The strategic update from Qoria fleshes out the rationale for rejecting last month’s opportunistic bid from K1. It highlights Qoria’s scale, global relevance, organic and inorganic growth opportunities, and reiterates its expectation that this calendar year will see the important positive operating cash flow and run-rate EBITDA inflection points. Our valuation supports the current share price and our $0.52 target price (prior $0.50) incorporating a takeover premium underpins a maintained BUY call.
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