equals. The transaction will combine TPG’s fixed line business with Vodafone Hutchinson’s mobile business, to create a ~$15.0bn company with revenue of ~$6.0bn and EBITDA of ~$1.8bn. Under the proposal, TPG will own 49.9% and Vodafone Hutchinson 50.1% of the combine companies. The transaction has long been considered a possibility by the market and was generally well received given the planned entrance of TPG into the mobile market as a fourth provider was expected to place further downward pressure on market ARPUs. Venture Insights has prepared some commentary on the proposed merger, available on their website*.
The ACCC announced it would not oppose the sale of Adshel to oOh!media and the acquisition of APN Outdoor by JCDeaux paving the way for these transactions to be finalised. In a new transaction this month, NewsCorp announced its subsidiary, Move, Inc. had acquired Opcity for $210.0m
In technology, Afterpay Touch conducted a capital raising for $117.0m via an institutional placement, with a further $20.0m to be raised via a share placement plan. The transaction was completed at a 2.5% discount to the 5-day VWAP to close of trade on 22 August and proceeds will be used to fund Afterpay’s international expansion strategy
Telco Monthly Wrap
Best and Worst Monthly Performers
The 5 best and worst performers for the month of August 2018 were as follows:
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Source: Factset, as at 31 August 2018
Key Company Announcements
5G Networks Ltd. (22 August) reported FY18 results with underlying revenue of $5.4m, underlying EBITDA of $0.7m (reported $0.2m) and a net loss of $0.3m
5G Networks Ltd. (22 August) announced the acquisition of Inabox’s direct business unit for $5.7m (2x EBITDA multiple including immediate synergies)
Arq Group (23 August) reported 1H FY18 results with revenue up 23.5% (pcp), underlying EBITDA up 12.0% (pcp), underlying (unaudited) profit up 17.7% (down 133.0% when including one-off costs) and a DPS of 3.5 cents
amaysim Australia Limited (27 August) reported FY18 results with underlying revenue up 71.5%, underlying EBITDA up 9.8% and underlying NPATA down 11.2% (due to increased depreciation of technology investment and financing costs related to acquisition funding). Furthermore, CFO Leanne Wolski announced her retirement effective 26 October 2018, with the company currently searching for a replacement
Chorus Limited (27 August) reported FY18 results with revenue down 4.8%, EBITDA flat and NPAT down 24.8% with a final DPS of 13 cents (NZ$)
DWS Limited (13 August) reported FY18 results with revenue down 8.3%, EBITDA down 13.1% and NPAT down 8.5% with a final DPS of 5 cents
Hutchison Telecommunications (Australia) Limited (30 August)announced a proposed MOE with TPG Telecom. Details of the transactions are as follows:
TPG shareholders will own 49.9% of the new merged group with VHA shareholders owning the remaining 50.1%
Merger intended to provide scale and financial strength to compete more effectively with Telstra and Optus, and be better able to invest and drive innovation, service and product improvement
Combines two complementary businesses to create an integrated, full-service telecommunications company with what will be a portfolio of fixed and mobile products for consumers, SMEs and enterprises
Pro forma enterprise value of approximately $15.0bn, revenue of over $6.0bn, EBITDA of over $1.8bn, Operating Free Cash Flow of $0.9bn, and a strong balance sheet with an investment grade credit profile and strong cash flow generation which is expected to support an attractive dividend
Merger of equals brings together talent in the mobile and fixed broadband sectors and is expected to accelerate the benefits of substantial network investments from both companies
