Wrkr Ltd (ASX:WRK) offers compliance solutions for Australian superannuation contributions and payroll including member onboarding, super payments, messaging and employee validation. We have taken the opportunity to incorporate the recent $15m capital raise into our numbers and fine tune client migration timing, which has resulted in reductions to our FY26 estimates, but an increase to our FY27 revenue forecasts as AustralianSuper (set to migrate between February and June 2026) is larger than our previous user assumptions. We also take a more aggressive view on near-term cost growth relative to revenue. Despite this our DCF valuation increases from $0.10/share to $0.11/share on the back of a lower beta (down from 1.1x to 1.0x) due to lower forecast risk (key contracts in place, the equity raise and the Payday Superannuation Bill 2025 introduced to Federal Parliament on October 9) but note forecast risk (both positive and negative) remains around timing and ultimate client user assumptions.
