Unified Capital Partners (UCPS)

Unified Capital Partners (UCPS) congratulates Dubber Corporation Limited (ASX: DUB) on their fully underwritten $25.0 million capital raising via a two-tranche placement and entitlement offer. UCPS is delighted to be acting as Joint Underwriter, Joint Lead Manager and Joint Bookrunner to the capital raising alongside Morgans Financial Limited. The capital raising is being conducted at an offer price of $0.015 per share representing a 48.3% discount to the last traded price of $0.029, a 50.0% discount to the 5-day VWAP of $0.03 per share and a 25.0% discount to the theoretical ex-rights price (TERP) of $0.02 per share. Proceeds from the capital raising will be used to support DUB as it transitions into an exciting new era: ✅ New CEO appointed in Matt Bellizia with over 20 years experience as CEO/Co-founder of successful technology companies ✅ Growth in products and revenue off a lower cost base compared to the prior corresponding period ✅ Targeting operating cash flow monthly run rate breakeven in the final month of FY25 Thank you to the DUB Board of Neil Wilson, Peter Pawlowitsch, Sarah Diamond and Gerard Bongiorno for entrusting us with this transaction and congratulations to Matt, Andrew Demery and the broader DUB team on a successful transaction. Anthony Davis, Mark Gray, Jarrod Davis, Rob Hallam, George BouAntoun, Marc Nicomede, Damian Rigney, Jonathon Higgins, James Bisinella, Paul Lucarelli, Zak Schneider, Mariane Saroufim, Tom Chapman, Tom Gulliver #voicedata #technology #investment #equities #ecm

Unified Capital Partners (UCPS) is pleased to be acting as Sole Lead Manager and Bookrunner to raise approximately $18.2 million by way of an institutional Placement for Embark Education Limited (ASX: EVO). EVO is one of Australia’s leading providers of early childhood education and care operating several brands across Australia. Thank you to the Board of EVO for entrusting us with this transaction; Chris Scott, Hamish Stevens, Michelle Thomsen, Renita Garard AM OLY, and Kim Campbell. The Placement was conducted at an Offer Price of $0.76 per share representing: ✅ 5.0% discount to the last close price of $0.80; ✅ 4.4% discount to the 5 day VWAP of $0.7949; and ✅ 5.2% discount to the 10 day VWAP of $0.8021. Proceeds from the offer, along with existing cash, will be used to fund the consideration for 8 childcare centres, working capital and offer costs. Post transaction and settlement of the 8 acquiring childcare centres, the capital raise ensures that EVO will be able to continue to execute on a forward pipeline of accretive acquisition opportunities whilst maintaining a strong balance sheet to capitalise on future growth. Congratulations to the EVO team on its continued success and we look forward to assisting with your ongoing growth. Anthony Davis, George BouAntoun, James Bisinella, Mark Gray. Jarrod Davis, Rob Hallam, Damian Rigney, Marc Nicomede, Jonathon Higgins, Paul Lucarelli, Zak Schneider, Mariane Saroufim, Tom Chapman, Tom Gulliver #childcare #government #growth #investment #equities #equitycapitalmarkets

Unified Capital Partners (UCPS) is honoured to be acting as Sole Lead Manager and Bookrunner to raise $30 million by way of an Institutional Placement for Qoria (ASX: QOR). The offer was priced at $0.372/share which represented a 4.6% discount to the last close of $0.39/share on Wednesday 25 September, 2024 and a 1.0% and 2.3% premium to the 5-day and 10-day VWAPs respectively. We are pleased to see immediate price uplift with Qoria resuming trading this morning and trading as high as $0.41/share. Thank you to Tim Levy, Ben Jenkins and the Qoria Board; Peter Pawlowitsch, Phil Warren, Jane Watts, Ph.D., GAICD, Matthew Stepka and Georg Ell for entrusting us with this equity raising. Qoria will utilise the proceeds from the capital raising to fund: ✅ Acquisition of OctopusBI (OBI) ✅ Strengthening Qoria's balance sheet ✅ Funding costs of the offer OBI is an AI-driven K-12 SaaS platform that simplifies complex education data to provide actionable insights with a high quality, agile and low-cost engineering capability based in Sri Lanka. OBI was launched in Australia in 2018 and has proven technology and data products with growing revenue in AU & US K-12 (FY2024: ~$1.1m) and represents the following to Qoria: 💻🦺 Price increases and cross sells into +14m students: Drive price increases and cross sells in time for CY25 sales 💻🦺 AI features for modern learning: OBI's AI capability enables natural language queries into school platforms offering exciting productisation opportunities 💻🦺 Agile software development: 53-person team in Sri Lanka that has a proven rapid, secure and quality delivery capability 💻🦺 Value accretion: Expected to deliver a positive EBITDA contribution and valuation accretion (on an ARR/EV basis) inside 12 months Congratulations to the Qoria team on its continued success. Anthony Davis, Mark Gray, Jarrod Davis, George BouAntoun, Rob Hallam, Damian Rigney, Marc Nicomede, Paul Lucarelli, Jonathon Higgins, James Bisinella, Zak Schneider, Mariane Saroufim, Tom Chapman, Tom Gulliver #digitalsafety #studentwellbeing #protection #school #AI #equityraising #investment #equity

