Qoria’s results were largely as anticipated, with cash flow and other metrics pre-reported in the recent quarterly. FY25 will be a watershed year with expected delivery of sustainable positive operating and free cash flow, as well as EBITDA breakeven after including capitalised R&D costs. Given increasing market penetration and global relevance after strong organic and inorganic growth, we believe Qoria remains a target. We maintain a takeover premium target price of $0.50 and reiterate our BUY call.
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