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 has announced FY21 revenues of $3.094m, an increase of 26.2% on the previous corresponding period (pcp) and ahead of our forecast for $3.0m. The core Rent.com.au delivered its maiden operating profit in FY21 of $0.117m, a significant achievement, in our view, in a year where COVID-19 hampered rental activity. The group EBITDA loss for the year was $0.69m, a 39% improvement on the loss reported in FY20 and despite the investment in the RentPay payments platform. We have upgraded our FY22 and FY23 forecasts by 1-2% following the result. Our base case DCF valuation of $0.35/share is predicated on RentPay securing 120,000 paying customers by FY23.
31 Aug 2021
Outperforming our forecasts and setting the tone for FY22
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Outperforming our forecasts and setting the tone for FY22
Rent.com.au Ltd (RNT:ASX) | 0 0 0.0% | Mkt Cap: 14.0m
- Published:
31 Aug 2021 -
Author:
Finola Burke -
Pages:
7
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 has announced FY21 revenues of $3.094m, an increase of 26.2% on the previous corresponding period (pcp) and ahead of our forecast for $3.0m. The core Rent.com.au delivered its maiden operating profit in FY21 of $0.117m, a significant achievement, in our view, in a year where COVID-19 hampered rental activity. The group EBITDA loss for the year was $0.69m, a 39% improvement on the loss reported in FY20 and despite the investment in the RentPay payments platform. We have upgraded our FY22 and FY23 forecasts by 1-2% following the result. Our base case DCF valuation of $0.35/share is predicated on RentPay securing 120,000 paying customers by FY23.