The Merger is expected to deliver substantial cost synergies from the combination of complementary networks, rationalisation of duplicated costs and economies of scale. Additionally, the potential for revenue synergies from the opportunity to cross-sell products across both TPG’s and VHA’s combined corporate and consumer customer bases
The implied valuation metrics are as follows:
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Inabox Group Ltd. (6 August) reported FY18 results with revenue up 12.2%, EBITDA down 16.0% and a net loss of $13m (due to impairments associated with the sale of the direct business). Announced the sale of direct business to 5G Networks (see above). Furthermore, the company continues to have confidential discussions regarding the possible sale of its Indirect and Enablement businesses
Macquarie Telecom Group (29 August) reported FY18 results with revenue up 6.0%, EBITDA up 19.0% and NPAT up 20.0% with a final DPS of 25 cents
Megaport Ltd. (22 August) reported FY18 results with revenue up 85.0%, normalised EBITDA up 7.0% and NPAT up 18.0% (net loss of $24.5m)
MNF Group Limited (28 August) reported FY18 results with revenue up 15.0%, EBITDA up 3.0% and NPAT down 2.0% with a final DPS of 8.35 cents. MNF also noted it is actively looking for further acquisition opportunities
Netcomm Wireless Limited (27 August) reported strong FY18 results with revenue up 69.0%, EBITDA up 5.7x to $20.5m and NPAT returning to profit at $8m
NextDC Limited (31 August) reported FY18 results with revenue up 31.0%, underlying EBITDA up 28.0% and NPAT falling 71.0% to $6.6m
Over The Wire Holdings Ltd. (23 August) reported FY18 results with revenue up 57.0%, EBITDA up 66.0% and NPATA up 68.0% (NPAT 54.0%)
Singapore Telecommunications Limited (8 August) reported 1Q FY19 results with revenue down 1.9%, EBITDA down 2.7% and underlying NPAT down 16.6%. In Australian consumer, revenue was up 5.0% and EBITDA up 3.0%
Spark New Zealand Limited (31 August) reported FY18 results with revenue up 1.0%, adjusted EBITDA up 2.2% and adjusted net earnings up 0.5% with a final DPS of 12.5 cents (NZ$)
Spark New Zealand Limited (31 August) closed a retail bond offer of NZ$125m in unsubordinated, unsecured fixed rate bonds to institutional investors and NZ retail investor at an issue margin of 1.00% p.a. (3.37% p.a. interest rate) with a maturity date of 7 March 2024
Spark New Zealand Limited (14 August) announced intention to create standalone sports media business. Spark also announced:
Jeff Latch will become Head of Spark Sport
It has expanded its role in sports media and secured exclusive broadcast rights to Premier League football and Manchester United TV (MUTV) (this announcement follows the Rugby World Cup 2019 and Women’s Rugby World Cup 2021 rights Spark secured in April)
It will offer new content via a subscription model on Spark’s sport platform to launch early 2019 with details of pricing and packages to be announced closer to launch date
Spark New Zealand Limited (9 August) outlined its intentions with respect to its 5G strategy:
Expects to be able to provide additional capacity at a lower incremental unit cost than from continuing to expand 4G capacity creating a “strong commercial incentive to rapidly build 5G network capability as the primary means of keeping ahead of growing customer demand for more data at faster speed”
Expects 5G network development to be funded within its existing capital expenditure (excluding spectrum and any material move towards widespread rollout of new cell sites using high frequency mmWave band spectrum)
Investment profile expected to be moderate and within the current “normal” range for capital expenditure of between 11%-12% of revenues