A renaissance of investor and a sector of interest for Unified Capital Partners (UCPS) is that of the #HealthcareSector. This sector is one of the few sectors trading below pre-COVID levels in terms of both valuation multiples and returns, having been smashed by inflationary pressures, decreased attendances and fixed cost leverage. Whilst previously having been seen as defensive in nature, this didn't quite play out for investors in COVID. Rolling forward however this is a sector that is seeing a positive tractor rate to demand, pricing and margins coming through. This is coming as government spending is rising, GP attendances are increasing, indexation is positive and operating leverage is coming off lows. This sees a sector trading at valuation lows, with earnings upside (Re-rating + earnings upside coming?). Recently we have had positive trading on margins and growth with all of Capitol Health Limited, Integral Diagnostics (IDX), Australian Clinical Labs, and Healius Limited providing positive updates to start FY25. Monash IVF Group itself also looks the cheapest out of all the peers and has high quality operators in our view. Furthermore, M&A which usually accompanies turning points in markets has accelerated. This week we saw this occur in a material way with Healius Limited selling Lumus Imaging for over $900m, over 30% above expectations and at a multiple of 21x EBIT! This isn't the first takeover/bid in the space with Pacific Smiles Group and Capitol Health Limited (under UCPS coverage & remain positive on) also receiving and engaging with what look like successful bids. We think this sector looks in the best shape since COVID and its one of the few sectors trading with attractive multiples in a market that feels stretched in certain areas and which has illusive growth (ASX200e EPS negative NTM). We cover several companies in the space and are always on the lookout for further opportunities and we remain very constructive on Small caps, with liquidity visibly increasing across our coverage universe and daily activities. Get in touch for all your Research, Sales, ECM and M&A needs! Jarrod Davis Mark Gray George BouAntoun Anthony Davis James Bisinella Rob Hallam Paul Lucarelli Marc Nicomede Zak Schneider Tom Chapman Tom Gulliver Mariane Saroufim Damian Rigney

Well the #Fed and #JPowell has finally kicked off the start of the official easing cycle in the #USA with 50bps this week in a widely expected move. This follows the fastest rate rising cycle in 40 years, an event that in the first instance smashed asset prices globally as inflation was wrestled under control, post peaking at 9.1%. With 6 monthly inflation and where rates were in the USA, real rates sat at ~+300bps seeing very tight official conditions. A situation wherein current market pricing of ~200bps of cuts to come over the NTM can be accommodated with the current known data on pricing, whilst supporting the US economy and more importantly job market. Australia is in a different position unfortunately (having lagged raising vs RoW) and sits at real rates of ~+50bps. Christmas rate cuts feel premature.. With the rate cycle now occurring and the narrative on a soft landing, the sector in focus as a beneficiary is that of #Payments and #Lending here at Unified Capital Partners (UCPS). Payments/lending/BNPL is one we remain passionate on, particularly in the context of valuations. Why? - Well the reality is that with current stock market valuations, it's hard to find a sector in better shape and at a better price than pre-COVID levels. Payments is just that, sitting at valuation multiples ~40% below pre-COVID levels. Duration works both ways and whilst the initial rate rises smashed stocks in this sector by anywhere from -60% to -90%, cuts against steady yields and operating cost discipline will see a commensurate positive bounce in earnings. Our analysis sees this as very material to BNPL earnings (contact for further information), whilst valuations should rise and just as the silly season approaches retail spending and customer acquisition should see a rising tide. BNPL SP's are +20% in the past month, however all of the companies are better, bigger, have exceptional growth expected (NTM +50% earnings growth expected) and appear catalyst rich. At UCPS a crowd favorite is Zip Co, remaining in pole position to take out top performer in CY24, whilst Block screens positively. Lastly an interesting chart if you zoom out is the 30 year bond yield in the USA. This has actually bounced since the Fed decision and a question relevant to liquidity, housing and asset prices, is that is this yield bouncing off resistance or resuming a 30 year downward trend? LT Yields have already driven the market higher, will this continue? - Commentary welcome. It's been a busy start to FY25 here at Unified Capital Partners (UCPS) and liquidity works for better price discovery across our coverage set. We have had plenty in the way of new research, initiations, ECM deals, M&A opportunities high conviction picks and advice here at the firm and get in touch for all your needs! Jarrod Davis Mark Gray George BouAntoun Anthony Davis James Bisinella Rob Hallam Paul Lucarelli Marc Nicomede Zak Schneider Tom Chapman Tom Gulliver Mariane Saroufim Damian Rigney

