28/07/2022 09:45

Emerging Companies Portfolio – Amendments

We are trimming CXL, & AD8, adding to PDN and buying PLS, while selling NTO, in the Emerging Companies Portfolio

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27/07/2022 09:35

Emerging Companies Portfolio

The portfolio was up +3.38% in the week, outpacing the performance of the small ords index.  Cash in the portfolio is sitting at around 4%. Strong moves by PointsBet (PBH), Adore Beauty (ABY) & Pinnacle (PNI) all rallying over 13%. These gains were partially offset by ~10% falls in both EML Payments (EML) and Nitro Software (NTO) after poor updates. The small...

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26/07/2022 17:13

Nitro Software (NTO) $1.26

NTO -22.7%: the signature and document productivity business was hit hard following their 2Q update today. Annualized Recurring Revenue (ARR) ended the period at $US51.5m, up 11% in the period, largely driven by an increase in services offered to existing clients. The company noted that sales cycles had lengthened, another way of saying new clients have been hesitant to spend...

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08/06/2022 09:26

Emerging Companies Portfolio

The portfolio was down -7.03% in the week, against the small ords index which fell -3.5%. Cash remains at around 4% with no changes to the portfolio. The weakness was mainly driven by Calix (CXL) which gave back some of its strong performance over recent months to fall -12.33%, while our overweight position in Aussie Broadband (ABB) also weighed with the stock falling -11.72%. Audinate (AD8) rallied +7.84% after a...

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04/05/2022 09:35

Emerging Companies Portfolio

Another soft week for the portfolio down -5.03% while cash fell to around 4%. The carnage in small caps continues and the portfolio for its most part is looking sick. In times like this, patience is key as the fundamentals of many of these stocks have actually improved while the share prices have declined, meaningfully in some names. The biggest drag this week came from our largest position in Aussie Broadband (ABB)...

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29/04/2022 16:49

Nitro (NTO) $1.365

NTO +19.7%: the 1st quarter trading update provided the catalyst for a strong bounce in signature and document productivity business Nitro today. Annualized Recurring Revenue (ARR) came in ahead of guidance, up 61% YoY compared to previous guidance of 39-47%. Cash receipts were also up 42% YoY which helped reduce the cash burn to $3.6m, down from $4.5m in the previous period. With performance metrics...

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06/04/2022 09:45

Emerging Companies Portfolio

The portfolio was up +0.99% in the week with cash remaining around 9%. We were looking to spend 4% of that on Paladin (PDN) following their capital raise last week however shares have been well supported since and haven’t yet traded to our 73c limit. We will give that order until Friday before re-assessing. Whispir (WSP) was the main standout for the week, rallying 14%, while...

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24/02/2022 17:43

Nitro (NTO) $1.46

NTO -14.62%: document productivity and signature business was out with FY21 results today. It was a solid year with average reoccurring revenue (ARR) and earnings coming in at the top of guidance. The recent acquisition of Connective made the numbers a little messy with some costs higher but largely positive signs with a strong run rate of growth. Guidance was...

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22/12/2021 09:31

Emerging Companies Portfolio

The portfolio had a poor week down  by -4.55% while cash sits at ~5% following some recent portfolio changes. As we consistently suggest, expect more volatility in this part of the market and that was certainly the case this week. Three positions lagged, namely Dubber (DUB) which fell -14.2%, Nitro (NTO) which lost -12.41% and Zip Co (Z1P) which...

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08/12/2021 10:38

Emerging Companies Portfolio – Amendments

We are selling Lynas (LYC) & Pilbara (PLS) and buying Aussie Broadband (ABB), Nitro (NTO) & Bapcor (BAP) in the Emerging Companies Portfolio.

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