SpeedCast International Ltd (28 August) announced the acquisition of Globecomm Systems for US$135m from HPS Investment Partners, LLC Tennenbaum Capital Partners, LLC and certain other members of Globecomm. Key deal information is:
Speedcast estimates it will generate over US$15m in annual cost synergies within 18 months after the acquisition. The cost synergies are expected to be generated across the business, including through footprint rationalisation, network improvements and improved procurement
The acquisition will be funded by a fully underwritten US$175 million add-on to Speedcast’s existing 7‐year senior secured credit facility (due 2025) from the US institutional term loan market, which will also be used to repay a portion of Speedcast’s revolving credit facility and thus enhance Speedcast’s liquidity position
SpeedCast International Ltd (28 August) reported 1H FY18 results with revenue up 24.0%, underlying EBITDA up 14.0% and NPATA up 37.0% with a dividend of 2.4 cents
Spirit Telecom Ltd. (27 August) reported FY18 results with revenue up 41.0%, underlying EBITDA up 47.0% and NPAT up 22.0%
Superloop Ltd. (20 August) reported FY18 results with revenue up 109%, an underlying EBITDA of $30.6m (up from $9.0m in FY17) and return to a profit with a NPAT $7.1m (up from a $1.2m loss in FY17)
Telstra Corporation Limited (16 August) reported FY18 results with revenue up 3.0%, EBITDA down 5.2% and NPAT down 8.9% with a final dividend of 11 cents
Telstra Corporation Limited (14 August) Steve Vamos announced his intention to retire from the Board (effective 16 October) due his appointment as CEO of Xero
TPG Telecom Limited (30 August) announced proposed MOE with Vodafone Hutchinson (see Hutchison Telecommunications above)
Vita Group Limited (17 August) reported FY18 results with revenue up 3.0%, EBITDA down 37.0% and NPAT down 44.0% with a final dividend of 7.4 cents
Vocus Group Limited (22 August) reported FY18 results with revenue up 2.0%, underlying EBITDA up 7.0% and NPAT down 16.0%
Forward EV / EBITDA Multiples Chart
The forward EV / EBITDA multiples for leading telco stocks at the end of the month is as follows:
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Source: Factset, as at 31 August 2018
Telco stocks were trading on an average forward EV / EBITDA of 9.8x and a median forward EV / EBITDA of 8.6x
Media Monthly Wrap
Best and Worst Monthly Performers
The 5 best and worst performers for the month of August 2018 were as follows:
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Source: Factset, as at 31 August 2018
Key Company Announcements
APN Outdoor Group Ltd. (23 August) reported 1H FY18 results with revenue up 4.0%, underlying EBITDA up 7.0% and statutory NPAT up 13.0% with an interim dividend of 7 cents
APN Outdoor Group Ltd. (23 August) the ACCC announced it will not oppose the proposed acquisition of APN Outdoor by JCDeaux
Carsales.Com (22 August) reported FY18 results with revenue up 19.0%, EBITDA up 16.0% and adjusted NPAT up 10.0% with a final dividend of 23.7 cents
Domain Holdings Australia Ltd. (13 August) reported FY18 results with revenue up 11.5%, operating EBITDA up 12.5% and NPAT up 7.7% with a final dividend of 4 cents
Event Hospitality & Entertainment Ltd (24 August) reported FY18 results with revenue down 1.0%, EBITDA up 10.0% and normalised NPAT up 9.0% with a final dividend of 31 cents
Fairfax Media Limited (15 August) reported FY18 results with revenue down 2.8%, EBITDA up 1.2% and NPAT down 12.4% with a final dividend of 1.8 cents
HT&E Ltd (23 August) ACCC announced it would not oppose the sale of Adshel to oOh!media
