KINATICO LIMITED (KYP)
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28/08/2025

1

Buy

$0.35

9.37%

FY25 revenue of $32.1m for Kinatico was pre-released. Earnings (EBITDA) of $4.3m and profit of $1.1m came in modestly below Bell Potter's forecasts due to lower capitalised R&D of $3.7m versus the broker’s $4m forecast.

Operating cash flow (OCF) of $5.3m was ahead of the broker's expectations, and closing cash was $10.2m. No dividend was declared.

Management did not provide guidance but expects continued growth in workforce compliance technology, supported by new product launches. The broker's revenue forecasts for FY26 and FY27 remain unchanged, with growth in the low to mid-teens.

Bell Potter cuts its FY26 earnings forecasts by -6% and FY27 by -3% due to lower capitalised R&D, though strong earnings growth is still expected in both years. The broker retains a Buy rating with a 35c target price.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.70 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.30 cents.

27/05/2025

2

Outperform

$0.27

-15.63%

Taylor Collison has seen Kinatico's new platform and believes it is well-suited to the needs of sectors like health, industrials, manufacturing and financials that are burdened by fragmented compliance processes.

The company's existing platform is also growing its customer base, including a panel position with NSW Treasury.

The rollout is progressing well, and while the formal launch is slightly below the broker's forecasts, it believes the staggered rollout is a prudent approach. At scale, the broker expects over 80% gross margins, offering strong operating leverage.

Outperform. Target lifted to 27c from 22c.

FORECAST
Taylor Collison forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.80 cents.