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#Overlooked Business
Last edited 4 weeks ago

Ras Technology is a little fast growing business that doesn't seem to get much love or attention from Australian investors despite very attractive economics and some great growth. I don't know the business too well but from my understanding they provide racing data and analytics along with some software for a number of the large bookies.

I too have ever really followed the business but with shares falling 9% following the AGM update (for no apparent reason in their presentation) its a business with $18.9m in ARR (+43% yoy), FY24 revenue of $16.2m (+38% yoy), $8.3m in cash, high gross margins and finished FY24 cash flow and NPAT breakeven.

Its now trading at 2.5x EV/ARR which considering the growth and margins isn't very demanding. I have no opinion on the growth outlook but if they can just continue to grow at 15%+ p.a for the next few years and continue the bottom line trajectory it looks cheap.

I plan to have a look into this one over the weekend, hangover dependent and I thought it might be worth a post to see if anyone else has any thoughts or points of discussion for the business.


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#Industry/competitors
stale
Added 2 years ago

@robbierochow RAS Technology looks like it could be worth investigating further.

Equity Mates covered the betting industry at a high level in a recent podcast if you wanted some industry research starting points.

The growth of the industry in US is massive, with some big players fighting for market share.

https://equitymates.com/episode/disney-is-getting-into-sports-betting-earnings-wrap/

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