EP&T Global (EPX) bundles hardware, software and professional services in a cost effective way for building managers. The technology enables building managers to extract circa 20% electricity savings, while streamlining ESG reporting. The EPX technology is installed in over 550 buildings across Australia, UK and the Middle East generating around $22.5k annually per building. The revenues are sticky with revenue churn less than 5% annually. The company are guiding annualized recurring revenue of $13.5 million for 30 June 2024. The shares on issue post raise are 588m plus 22m additional securities (EPXAM) with cash in the bank circa $2.8 million. The company has a tiny capitalisation at circa $17 million (2.8 cents) and an enterprise value at $14.3 million. The market capitalisation to 2024 annualised recurring revenue ratio sits below 1.3 times which is traditionally an attractive entry point for investors.
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