HT&E Ltd (15 August) reported FY18 results with revenue up 1.0%, EBITDA up 11.0% and NPATA up 17.0% with a final dividend of 3 cents (results include Adshel as continuing operation)
HT&E Ltd (3 August) announced that the ATO has determined its position relating to its previously disclosed New Zealand Branch Matter and has imposed a $49m penalty and interest of $28m
iCar Asia Ltd. (22 August) reported 1H FY18 results with revenue up 12.0% (pcp), EBITDA up 12.0% (pcp) and NPAT up 5.0% (pcp)
iCar Asia Ltd. (13 August) announced the launch of a car auction business linking car sellers to dealers on CarlistBid.my, Malaysia’s largest automotive platform
Macquarie Media Limited (8 August) reported FY18 results with revenue up 4.0%, EBITDA up 10.0% and NPAT up 24.0% with a final dividend of 4 cents
News Corporation (30 August) announced the acquisition of Opcity by its subsidiary Move, Inc. for US$210m
News Corporation (30 August) reported FY18 results with revenue up 11.0% and a net loss of US$1.5bn
Nine Entertainment Co. Holdings Pty Ltd. (23 August) reported FY18 results with revenue up 6.0%, EBITDA up 25.0% and NPAT up 27.0% with a final dividend of 5 cents
oOh media Ltd (23 August) ACCC announced it would not oppose the acquisition of Adshel by oOh media
oOh media Ltd (20 August) reported 1H FY18 results with revenue up 11.0%, underlying EBITDA up 11.5% and NPAT up 3.4% with an interim dividend of 3.5 cents
Pacific Star Network Limited (31 August) reported FY18 results with revenue up 48.7%, underlying EBITDA up 18.1% and a net loss of $3.0m
Prime Media Group Limited (28 August) reported FY18 results with revenue down 8.7%, EBITDA down 29.5% and NPAT down 133.9% to a net loss of $12.7m
Prime Media Group Limited (21 August) announced the extension of its program supply arrangements with Seven West Media for a further 5 years
QMS Media Limited (31 August) reported FY18 results with revenue up 21.0%, underlying EBITDA up 22.0% and NPAT up 10.0% with a final dividend of 1.2 cents
QMS Media Limited (30 August) announced it was acquiring a majority interest (90%) in TGI Systems Corporation and TGI Europe, a sports advertising technology company, for ~$40m
QMS Media Limited (8 August) announced a strategic investment with Place Capital to sell its digital technology investments in Sportsmate, Gomeeki and Rpple. The sale is expected to release ~$8m in cash and ~20% interest in a newly established Place Capital VC fund
REA Group Ltd (10 August) reported FY18 results with revenue up 20.0%, EBITDA up 22.0% and NPAT up 23.0% with a final dividend of 62 cents
Seek Limited (15 August) reported FY18 results with revenue up 25.0%, EBITDA up 15.0% and NPAT (excl. significant items) down 1.0% with a final dividend of 22 cents
Seek Limited (15 August) announced that Chairman Neil Chatfield will retire on 31 December 2018 with Graham Goldsmith to become the new Chairman
Seek Limited (6 August) announced the impairment of Brasil Online ($119m) and OCC ($59m) and a fair value gain on Maimai ($36m)
Seven West Media Limited (21 August) reported FY18 results with revenue down 3.4%, EBITDA down 11.7% and NPAT (excl. significant items) down 14.6%
Seven West Media Limited (21 August) announced the extension of its program supply arrangements with Prime Media Group for a further 5 years
SKY Network Television Limited (24 August) reported FY18 results with revenue down 6.0%, EBITDA down 2.2% and a net loss of NZ$240.7m (due to a NZ$360m impairment charge) with a final dividend of 7.5 cents
Southern Cross Media Group Limited (23 August) reported FY18 results with revenue down 5.3%, EBITDA down 12.8% and underlying NPAT down 19.7% with a final dividend of 4.0 cents
Village Roadshow Limited (23 August) reported FY18 results with revenue down 5.0%, EBITDA down 33.1% and net loss of $7.3m
