| Revenue |
FY23: $323M (192% growth from FY21); H1 FY24: $197.6M (+32.7% YoY) |
FY23: $854.9M (144% growth from FY21); H1 FY24: $445.9M (+17.7% YoY) |
| EBITDA |
FY23: $33–36M (+82.2% from FY21); H1 FY24: $23M (+83% YoY); FY24 Guidance: $51–53M |
FY23: $91.7M (from $34.8M in FY21); H1 FY24: $46.3M (+12.7% YoY); FY24 Guidance: $116–121M |
| Free Cash Flow (FCF) |
FCF-positive in H2 FY23; H1 FY24 operating cash flow doubled |
Strong cash flow in H1 FY24, supporting Symbio deal; specific FCF not detailed |
| Gearing Ratio |
Low; net debt $13.3M, $49M undrawn capacity |
Manageable; increased by $262M Symbio deal, offset by $99.8M Superloop share sale |
| Earnings Per Share (EPS) |
Forecast: -0.046 (negative due to depreciation) |
Est. ~$0.041 (positive; H1 FY24 net profit $9.8M) |
| Dividends Per Share (DPS) |
None; reinvested in growth |
None; reinvested in growth |
| P/E Ratio |
N/A (negative earnings); EV/EBITDA ~6.0 |
~110 at $4.50/share (market cap ~$1B) |
| Capital Expenditure (CapEx) |
FY24: $20–22M + $5M growth initiatives; FY21: $14.6M |
FY23: $47.2M (from $34.5M in FY21); significant fibre and Symbio investments |
| Debt |
Net debt: $13.3M; $100M facility (maturing 2026) |
Increased by $262M (Symbio); moderated by $99.8M share sale, $250M facility |
| Organic Growth |
NBN share 2.0% to 3.1% (FY23); 34,100 new customers (H1 FY24) |
Residential +15% YoY, Wholesale +53% YoY (H1 FY24); Buddy Telco launch |
| Inorganic Growth |
VostroNet, MyRepublic (FY23); Origin deal (130,000+ customers, $19M EBITDA) |
Symbio ($262M, Feb 2024); failed $466M Superloop bid |
| Strategy Pros |
Origin deal boosts wholesale; fibre leverages low costs |
Symbio enhances enterprise; $42.7M gain from Superloop shares |
| Strategy Cons |
Acquisition risks, rejected takeover |
High debt/CapEx risks; lost Origin contract ($14M EBITDA hit) |
| Leadership Style |
Paul Tyler: Strategic, execution-focused, efficiency-driven |
Phillip Britt: Entrepreneurial, customer-centric; Michael Omeros (Symbio CEO) |
| Growth Style |
Mix: Horizontal (customer expansion) + Vertical (fibre/wholesale depth) |
Primarily Horizontal (service broadening) + Vertical (fibre investments) |
| Cloud Ventures |
Nascent, growing via wholesale partnerships |
Strong via Symbio (cloud voice, UCaaS) |
| Fibre Ventures |
640+ km network (Aus, SG, HK); wholesale focus |
Aussie Fibre expansion |
| Low-Cost Player |
Efficient cost structure for competitive pricing |
Buddy Telco for the budget segment |
| Consumer Segment |
408,000 customers (H1 FY24, +38.1%); double-digit revenue growth |
600,000+ customers (H1 FY24, +15%); stable ARPU |
| Business/Enterprise Segment |
Fibre connectivity +22% YoY (FY21); rising EBITDA |
Symbio boosts enterprise, growing EBITDA |
| Wholesale Segment |
60–70% EBITDA growth (FY25 proj.); connections +52.8% (FY23) |
+53% growth (H1 FY24); strong EBITDA despite Origin loss |
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