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$0.290
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#Bull Case
Added a week ago

Has been sold down this year but is continuing with increased growth. Think as we come out of covid restictions things should continue to improve for this company. 

Expansions internationaly provide opportunity if they can continue to exercute well.

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#Bull Case
Added a week ago

Another great 4c. Still some metrics

not being reported in a reliable manner and expenses increasing. 
muted SP response likely reflects inevitability of upcoming cap raise and hence dilution. Will no doubt drop lower around this time. 
will be looking to add a further small amount when opportunity presents itself. 
with such tiny companies DCF is challenging and even a rough EV/S is difficult as a couple of large enterprise customer contract wins blows the "S" up out of all proportion. 
25-50% quarterly increases in ARR can be expected in the short term, making the valuation leap spectacularly. The big question is if they can sustain these wins as a percentage of total sales rather than an absolute number ( which will become less and less meaningful as the MC grows)

hopefully they can but super high risk. 

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#ASX Announcements
Added a week ago

https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02396481-6T3L8B0N4MTF2R3M6VJQ606RHI/pdf?access_token=0007dEODckH6kl1155TVCkW7fauD

intellihr quarterly announcement. Continues with growth, no profit as yet.

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#Poor Reporting Practices
Added 3 months ago

I've been running the ruler over IntelliHR the last couple of days after discovering Shaw and Partners EV to ARR growth metric and data on 26 SaaS companies. I shamelessly stole their data for my records and started adding some extra companies in. Originally I thought it suggested IHR is a bargain until I collated all intelliHR's quarterly results and discovered the growth is not as high as their headline figures would lead you to believe. I'll preface this by saying I did dig pretty deep and I uncovered a business with a great, very scalable product, it has exceptional customer reviews, a huge addressable market, and an aligned founder CEO with a deep understanding of HR and the HR software market. I haven't bought shares yet and am still considering doing so. However I also discovered inconsistent cherry picked financial figures selected for reports that I am left to assume the CEO is trying to use to justify their stretched valuation. 

In their most recent quarterly results they reported a string of convoluted headline figures including "YoY Record Q3 New Customer Rev$ Acquisition" ^111% (they have a habit of reporting on growth in growth), "YoY Record Q3 Invoiced Revenue" ^82% (doesn't coincide with any other reported figures), "YoY Contracted Subscriber Headcount Growth" ^242%, "YoY Increase in Q3 Cash Receipts, Annualised is now $2.9 Mil" ^132% (why annualise lumpy quarterly reciepts?)
All strange headline figures which might be ok if they were consistent, but these were seemingly selected based on which figures looked best with no aim of being consistent with previous quarters. You'd think some headline figures might have been revenue retention, ARR growth, receipt growth, customer retention, customer growth? For example you have to dig deeper to discover their revenue retention has steadily deteriorated since reaching a high of 128% in Q3FY20 (when they were very happy to include the figure in headlines) to 99.5% this quarter. They seemed to try to transition towards reporting customer retention instead the last 2 quarters which was an impressive 100% and 99% however this was not reported at all in the most recent quarter. 

They also released an update the day before their quarterly with a different set of headline figures including "Record New ARR Added H2 FY21 vs H2 FY20" ^304%. A very impressive number that is also very difficult to compare to anything or derive great meaning from. Finally even when you read on in the quarterly you will see "Annual Recurring Revenue increased $308k during the quarter being 111% higher than was achieved in Q3 FY20" this is just plain wrong, whether you look at it as 111% higher than Q3 FY20 ARR or 111% higher than the growth from Q2 to Q3 FY20, and you can see it's wrong by looking at the adjacent chart..

So here are the actual growth figures: 
ARR 82.4% YoY, 10% QoQ to $3,174k and ave. 15% over 8 Qs
Receipt from customer 132% YoY, 29% QoQ to $718k
Growth in customers 80% YoY, 12% QoQ to 169 customers

Another misleading figure in the pre-quarterly announcement headline figures was "H1 vs H2 average lead generation" ^100% which I have seen excitedly quoted over on hotcopper. Guess what? They have more than trippled their spend on advertising and marketing in the quarters preceding and during the respective halves..

