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Transcript of RP Data Ltd - · PDF fileRP Data Ltd Annual General Meeting ... PPT acquisition #1 Desktop...
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RP Data LtdAnnual General Meeting29 October 2007
"Real Property knowledge you can trust"
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Chairman: Mr Ted Pretty
Directors: Mr Ian FraserMr Ken DeGiorgioMr Jerry Houerauf
CEO: Mr Graham Mirabito
Company: Mr Warwick FaceSecretary
Auditor: Mr John Wigglesworth KPMG
Key Attendees
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Chairman’s Address
ASX ListingListing on 15 December 200640% free float with strong institutional support
Prospectus Performance
Exceeded forecastFY08 guidance of 25% EBITDA growth
DividendsFY07 dividend 1.75 cents/share ~ 91% NPATOngoing dividend policy of 60-70% NPAT
GovernanceExperienced Board / sound governance Stable and performing management
Investment Strategy
4 bolt-on acquisitionsPPT acquisition #1 Desktop ValuerAcquisitions EPS accretive 12-24 months
Market OutlookInterest rates rises & stock shortages an issueBusiness not cyclical market non-homogenousVolatility encourages increased data usage
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FY07 Company Highlights
Strong growth Revenue up 19% to $31.773M
Highly profitable EBITDA up 30% to $16.412, EBITDA margin 52%
Customer growthAverage monthly subscribers up 13% to 7,718Average monthly spend up 7% to $284/month
Market Leadership#1 in all mainland states and NZ#1 in consumer property reports
Portfolio ExpansionAcquired Cityscope #1 Commercial InformationAgreed to acquire PPT #1 Desktop ValuerValuation services contract, $4m Rev over 3 yrs
Strategic Alliances performing
Launched Indices with RismarkLaunched AVMs with FARES technologyF
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Strong organic growth in core data service driven by:- subscriber numbers and- spend
Acquisitions supplementing revenue and EBITDA growth
Consumer report and information brokerage revenue growing strongly
Commencement of Valuation Services
NPAT significantly impacted by “one-off” costs in FY07
Summary Statementof Financial Performance
($'000s)FY05
StatutoryFY06 Pro
FormaFY07 Pro
FormaFY07
Statutory
Revenue 25,372 26,731 31,773 31,773
EBITDA 11,924 12,627 16,412 10,665
EBIT 8,635 9,221 12,478 6,731
NPAT 8,103 2,657
EBITDA Margin 47% 47% 52%EBIT Margin 34% 34% 39%
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Avg Customers numbers & Customer Spend Exceeded
Exceeded Forecast: Avg Nos: 7,718 v 7,373 Avg A$: $284 v $280
Avg Subscriber Nos: – 6 months of small acquisitions Home Open & Localwise– 1.5 months of larger Cityscope acquisition
5,000
5,500
6,000
6,500
7,000
7,500
8,000
FY2005Statutory
FY2006Pro forma
FY2007Actual
$250
$255
$260
$265
$270
$275
$280
$285
$290
Average monthly number of subscribers Average monthly spend per subscriber (A$)
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Australia’s leading property database -
FY07 Investment in Data & Delivery Technologies $6M
FY08 investment will be a 50% increase to $9.0MExceeds revenue of RP Data’s competitors
80M records (20M new, 13M of which are proprietary)97% coverage of properties, 128,000 added94% with imagery up from 43%587,000 new sales records2.8M On The Market listings added, over 500,000 activeAll residential properties valued every week by FARES24.8
15.611.9
7.9
34.5
16.2
12.1 10.7
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
Imagery Sales History Addresses On The Market
FY06FY07
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Grow core business867 increase in average subscribers 3 bolt on acquisitions SA, WA, VICSuccessful repackaging , Predictive CMA, RP CRM
Expand into relatedsegments
Launched RP Finance for mortgage finance sectorIncreased penetration in finance segment to 500 customersAcquired Cityscope
Launch ValuationServices portfolio
Launched AVMs and Australia’s first Hedonic Property IndexSigned over $4M in revenue on a 3 year contract
Build leading consumer presence
Grown from #6 to #1 consumer reports site in AustraliaNew MY RP site to be launched with Michael CatonEstablished quality advertising revenue stream
Increased databasesGrowth from 60m to 80m records, 97% coverage Aust/NZ20m new records, 13m proprietary and new sources Signed Tasmanian government licence to complete Australia
FY07 Achievements Consistent with Stated Growth Strategies
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Grow core business
Deploy RP Xtream next generation delivery platformIncrease packages and bundles for sub-segmentsIntroduce business intelligence services from metadata
Expand relatedsegments
Expand Cityscope locations and leverage RPX sales forceIncreased penetration in mortgage finance intermediaries Increase valuer customer base through PPT
Leadership in Valuation Services
Leverage PPT to introduce AVMs through existing platformsDeploy FARES decision and analytics platform via PPTSupport indirect channels to major financial institutions
Increase Consumer services
New MY RP site launch with Michael Caton promotionNew subscription based packages to secure investorsCreate community for lead generation with services providers
Expand and leverage databases
Increase proprietary data setsAcquire new datasets and data entry technologiesLeverage metadata and custom data outputs
FY08 Strategies expected to deliver 25% EBITDA growth
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WAH 4.1%U 7.9%D 66V - 3.8%
NTH 7.1%U - 0.9% D 75.5V – 3.8%
SAH 8.4%U 14.5%D 62V – 7.3%
QLDH 4.5% U 10.2%D 26V - 4.1%
NSWH 2.1%U 2.7%D 33V - 5.2%
ACTH 0.6% U 7.7% D 28V – 2.4%
VICH 5.7% U 4.3% D 34 V - 5.3%
LegendH – HouseU – UnitD – Days on MarketV – Vender Expectation Error
Australia’s property market recovery increases the need
for better property intelligence
Brisbane long term pick
Adelaide leads growth on low volumes
Melbourne good growth fundamentals
Sydney recovering but mainly inner city
Perth slowed
Darwin takes stock
Canberra properties selling fast
Home price affordability increasingly an issue
June quarter RP Data-RismarkHedonic index
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6,000 registered users since launch, record $30,000/week
Allows Australian’s to manage property portfolio in real time like financial assets
Michael Caton of Hot Property and The Castle hired as the “face” of MYRP
Launch of www.myrpdata.com
Increasing Consumer leadership
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Tim Lawless joins RP Data as Director Residential Property ResearchRP Property Pulse launched, 18 local newspapers publishing it within 4 weeksRP Data Property Investment reports debut in BRW
Property Research Division created
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Expansion of Professional services
Launch of National mobile training team
6,000 professionals trained last 12 months
Lead Generation program leveraging — RP property Pulse
— myrpdata.com
— Caton campaign
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Commercial Property Monitor Acquisition20 year business and Australia’s Number 2 behind Cityscope
Continued involvement of CPM founder John Wakefield to advance Commercial Property Indices
Revenue of $1.3 million, with more than 400 customers and 13,000subscribers to daily commercial property news service
Consideration $3.2 million, NPAT accretive within 12 months
Commercial Property Information Expansion
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Over 11,000 ordered in September 45% electronic valuations
Increased volumes from all banks for electronic valuation services
6 Finance companies, including RBA subscribing to Indices
Bloomberg agreement to distribute RP Data - Rismark Index
Significant market and competitor activity raises awareness
Valuation Services gets focussed
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