SMRT has delivered a highly encouraging 1HJul21 today, with key asset SwipedOn delivering >60% revs growth, >70% ARR growth and moving to EBITDA b/e. This note reviews in detail the value proposition for both SwipedOn and Space Connect as well as the opportunities ahead. We believe that increased flexible working and contactless check-in will provide a tailwind to an already high growth business. SwipedOn is delivering best-in-class SaaS metrics, while Space Connect has inked promising reseller agreements with Softcat and Evoko. We look at scenario’s where SmartSpace could be worth almost twice the current mkt cap.
