@lukewinchester9.bsky.social
Thanks for the shout out mate.
May 6, 2025 at 3:03 AM
Thanks for the shout out mate.
$AHC.AX 30% of revenue from North America but most of that is Canada. Unfortunately don't break out specific country but if I had to guess I think US directly may be <10%.
April 11, 2025 at 1:30 AM
$AHC.AX 30% of revenue from North America but most of that is Canada. Unfortunately don't break out specific country but if I had to guess I think US directly may be <10%.
I've penned a blog post to better outline the Racing and Sports Pty Ltd investment thesis, but in a sentence paying ~1.3x ARR and ~22x PBT for a fast growing, high margin, recurring revenue business is a very reasonable price. Blog post can be found below ⬇️
Backing a microcap software winner in the global horse racing wagering industry - Merewether Capital
The global horse racing wagering industry is a behemoth undergoing rapid change. The industry encompasses over 50 countries with an annual wagering turnover
www.merewethercapital.com.au
March 26, 2025 at 2:06 AM
I've penned a blog post to better outline the Racing and Sports Pty Ltd investment thesis, but in a sentence paying ~1.3x ARR and ~22x PBT for a fast growing, high margin, recurring revenue business is a very reasonable price. Blog post can be found below ⬇️
While a market correction is never fun to experience, they throw up new investment ideas and opportunities and late in the month we were able to build a material position in Racing and Sports, a provider of horse racing data and wagering services to bookmakers and racing authorities globally.
March 26, 2025 at 2:06 AM
While a market correction is never fun to experience, they throw up new investment ideas and opportunities and late in the month we were able to build a material position in Racing and Sports, a provider of horse racing data and wagering services to bookmakers and racing authorities globally.
The highlights came from CleanSpace Technology and Kip McGrath Education Centres who both exceeded my expectations, while LaserBond Limited and Aerometrex disappointed and need to work through some operational issues.
March 26, 2025 at 2:06 AM
The highlights came from CleanSpace Technology and Kip McGrath Education Centres who both exceeded my expectations, while LaserBond Limited and Aerometrex disappointed and need to work through some operational issues.
More importantly, February brought half year financial reporting season for the bulk of ASX listed companies, and on the whole I was pleased with our Fund holdings who continue to execute well and trade on reasonable valuations.
March 26, 2025 at 2:06 AM
More importantly, February brought half year financial reporting season for the bulk of ASX listed companies, and on the whole I was pleased with our Fund holdings who continue to execute well and trade on reasonable valuations.
Bad but coming good?
February 25, 2025 at 11:48 PM
Bad but coming good?
I missed the actual AGM unfortunately but met with Matt and Gary the next day and walked out super impressed by how clear their strategy was and the discipline they had to follow it.
Told myself I would buy some more, but the illiquidity meant a huge buy/sell spread and I never pulled the trigger!
Told myself I would buy some more, but the illiquidity meant a huge buy/sell spread and I never pulled the trigger!
February 24, 2025 at 11:07 PM
I missed the actual AGM unfortunately but met with Matt and Gary the next day and walked out super impressed by how clear their strategy was and the discipline they had to follow it.
Told myself I would buy some more, but the illiquidity meant a huge buy/sell spread and I never pulled the trigger!
Told myself I would buy some more, but the illiquidity meant a huge buy/sell spread and I never pulled the trigger!
Neither I can see break out by half, but for FY both in line with guidance ($260m rev, $17m PBT). PBT looks easy, rev needs a big 2H though. Given order book management would have good visibility though so should be fine.
February 23, 2025 at 10:44 PM
Neither I can see break out by half, but for FY both in line with guidance ($260m rev, $17m PBT). PBT looks easy, rev needs a big 2H though. Given order book management would have good visibility though so should be fine.
Nice pick up!
February 9, 2025 at 11:14 PM
Nice pick up!
Yep looking past the eye popping % increases, incremental $2.7m cash marketing (primarily digital) only generated incremental $1.2m revenue. To be fair 95% gross margins does heavy lifting if customers re-engage without extra CAC, but GMV fell last year with marketing spend wound back.
January 30, 2025 at 9:27 PM
Yep looking past the eye popping % increases, incremental $2.7m cash marketing (primarily digital) only generated incremental $1.2m revenue. To be fair 95% gross margins does heavy lifting if customers re-engage without extra CAC, but GMV fell last year with marketing spend wound back.
Slightly higher receipts through 1H25 has been matched by higher costs, entirely R&D with updates to the Libero library management software suite.
I'm happy with management running the business at ~$1m EBITDA/FCF and re-investing incremental dollars into R&D for now if ARR continues to grow.
I'm happy with management running the business at ~$1m EBITDA/FCF and re-investing incremental dollars into R&D for now if ARR continues to grow.
January 29, 2025 at 11:24 PM
Slightly higher receipts through 1H25 has been matched by higher costs, entirely R&D with updates to the Libero library management software suite.
I'm happy with management running the business at ~$1m EBITDA/FCF and re-investing incremental dollars into R&D for now if ARR continues to grow.
I'm happy with management running the business at ~$1m EBITDA/FCF and re-investing incremental dollars into R&D for now if ARR continues to grow.
Need more clarity on what is going on with PaulCamper I think. But it should be a very attractive marketplace!
January 29, 2025 at 11:15 PM
Need more clarity on what is going on with PaulCamper I think. But it should be a very attractive marketplace!