The bottom line is IHR do have great growth figures, somewhere close to doubling ARR, customers and receipts on an annual basis. They are not growing at 200 or 300% per year as some of the headline figures may lead you to believe, so do they justify an EV/ARR multiple of 27.7? My favorite company dropsuite is growing ARR at a similar rate of 78% YoY and trades at EV/ARR of 11.9 and it doesn't lose $1.5m per quarter to achieve that growth. Perhaps it doesn't have as large of a market opportunity but it's also not competing with the likes of SAP and other huge well capitalised incumbents. What's more, compare the most recent quarterly results announcements of the two, scanning over dropsuite's headline figures is a breath of fresh air after the last 2 days researching IHR. See valuation for the EV/ARRG ;)

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#New Non~Exec Director
Added 3 months ago

30/4/21

Appointment of Cloud Technology Growth Leader to intelliHR Board

After their announcement reporting stellar 1/2 yearly growth as reported by Chagsy yesterday, they have today reported a stellar new member to the board...

intelliHR Limited (ASX: IHR) is pleased to announce the appointment of Belle Lajoie as a Non-Executive Director. Belle brings a wealth of experience in fast-growing cloud-based technology businesses and her appointment provides the Board and management with access to her many learnings from these experiences just as it commences a period of rapid international growth.

Belle has played integral roles in driving the operations and commercial success of a number of Australia’s most successful technology start-ups including NEXTDC (ASX:NXT) and Megaport (ASX:MP1). During her six years with Megaport as Global Chief Commercial Officer, she was a key part of the team that grew the company from start-up to global enterprise with a market cap of over $2Billion.

In 2019, Belle was appointed as Chief Executive Officer at Bevan Slattery-founded data centre and cloud services directory provider, Cloudscene. Belle has led the start-up into its next growth phase and is overseeing the ongoing development of the product roadmap and software development implementation, high-level growth plans for marketing, sales and data teams, the management of HR, and operations, training, and GDPR compliance. She also sits on both the internal and external Cloudscene advisory boards.

intelliHR Chairman, Mr Tony Bellas, welcomed the appointment, stating that Belle is an exciting addition to the intelliHR board at a crucial time in intelliHR’s growth trajectory.

“Her experience scaling teams both in Australia and internationally will be an asset to intelliHR's plans for rapid and global expansion”, Mr Bellas said.

Belle will replace Alan Bignell who is retiring from the intelliHR Board. In thanking Alan for his service, Chairman Mr Tony Bellas paid tribute saying that Alan’s Global SaaS experience had proven to be invaluable to the board as it has navigated the challenges of globalizing and scaling intelliHR.

“Alan has provided counsel to the business over a number of years, and I am very pleased that he will continue to offer this post his retirement”, Mr Bellas said.

Authorised by the Board of intelliHR.

Disc: I hold

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#ASX Announcements
Last edited 3 months ago

Extraordinary stuff from IHR. the Slattery Midas touch continues

disc: small holding

K Expansion underpins record H2TD growth
304%
Record New ARR Added H2 FY20 vs H2 FY21*
$3.55m
Contracted ARR
35,080
Total Subscribers YoY Growth of 2.7 times
100%
H1 vs H2 Average Lead Generation
? intelliHR is pleased to announce its Q3 expansion into the UK market has been rewarded with a cornerstone UK enterprise customer win
? 3 enterprise customer conversions in H2 FY21 to date (previous best was 3 wins in the full H1 FY21)
? Record new ARR acquisition in H2 FY21 to date – up 304% YoY* from H1 FY20
? Record new Subscriber growth in H2 FY21 to date – up 510% YoY* from H1 FY20
? Contracted Annual Recurring Revenue (ARR) increased to $3.55M as 28 April 2021
? Contracted Subscribers increase above 35,000 - nearly tripling YoY
? High quality customer base continues to grow with strong retention continuing
? Lead growth has doubled in Q3 FY21 to date with global expansion opening new markets
The first 4 months of 2021 saw intelliHR Limited (ASX: IHR) deliver continued improvement in key growth metrics including New Recurring Revenue, Subscribers, and Customers.
intelliHR has expanded into the UK/European market with the establishment of an instance of the intelliHR software platform in a European Union-based data centre supporting both European and North American market. This has already been rewarded with new business growth in H2 FY21 including the acquisition of a major new UK enterprise customer. The conversion of TRU West Alliance results in intelliHR partnering with ARUP, a leading global engineering group. The 36 month contract will support up to 1000 designers employed in the initial phase of the TRU West Project that is expected to generate revenue of between $280,000 and $511,000 AUD in the next 12 month period. With as many as 10,000 team members potentially joining the TRU West Alliance Project over its expected 7 year project life, there is considerable potential revenue upside beyond the first phase.
*- H2 FY20 vs H2 FY21 – compares data from 1st of Jan to 28h of Apr in each respective year
29 April 2021
  dgfhdtgdgdf*- H1FY20 gssdgfsdfs*1

