In this weeks latest ASX equity research newsletter (free to sign up for) there was a coverage initiation piece on UBN by broker Taylor Collision, rating it as a SPEC BUY.

"UBN provides a software as a service (“SaaS”) solution in the strata management and facilities management outsourcing industries. After a challenging period following the signing of PICA Group in 2015, UBN is close to becoming a cash- flow-positive and profitable business:
• The completion of the roll-out to the PICA Group - The PICA Group has financed the development of the strata software and enabled UBN to offer a best-in-class solution. Having taken significant time and effort, the finalisation and acceptance by PICA vindicates product quality and enables UBN to pivot its focus to sales.
• Most of UBN’s upfront costs including building the platforms, investing in marketing and onboarding some major customers are now complete. As more customers commence paying licencing fees, which are more profitable, UBN should begin to generate strong operating cash flows.
With positive macro-economic themes, quality customers on both platforms and the investment in the product and marketing, UBN is positioned to grow significantly. We initiate coverage of UBN with a Speculative Buy."
 

Full report at the link: https://www.taylorcollison.com.au/wp-content/uploads/2021/09/UBN-Initiation.pdf