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.