Rent.com.au Limited (ASX:RNT) is a purpose-led company seeking to empower home renters through their rental profile, rental bond and payments and through a growing number of aligned transactional services. The company delivered a 24% lift in revenue in H1 FY21 to $1.49m, and better than forecast Gross Profit of $0.95m, an increase of 31% on the previous corresponding period and ahead of our forecast for $0.88m. The underlying EBITDA loss was $0.28m, in line with our expectations, and an improvement on the $0.67m loss reported a year ago. We have made very minor adjustments to our FY21 forecasts to incorporate the result. As we flagged in our recent initiation report, Rent.com.au is about to enter a transformative period with the launch of RentPay, which will give the company an opportunity to extend its relationship with renters into the rental tenancy period and beyond with transactional products such as telecoms, loans and finance products. Our base case valuation of $0.35/share is unchanged.
26 Feb 2021
A line in the sand result
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A line in the sand result
Rent.com.au Ltd (RNT:ASX) | 0 0 0.0% | Mkt Cap: 14.0m
- Published:
26 Feb 2021 -
Author:
Finola Burke -
Pages:
6
Rent.com.au Limited (ASX:RNT) is a purpose-led company seeking to empower home renters through their rental profile, rental bond and payments and through a growing number of aligned transactional services. The company delivered a 24% lift in revenue in H1 FY21 to $1.49m, and better than forecast Gross Profit of $0.95m, an increase of 31% on the previous corresponding period and ahead of our forecast for $0.88m. The underlying EBITDA loss was $0.28m, in line with our expectations, and an improvement on the $0.67m loss reported a year ago. We have made very minor adjustments to our FY21 forecasts to incorporate the result. As we flagged in our recent initiation report, Rent.com.au is about to enter a transformative period with the launch of RentPay, which will give the company an opportunity to extend its relationship with renters into the rental tenancy period and beyond with transactional products such as telecoms, loans and finance products. Our base case valuation of $0.35/share is unchanged.