Friday afternoon Trivia: Which gym company across the globe grew its corporate revenues at the fastest rate between 2022 and 2023? Answer: Viva Leisure (ASX: VVA) with annual revenue growth of +55% 💪🏼, well ahead of the remaining top 10 peers growing revenue at +35% on average according to Health & Fitness Association (formerly IHRSA)'s Global Report 2024. According to our very own James Bisinella, logic implies that valuations should be correlated to growth, however Viva’s valuation remains 50% below peers on a PE basis despite its globally leading top line expansion. The outlook remains robust across the landscape, with levers to further revenue and earnings growth for VVA including: ✅💪🏼 Viva Pass launching 2H25 (multi brand gym membership offering). ✅💪🏼 Supp Society website now live, offering supplements organically marketed to members. ✅💪🏼 HVLP (high value low price) gym offering being explored with 50 potential locations over time. ✅💪🏼 Further acquisitions noting circa $70m facility headroom at 30 June 2024, with an additional $50m accordion. ✅💪🏼 Recent strategic acquisition of a stake in Boutique Fitness Studios Australia & New Zealand which opens many doors for VVA to expand its footprint. Please reach out to James Bisinella or any of the Unified team for a more detailed download on the significant investment opportunity that Viva represents. #investments #equities #gyms #lifestyle

Unified Capital Partners (UCPS) is pleased to have acted as Joint Lead Manager alongside Morgans Financial Limited to raise $38 million by way of Institutional Placement for Vysarn (ASX: VYS). Thank you to Peter Hutchinson, James Clement and Sheldon Burt for entrusting us with this equity raising. The funds raised will be used for the cash consideration for the acquisition of CMP, development of the Kariyarra water resource and other growth initiatives. Vysarn has entered into a conditional Share Sale Agreement (“SSA”) to acquire 100% of the issued shares in CMP Consulting Group Pty Ltd (CMP) for a mix of upfront cash and scrip, and deferred contingent scrip consideration CMP is a consulting engineering organisation with a specific focus on the water industry through strategic planning, design, construction management and ongoing asset management and maintenance. CMP is on significant contract panels and projects with Melbourne Water, Barwon Water, Yarra Valley Water, South East Water, South Gippsland Water, Wannon Water, John Holland and other major contractors. CMP is also establishing itself in Sydney, with a view to supporting Sydney Water’s major capital delivery of $34b over the next 10 years. CMP represents a transformative acquisition for Vysarn by establishing a national presence and client base, providing a platform for significant growth, underpinned by the East Coast water infrastructure boom. The pro-forma FY24 impact of the CMP acquisition is an: ✅💧 Increase in Revenue by $26.4m (+34.9% on VYS FY24A). ✅💧 Increase in NPAT by $4.19m (+52.6% on VYS FY24A). ✅💧 EPS accretion of 22.1% on FY24A (pre-milestone payments), or 18.6% on achievement of all future performance milestones. The financial impact does not include any potential synergies, and is prior to the pro-forma impact of the WWS acquisition. Congratulations to the Vysarn team on its continued success. #water #consulting #investment #equity #ECM Rob Hallam, Mark Gray, Anthony Davis, Jonathon Higgins, Jarrod Davis, George BouAntoun, Paul Lucarelli, James Bisinella, Damian Rigney, Marc Nicomede, Zak Schneider, Mariane Saroufim, Tom Chapman, Tom Gulliver

It was my pleasure to join Henry Jennings from Marcus Today for a catch up and round out from reporting season here at Unified Capital Partners (UCPS). We chatted plenty of macro, where rates are positioned, surviving reporting season and where the opportunities exist. From a stock specific point of view we discussed Aussie Broadband, SCEE Electrical, Zip Co and introduced a new stock into the fold post a recent initiation on Vysarn. Whilst at a headline level the Small Ordinaries did it tough in August, there were plenty of strong performers and with the FED weeks away from kicking off an official easing cycle, all eyes are looking towards liquidity! We remain excited about the opportunities across our coverage here at Unified Capital Partners (UCPS) and get in touch for more information! Jarrod Davis Paul Lucarelli Anthony Davis Mark Gray George BouAntoun Rob Hallam Damian Rigney James Bisinella Mariane Saroufim Tom Chapman Tom Gulliver Marc Nicomede https://lnkd.in/gz8pcVfF

Our very own Jonathon Higgins featuring on ausbiz this week providing his thoughts on Zip Co's FY24 results, key investments highlights and the reasons why it is still the best pick of the BNPL sector. Thanks to Nadine Blayney for asking all the right questions. Here are some key points from the segment: 🚀 A very strong Cash EBTDA reported at +$120m turnaround vs. YoY 🚀 Guided to strong EBTDA growth and ambitions towards medium term targets of 1-2% of TTV 🚀 USA taking off with Zip guiding to 30%+ TTV growth in FY25 against a supportive backdrop and low penetration #BNPL #zipco #investment #equities #research Jonathon Higgins, James Bisinella, Jarrod Davis, Anthony Davis, Mark Gray, Paul Lucarelli, George BouAntoun, Rob Hallam, Damian Rigney, Marc Nicomede, Mariane Saroufim, Tom Chapman, Tom Gulliver https://lnkd.in/gcwpEn-w