IKE - IKE GPS Group

[winner (n)]

Wonder if Untamed hanging in waiting for the big day

She was very passionate about IKE

[Left Field]

Yes LF the software scare was miss understood by investors of IKE.
For Bar update below, interesting reading

"....FY26 guidance largely delivered, albeit exit ARR softer than anticipated
Platform Subscription revenue for FY26 grew +33% to NZ$19.2m, a modest -4% miss to our expectations and slightly below management's ~+35% or greater guidance, reflecting the timing of contract signings in March. Exit ARR was the weaker print, up only +18% to NZ$20.7m and down from 3Q26's NZ$21.1m, following the completion of a project with communications customer Charter in 4Q26. Excluding that timing, constant currency exit ARR grew +30%. Impressively, PoleForeman now sits at ~NZ$11m ARR with ~200 customers subscribed within two years of launch, well ahead of initial expectations....

Margin uplift exceeded expectations
Total revenue grew +6% to NZ$26.6m, while gross profit increased +23% to NZ$21.4m, with group margin expanding to 81% versus 69% in FY25. Subscription margin reached 94% for FY26, implying a fourth quarter segment gross margin of as high as 96%. Subscription revenue now represents 72% of group revenue, versus 57% in FY25. Transaction revenue fell -35% to NZ$5.0m on US rural fibre weakness, although 4Q26 segment margin improved to 49% as work shifted offshore. PolePilot's ~10% price uplift across the IKE Office Pro subscription base landed with no churn, with the benefit primarily to be recognised in FY27.

FY27 outlook remains optimistic, with IKE guiding for similar Subscription revenue growth to FY26
FY27 guidance for similar Subscription revenue growth to FY26 is credible. PolePilot pricing will flow through in FY27, net customer additions are holding, and +15% FY26 seat growth annualises into FY27 expansion. Beta release of IKE's first new product is targeted within nine months, with the second now in full-scale development. With ~NZ$33m cash and no debt, funding is not a constraint.

Earnings revisions
We revise our forecasts following IKE's FY26 trading update. FY26 Subscription revenue is rebased to NZ$19.2m, with FY27 segment growth maintained at ~+33%, in line with guidance. We recalibrate FY26 gross margins across all segments, lift Subscription segment long-term margins +1ppt to 95% (previously 94%), and raise our medium-term Hardware margin assumption to 80% (from 74%), reflecting the segment's continued mix shift towards higher-margin service revenues.

Add in healthy bank balance and cashflow positive....

Crikey, I might have to shift my healthy holding from the "speculative"  portfolio to my "high conviction" portfolio.

[Left Field]

Crikey, I might have to shift my healthy holding from the "speculative"  portfolio to my "high conviction" portfolio.

Equities Research  IKE update....... SP target  circa $NZ 1.30

https://ranos.io/files/report/?f=78309741-7dac-4fe6-8d9c-84f94605b622&srid=4ee45a42-4406-4586-ab87-60e4994eaca9&m_id=f3551399-c806-4e51-9d86-16d4f7accc0c

(Note figures in $Aus)

Seems these guys agree.