WPP AUNZ Limited (24 August) reported 1H FY18 results with revenue up 1.5%, EBITDA up 3.5% and NPAT down 34.8% with an interim dividend of 2.3 cents
Forward EV / EBITDA Multiples Chart
The forward EV / EBITDA multiples for leading media stocks at the end of the month is as follows:
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Source: Factset, as at 31 August 2018
Media stocks were trading on an average forward EV / EBITDA of 11.4x and a median forward EV / EBITDA of 9.4x
Tech Monthly Wrap
Best and Worst Monthly Performers
The 5 best and worst performers for the month of August 2018 were as follows:
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Source: Factset, as at 31 August 2018
Key Company Announcements
3P Learning Ltd. (16 August) reported FY18 results with revenue up 6.0%, underlying core EBITDA up 23.0% and underlying core NPAT up 13.3% (down 156% after one-off costs)
Afterpay Touch Group Ltd. (31 August) opened its share purchase plan with the aim to raise $20m
Afterpay Touch Group Ltd. (24 August) announced the successful completion of a $117 million capital raising via an institutional placement. The raise was underwritten at $15.75 per share and ultimately priced at $17.05 per share (at the top end of the price range) and represented a 2.5% discount to the 5-day VWAP to close of trade on 22 August. Further details of the placement were as follows:
Strongly supported by existing shareholders and new investors and was oversubscribed
Priced at $17.05 per share (top end of price range)
A share purchase plan to raise approximately $20 million will follow with eligible Afterpay shareholders offered the opportunity to acquire additional new shares
Proceeds of the placement and the share purchase plan will be used to fund Afterpay’s international expansion strategy
Afterpay Touch Group Ltd. (23 August) reported FY18 results with revenue up 390%, EBTDA (ex. significant items) up 380% and NPAT up 7% (to a net loss of $9.0m)
Altium (21 August) reported FY18 results with revenue up 26.0%, EBITDA up 32.0% and net profit up 34.0% with a final dividend of 14 cents
Appen Ltd. (28 August) reported 1H FY18 results with revenue up 106% (pcp), underlying EBITDA up 100% (pcp) and underlying NPAT up 119% (pcp) with an interim dividend of 4 cents
Appen Ltd. (23 August) received a ‘speeding ticket’ from the ASX after its shares jumped 33.9% from 16 August to 23 August
Bravura Solutions Limited (28 August) reported FY18 results with revenue up 15.0%, EBITDA up 18.0% and underlying NPAT up 27.0% with a final dividend of 4.5 cents
Catapult Group International (16 August) reported FY18 results with revenue up 19.0% and underlying EBITDA down 64.0%
Citadel Group Ltd. (20 August) reported FY18 results with revenue up 9.8%, EBITDA up 13.0% and NPAT up 26.0% with a final dividend of 4.4 cents
Class Ltd. (21 August) reported FY18 results with revenue up 18.0%, EBITDA up 14.0% and NPAT up 9.0% with a final dividend of 2.5 cents
Crowd Mobile Limited (30 August) reported FY18 results with revenue down 12.0%, underlying EBITDA down 67.0% and a net loss of $26.0m
Computershare Ltd (15 August) reported FY18 results with revenue up 6.3%, EBITDA up 12.7% and NPAT up 13.6% with a final dividend of 21 cents
Data#3 Limited (22 August) reported FY18 results with revenue up 7.6%, EBITDA down 9.3% and NPAT down 8.4% with a final dividend of 6.6 cents
ELMO Software Ltd. (29 August) reported FY18 results with revenue up 36.4%, EBITDA up 122.5% and a net loss of $3.0m
GBST Holdings Ltd (14 August) reported FY18 results with revenue up 0.3%, EBITDA up 1.7% and NPAT down 10.5% with a final dividend of 2.5 cents
