Wrkr Ltd (ASX:WRK) offers compliance solutions for Australian superannuation contributions and payroll including member onboarding, super payments, messaging and employee validation. WRK in conjunction with MUFG has been selected to deliver a comprehensive digital platform across clearing house, gateway and digital employer services to enhance AustralianSuper’s efficiency and compliance in superannuation administration. AustralianSuper has ~3.5m members, and we estimate half (~1.7m) are active. In terms of estimates, RaaS assumes 3.0m new users between FY25 and FY27, with REST (~0.9m) most advanced (trial completed but no contract in place). The addition of AustralianSuper would almost reach our forecast before any assumptions around other MUFG or direct clients. Given some uncertainty around timing of client migration we make no changes to our basic assumptions but reduce the discount rate used in our DCF (from 1.3x to 1.1x) as our assumptions firm around contracts in place. The result is an increase in our DCF valuation from $0.078/share to $0.10/share.
