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RHP - RHIPE LIMITED


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Anyone else following this one?

 

Seeing strong growth in the core licencing business as a dedicated Microsoft reseller throughout APAC. Speed of onboarding new licencing customers seems to be gathering pace. Institutional top-heavy register. (Regal, Pie Funds, Australian Ethical Investment).

 

Negatives revolve around recent management sell down at $1.18 and changes in remuneration policy aligned to operating profit rather than EBITDA - Management argues that operating profit is a better measure of management performance as it excludes one off items outside of their control (currency fluctuations, etc), but shareholders are still subject to them.

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Haven't followed but noticed it on this list of 30 Upcoming Dividends in October

 

Had a quick look - apart from the directors selling, noticed Regal & Credit Suisse have also recently reduced/taken some profits? UBS buying recently (not shorting :biggrin: yet anyway)

 

Rhipe Ltd

 

Rhipe Ltd (ASX: RHP) has now sold over 300,000 Office365 user subscriptions as part of its Microsoft Cloud Solutions Provider (CSP) public cloud program. In addition, we continue to see significant growth in revenue from MicrosoftÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s public cloud infrastructure product, Azure.

 

Dividend ex-date: 4/10/18

 

Dividend pay date: 24/10/18

 

Annual dividend yield: 1.29%

 

Not a lot of short positions

https://www.shortman.com.au/stock?q=rhp

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  • 1 month later...

Trading update provided alongside provided alongside Chairman commentary at the AGM, Operating profit guidance is up 5-15% to $10.5-11.5m on the back of $2.8m operating profit announced for Q1FY19 (up 133%)

 

Share price up to $1.40 after consolidation in the $1.05 - $1.20 range with Shaw and Partners, Bell Potter, and Morgans lifting SP targets to $1.55, $1.60 & $1.44 respectively. Capturing strong growth in the shift to subscription service for software rather than full upfront payment but any move higher might stretch some of the multiples it's trading on (currenty ~17x EV/EBITDA and ~30-35x PE).

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  • 2 years later...
rhipe delivered a resilient performance despite the impact of COVID-19 on many of the small and midsize businesses that rhipe serves across Asia Pacific. The result was achieved due to continued strong growth in Microsoft Cloud Solutions Provider or ‘public cloud’ program for Office365 and Microsoft Azure. Our ongoing investments in Microsoft public cloud capabilities over the last five years has driven the growth in the Group with Microsoft CSP now accounting for over 75% of the growth in software licensing sales in 1H FY21 and 40% of total licensing sales for the Group. We continue to invest in our CSP capabilities most notably with our recent entry into the Japan market where cloud penetration lags other developed nations.

 

 

rhipe also continues to invest in our Solutions business which provides support and consultancy services to our vendors and partners. This investment is focused on expanding our technical support as a service offering, consultancy services centred on Microsoft Dynamics and investment in our encryption software product SmartEncrypt, which was officially launched at the beginning of February 2021. rhipe will continue to invest in these operations with the objective of increasing the revenue and profitability of our Solutions business.

 

 

During 1H FY21 rhipe acquired 100% of Parallo, a New Zealand-based Azure managed services business. Parallo focuses on managing the cloud environment for independent software vendors and software-as-aservice providers allowing them to focus on core product development and customer needs. The acquisition of Parallo will allow us to support the expansion of our partners’ Microsoft Azure capabilities to their end customers.

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  • 2 months later...

As a result of the strong performance in the third quarter 3Q21, rhipe expects its full year operating profit for the financial year ending 30 June 2021 to be in excess of $18 million ahead of previously disclosed guidance of $17.5 million. This operating profit guidance excludes any changes in market conditions.

In addition to the solid financial results, rhipe’s 01 April 2021 acquisition of cyber security distributor, emt Distribution, is expected to complete on 30 April 2021. The acquisition strengthens rhipe’s presence in security software distribution and will expand rhipe’s offering to the enterprise market, providing a full spectrum of security solutions from a wide choice of vendors to both our existing and new Partners.

emt is an Australian headquartered cyber security distribution specialist that focuses on sourcing innovative security software vendors and working with channel partners, to deliver both on-premise and cloud-based security solutions, aimed at protecting companies against cyber security attacks. emt has operations in Australia, the Middle East and Asia, with 40 employees and sales of $26m across these locations.

 

The acquisition strengthens rhipe’s presence in security software distribution and will expand rhipe’s offering to the enterprise market, providing partners with a full spectrum of security solutions from a wide choice of vendors, to help them build their own security portfolio. The acquisition complements rhipe’s existing cyber security software offering centred around Microsoft’s product stack and also the recent launch of rhipe’s own SMB focused encryption product “SmartEncryptâ€.

 

emt was founded in 1988 and has a portfolio of over 15 security vendors that offer cyber security solutions, catering to the needs of both small and medium businesses and large enterprise companies. Services provided by emt include pre and post sales technical support and professional services.

 

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  • 2 months later...

rhipe notes the recent Oslo stock exchange announcement by Crayon Group Holding ASA (CRAYN.OL) in which Crayon stated it is pursuing an acquisition of a leading player with a similar business model.

 

rhipe confirms that it has received a confidential, non binding, conditional proposal from Crayon (www.crayon.com) to acquire 100% of the shares in rhipe by way of a scheme of arrangement for $2.50 per rhipe share (less any dividends or distributions declared by rhipe after the date of the proposal).

 

The Proposal assumes a net cash position of rhipe at closing of at least $31 million, and a few other conditions

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RGP jumped to the $2.50 level yesterday,,.... and today has risen a few cents more, closing at $2.55

 

Our preliminary estimates put Rhipe ... if being acquired at the peers multiple with our estimate of synergies .... at $2.66. With a more typical control premium on top of this, that would equate to $3.40. We would expect further interest (if around) to generate a price closer to $3. We note this excludes any vendors that may be brought to Rhipe.
.... a Shaw and Partners analyst
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  • 4 months later...

On 04 November 2021, Rhipe Limited (RHP) was removed from the ASX Official List in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement between RHP and its shareholders in connection with the acquisition of all the issued capital in RHP by Crayon Software Experts Australia Pty Ltd, an indirectly wholly owned subsidiary of Crayon Group Holdings ASA.

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