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AU : Access Innovation Holdings - Taking the technology to the next level

AIM announced the acquisition of EEG and associated capital raising to fund this acquisition. At the same time, AIM released its Q3 update which shows organically it is tracking on our estimate, 3+ months ahead of plan. It is EBITDA positive now. We upgrade our forecasts materially to include the EEG contribution and forecast the combined group to generate $9m of EBITDA and $4m of FCF in FY22. Our TP edges marginally higher to $1.38 and we retain our Add recommendation.


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