GetSwift Ltd. (31 August) reported FY18 results with revenue down 130% and a net loss of $12.1m
GetSwift Ltd. (21 August) company announced Brett Eagle would cease to be company general council and is currently searching for a replacement
Hansen Technologies Ltd (17 August) reported FY18 results with revenue up 32.0%, EBITDA up 29.0% and NPATA up 35.0% with a final dividend of 4.0 cents
Impelus Ltd (31 August) reported FY18 results with revenue down 51.5%, EBITDA down 15.7% and a net loss of $29.0m
Infomedia Ltd (15 August) reported FY18 results with revenue up 3.5%, EBITDA down 2.0% and NPAT up 4.0% with a final dividend of 1.7 cents
Integrated Research Limited (16 August) reported FY18 results with revenue flat, EBITDA up 15.2% and NPAT up 7.9% with a final dividend of 1.7 cents
IRESS Ltd (23 August) reported 1H FY18 results with revenue up 5.0%, EBITDA up 2.0% and NPAT up 6.0% with an interim dividend of 16.0 cents
iSentia Group Limited (23 August) reported FY18 results with revenue down 5.8%, EBITDA down 27.8% and a NPAT $1.3m
iSelect Ltd (14 August) reported FY18 results with revenue down 2.0%, underlying EBITDA down 46.0% and underlying NPAT down 59.0%
Kogan.com Ltd. (31 August) announced the launch of Kogan Money after signing ‘multi-year agreements’ with Adelaide Bank and Pepper Group
Kogan.com Ltd. (17 August) reported FY18 results with revenue up 42.4%, EBITDA up 108% and NPAT up 110% with a final dividend of 6.1 cents
Link Administration Holdings Ltd. (17 August) reported FY18 results with recurring revenue up 36.0%, operating EBITDA up 53.0% and operating NPATA up 67.0% with a final dividend of 13.5 cents
MYOB Group Ltd. (24 August) reported 1H FY18 results with recurring revenue up 8.0%, underlying EBITDA up 3.0% and NPATA down 6.0% with an interim dividend of 5.75 cents
Nearmap Ltd. (22 August) reported FY18 results with revenue up 32.0%, EBITDA down 17.0% and NPAT down 64.0% to a net loss of $11.0m
Nearmap Ltd. (16 August) announced it is formally expanding of its business operations into New Zealand. This will include the establishment of dedicated sales, marketing and product resources
Pro Medicus Ltd. (16 August) reported FY18 results with revenue up 15.1% and NPAT up 29.5% with a final dividend of 3.5 cents
Pushpay Holdings Ltd (1 August) reported a June Quarter increase in revenue of 52.6%
Reckon Ltd (7 August) reported FY18 results with revenue down 5.0%, EBITDA up 3.0% and NPAT up 9.0%
Retech Technology (30 August) reported 1H FY18 results with revenue up 21.0% (pcp) and NPAT up 50.0% (pcp)
Retech Technology (1 August) announced the appointment of a new Kang Li to the Board effective immediately
Trade Me Group Ltd (22 August) reported FY18 results with revenue up 7.1%, EBITDA up 6.0% and NPAT up 3.9% with a final dividend of 10.5 cents
Webjet Limited (23 August) reported FY18 results with revenue up 54.0%, EBITDA up 71.0% and NPAT up 63.0% with a final dividend of 12.0 cents
Wisetech Global Ltd (22 August) announced the appointment of Andrew Harrison as Chairman
Wisetech Global Ltd (22 August) reported FY18 results with revenue up 44.0%, EBITDA up 45.0% and NPAT up 28.0% with a final dividend of 1.65 cents
Wisetech Global Ltd (16 August) announced the acquisition of Trinium, an intermodal trucking transportation management system provider in the US and Canada. The purchase cost comprises ~$40.9m upfront, with a further multi-year earn-out potential of up to ~$27.7m related to business and product integration, and revenue performance
Wisetech Global Ltd (9 August) announced the acquisition of Taric, a Spanish logistics provider of customs management solutions. The purchase cost comprises ~$25.0m upfront with a further multi-year earn-out potential of up to ~$21.9m related to business and product integration, and revenue performance
