Audinate Group Ltd

AD8: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$68.80	Wccpdm	Bsvwbkcf

Audinate Earnings: A Highly Volatile Transition Year

Roy Van Keulen

Aug 19, 2024

We maintain our AUD 18.50 per share fair value estimate for narrow-moat Audinate following the release of its fiscal 2024 results. The company released fiscal 2024 results on Aug. 6, 2024, including its outlook for fiscal 2025, which shocked markets. The company guided for a decrease in revenue in fiscal 2025 and flat to slightly negative gross profit growth, compared with market expectations for more than 20% growth for both. The current release provides more detail and shows that the company and industry are transitioning from hardware-based to software-based sales, which come with lower per-unit revenue and gross profits.

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