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 provided an update on the first 30 days of its transaction engine RentPay with 2,400 downloads of the app to date and a 54% activation rate. This is in line with the company’s expectations for the app at this point. Rent.com.au is targeting to have 200,000 paying customers on RentPay by June 2023, which is just under 10% of rental households. This is a higher penetration rate than we have applied to our base case valuation of $0.35/share. The company also announced that it has appointed former New York based brand strategy director Hayley Parker as General Manager - Marketing for the company. In previous roles, Ms Parker launched JP Morgan Chase’s US investing app, and led brand strategy at both US and Australian financial and consumer brands including eToro, National Australia Bank, Kmart and Macys. Ms Parker will now oversee a much broader marketing campaign for RentPay, initially focused on Rent.com.au’s existing channel of 700,000 monthly users and then extending to the entire rental community of 2.5m+ households. In our view, the current share price of $0.155/share houses little for the company’s move to a transactions-based business.
11 Jun 2021
Positive response to RentPay in its first 30 days
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Positive response to RentPay in its first 30 days
Rent.com.au Ltd (RNT:ASX) | 0 0 0.0% | Mkt Cap: 14.0m
- Published:
11 Jun 2021 -
Author:
Finola Burke -
Pages:
5
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 provided an update on the first 30 days of its transaction engine RentPay with 2,400 downloads of the app to date and a 54% activation rate. This is in line with the company’s expectations for the app at this point. Rent.com.au is targeting to have 200,000 paying customers on RentPay by June 2023, which is just under 10% of rental households. This is a higher penetration rate than we have applied to our base case valuation of $0.35/share. The company also announced that it has appointed former New York based brand strategy director Hayley Parker as General Manager - Marketing for the company. In previous roles, Ms Parker launched JP Morgan Chase’s US investing app, and led brand strategy at both US and Australian financial and consumer brands including eToro, National Australia Bank, Kmart and Macys. Ms Parker will now oversee a much broader marketing campaign for RentPay, initially focused on Rent.com.au’s existing channel of 700,000 monthly users and then extending to the entire rental community of 2.5m+ households. In our view, the current share price of $0.155/share houses little for the company’s move to a transactions-based business.