 29 April 2021
intelliHR Managing Director, Rob Bromage, said: “Following our North American market successes, we chose to accelerate our expansion into the UK market. This decision has already been rewarded with ARUP and the TRU West alliance choosing to partner with intelliHR through competitive tender. Engineering Group ARUP represents a prestigious cornerstone UK/European customer that will be supported by a new instance of intelliHR’s platform in AWS’s EU region. With Enterprise Client successes in APAC, North America, and now the UK/Europe, intelliHR is clearly being recognised as an Enterprise HR and People Management platform capable of supporting global business needs”.
In addition to the ARUP/TRU West Alliance, intelliHR is also pleased to confirm the addition of another 2 Enterprise conversions in H2, with innovative container processing business, Young Guns, and Australia’s largest specialty baby goods retailer, Baby Bunting.
“The diversity of industries the intelliHR platform is supporting from these three recent Enterprise conversions alone clearly demonstrates the exciting market opportunity available to us”, said Mr. Bromage.
In selecting intelliHR, Young Guns HR Project Manager David Collins said: “We chose intelliHR through a competitive tender, they have demonstrated they can competitively create a solution which transforms our HR eco-system and is capable of meeting the current and future needs of Young Guns. The support through the tender process was second to none, and they responded to our needs in a manner which made choosing intelliHR as a partner very easy.”
These new Enterprise customers join other recent Enterprise conversions, OSLRS, Scope Australia, and Emerge Aotearoa. They also join other longer-term enterprise accounts, My Health, Fujitsu, Contact Energy and DBM Vircom, amongst others.
Authorised for release by the Board of intelliHR.
     

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#H1FY21 Results
Added 5 months ago

International expansion underpins record 1st Half Growth

intelliHR Limited (ASX: IHR) announces record performance for 1H21 with significant improvement across all major metrics, including revenue, cash flows, customer numbers, and customer retention. 

  • Contracted annual recurring revenue grew by a record $919,000 to $2,874,000, an increase of 82% on 1H20 and 47% on 2H20.
  • Contracted subscribers increased by a record 14,639 to a total of 29,170 as at 31 December 2020, an increase of 147% on 1H20 and 101% on 2H20.
  • Invoiced revenue growth of 81% over 1H20 and 38% over 2H20, with annualised invoiced revenue as at 31 December of $2,595,855.
  • Three successful enterprise contract wins delivered a 288% increase in 1H21 new subscribers per account, with a 58% YOY increase in ARR per account.
  • Total new contracted customers in 1H21 increased 60% YOY to 43 new customers added.
  • Net Cash used in 1H Operations reduced by 20% YOY, supporting a strong forward cash position of $6.859m as at 31 December 2020.

https://www.asx.com.au/asxpdf/20210219/pdf/44sv01yk5pmjwd.pdf?utm_source=marketo&utm_medium=email&utm_campaign=2021.02.February.Shareholder-Update-01&mkt_tok=eyJpIjoiTWpneVlXVTFOVE0xTURNeSIsInQiOiJ1Sm5udXlQZWxlMFwvdHZ5TDArNGsrWDBsTU5lemJnUjd2RjQ4aEJMXC92VHdzWUFGeVZuS2ZxRmR1YzlTcVwvSFwvNUo1bFNlb3BpWTZsMjhYdVlLNjhNQXFZb2hUa1JMT3ZQclRJZmtPVDNSNnNNY0hpS01vcVJ6Vzc0XC9YNVdNN2EyIn0%3D

