Pureprofile Ltd (ASX:PPL) is a data analytics, consumer insights and media company underpinned by proprietary technology, servicing business decision makers in brands and media companies as well as market researchers. Pureprofile has confirmed, as previously announced on 30 January, that H1 FY24 revenue was $24.0m, with platform revenue contributing $4.4m, a 104% increase on the previous corresponding period (pcp). EBITDA, adjusted for significant and non-cash items, increased 9.6% to $2.37m. Reported NPAT for the half was $3,888, a $509k turnaround on the pcp. The result was ahead of our forecasts in terms of revenue, EBITDA and NPAT, driven by better-than-expected platform revenue and Rest of World (RoW) revenue and improving operating margins. RoW revenue including platform revenue was up 22% to $10m with platform revenue substantially-ahead of our estimate for $3.2m. PPL affirmed its FY24 guidance for revenue of $46m to $51m and EBITDA margin (excluding significant items) of 7% to 9%. We have made minor adjustments to our forecasts, having incorporated the H1 result with our revenue and EBITDA margin remaining within the guided ranges. Our DCF valuation remains at $0.097/share on a fully-diluted basis for in the-money options and performance shares. On the current share count, the valuation is $0.105/share.