Xero Limited (1 August) announced the acquisition of Hubdoc, a Canada based data capture solution. Xero will pay in two stages, an initial US$60 million consisting of 35% cash and 65% in Xero equity (Xero has arranged new debt funding for the cash component of the acquisition price), followed by a second tranche of US$10 million in equity to be issued to Hubdoc’s shareholders in 18 months, subject to meeting agreed operational targets and conditions
Zip Co Ltd. (15 August) announced a partnership with Virgin Australia to offer Zip interest free payments for its travel business
Zip Co Ltd. (7 August) reported FY18 results with revenue up 138%, EBTDA down 20% and a net loss of $22.5m
Forward EV / EBITDA Multiples Chart
The forward EV / EBITDA multiples for leading tech stocks at the end of the month is as follows:
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Source: Factset, as at 31 August 2018
Tech stocks were trading on an average forward EV / EBITDA of 13.8x and a median forward EV / EBITDA of 12.1x
Reference stocks
Our reference portfolio is as follows:
Telecom Stocks:
5G Networks (5GN-AU), amaysim Australia Ltd. (AYS-AU), Chorus Limited (CNU-NZ), Hutchison Australia (HTA-AU), Inabox Group Ltd. (IAB-AU), Macquarie Telecom Group Limited (MAQ-AU), Megaport (MP1-AU), MNF Group Limited (MNF-AU), Netcom Wireless (NTC-AU), Nextdc Limited (NXT-AU), Over the wire (OTW-AU), Singapore Telecommunications Limited (Z74-SG), Spark New Zealand Limited (SPK-NZ), SpeedCast International Ltd (SDA-AU), Spirit Telecom (ST1-AU), Superloop Ltd. (SLC-AU), Telstra Corporation Limited (TLS-AU), TPG Telecom Limited (TPM-AU), Vita (VTG-AU), Vocus Group Limited (VOC-AU)
Media Stocks:
APN Outdoor Group Ltd. (APO-AU), Carsales.Com Limited (CAR-AU), Domain Holdings Australia Ltd. (DHG-AU), Asia Pacific Digital Limited (DIG-AU), Event Hospitality & Entertainment Ltd. (EVT-AU), Fairfax Media Limited (FXJ-AU), HT&E Ltd (HT1-AU), iCar Asia Ltd. (ICQ-AU), Macquarie Media Limited (MRN-AU), Nine Entertainment Co. Holdings Pty Ltd. (NEC-AU), News Corporation Shs B Chess Depository Interests repr 1 Sh (NWS-AU), oOh media Ltd (OML-AU), Pacific Star Network Limited (PNW-AU), Prime Media Group Limited (PRT-AU), REA Group Ltd (REA-AU), Seek Limited (SEK-AU), SKY Network Television Limited (SKT-AU), Seven West Media Limited (SWM-AU), Southern Cross Media Group Limited (SXL-AU), Trade Me Group Limited (TME-NZ), Village Roadshow Limited (VRL-AU), WPP AUNZ Limited (WPP-AU)
Tech Stocks:
3P Learning Ltd. (3PL-AU), Altiumc (ALU-AU), Afterpay Touch Group Ltd. (APT-AU), Appen Ltd. (APX-AU), Big Un Limited (BIG-AU), Bravura Solutions Limited (BVS-AU), Catapult Group International Ltd. (CAT-AU), Citadel Group Ltd. (CGL-AU), Class Ltd. (CL1-AU), Crowd Mobile Limited (CM8-AU), Computershare Limited (CPU-AU), Data#3 Limited. (DTL-AU), DWS Limited (DWS-AU), ELMO Software Ltd. (ELO-AU), GetSwift Ltd. (GSW-AU), Gentrack Group Ltd (GTK-NZ), Hansen Technologies Limited (HSN-AU), Impelus Ltd (IMS-AU), Infomedia Ltd (IFM-AU), IRESS Limited (IRE-AU), Integrated Research Limited (IRI-AU), iSentia Group Limited (ISD-AU), Kogan.com Ltd. (KGN-AU), Link Administration Holdings Ltd. (LNK-AU), Melbourne IT Ltd (MLB-AU), MYOB Group Ltd. (MYO-AU), Nearmap Ltd. (NEA-AU), Netwealth Group Ltd. (NWL-AU), OFX Group Ltd. (OFX-AU), Pro Medicus Limited (PME-AU), Pushpay Holdings Ltd (PPH-NZ), Reckon Limited (RKN-AU), Technology One Limited (TNE-AU), Webjet Limited (WEB-AU), Wisetech Global Ltd. (WTC-AU), Xero Limited (XRO-NZ), Zip Co Ltd. (ZML-AU)
Disclaimer
* Views expressed by Venture Insights are indepent of Venture Advisory and may not reflect the views and opinions of Venture Advisory.