DISC: I hold

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#H1FY21 Result 19/2/21
Added 5 months ago

International Expansion Strategy Underpins Record First-Half Growth

  •  Contracted annual recurring revenue grew by a record $919,000 to $2,874,000, an increase of 82% on 1H20 and 47% on 2H20.
  • Contracted subscribers increased by a record 14,639 to a total of 29,170 as at 31 December 2020, an increase of 147% on 1H20 and 101% on 2H20.
  •  Invoiced revenue growth of 81% over 1H20 and 38% over 2H20, with annualised invoiced revenue as at 31 December of $2,595,855.
  •  Three successful enterprise contract wins delivered a 288% increase in 1H21 new subscribers per account, with a 58% YOY increase in ARR per account.
  •  Total new contracted customers in 1H21 increased 60% YOY to 43 new customers added.
  •  Net Cash used in 1H Operations reduced by 20% YOY, supporting a strong forward cash position of $6.859m as at 31 December 2020

4D & and Half Year Report

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02343547-2A1281541?access_token=83ff96335c2d45a094df02a206a39ff4

Disc : I Hold

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#New Non-Exec Director 19/2
Added 5 months ago

APPOINTMENT OF ILONA CHARLES AS A NON-EXECUTIVE DIRECTOR

INTELLIHR LIMITED (ASX Code: IHR) is pleased to announce that Ilona Charles has joined the Board of intelliHR Limited as a non-executive Director effective today.

Ilona Charles is an experienced executive with an extensive career in human resources, transformation and change across multiple industries. She has been the Chief People officer for Aconex, CSIRO and Medibank and has held senior executive director roles with Telstra and NAB. Ilona is a Non-Executive Director with Goulburn Valley Health and LaunchVic and holds an advisory role to the People Committee and Board of the Burnet Institute. Ilona brings a wealth of experience and a unique combination of skills in HR, SaaS, start-ups and corporates and is passionate about supporting and enabling fast growth companies. She is the co-founder of shilo., a national HR consultancy providing world class on-demand HR talent. Ilona is also the founder of pivotnow, a strategic advisory business with a focus on people.

This announcement has been authorised for release to the ASX by the Chairman, Tony Bellas.

I haven't heard of Ilona before, but its a pretty impressive CV

DISC: I hold

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#1/4ly Report 29/1/21
Last edited 6 months ago

International expansion strategy delivers record new business growth in Q2

Up ~ $522k  Record 23% ARR Growth in Q2 FY21

Up 77% ~ Proportion of New Q2 FY21 Subscribers attributed to Nth           America

Up 147% ~  YoY Contracted Subscriber Headcount Growth 47% in Q2 FY21

Up 40% ~  YoY Net Cash Outflows Reduced by 40%

intelliHR Limited (ASX: IHR) is pleased to report record New Annual Recurring Revenue growth of $522k in the quarter - a 23% increase in Annual Recurring Revenue and a 24% increase in Invoiced Revenue quarter on quarter (QoQ). Q2 FY21 subscriber growth was 47% QoQ and 147% higher YoY – this accelerating growth was driven by our recent North American and UK market expansion where 7 customer Q2 contracts were converted including a major American cornerstone customer. APAC growth remained steady including the addition of a new NZ enterprise customer. In total the number of new contracts in Q2 was 26% higher than the previous quarter which was itself a record. Contracted subscribers grew during Q2 by 47% and have more than doubled in the first half of FY21. Global Subscribers now account for 41% of total subscribers which validates the potential of our global growth ambitions. The business has continued to see strong customer and revenue retention with less than 0.5% of revenue lost in the last 12 months not withstanding the impact of Covid. Customer receipts remain strong with no bad debts. IntelliHR supports businesses across 18 countries and continues to maintain a customer NPS of 70.

DISC: I hold

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