【Jefferies-2025研报】弹射科技（CAT）：2025财年业绩预览.pdfVIP

Australia|ITHardware

EquityResearch

CatapultMay20,2025

FY25ResultPreviewFLASHNOTE

RATINGBUY

CATonlyhasqual.guid.inthemarketforFY25-strongACVFCFgwth,

withmarginimprov.towardstargets.Asthiswasreaffirmedmid-MarwerePRICEAUD4.29^

comfortablethiswillbeachieved,thoughwenoteCATs1Hskew.ThefocusPRICETARGET|%TOPTAUD4.60|+7%

thenshiftstootherkeymetricsincl.multi-solu.customer#s(663at1H25,52WHIGH-LOWAUD4.58-AUD1.45

483atFY24),andACV/team(US$26kat1H25,US$24katFY24).CATsInv.FLOAT(%)|ADVMM(USD)71.7%|4.01

Dayflaggedproductexpansionoppssoweseeu/sriskherethoughfeelitMARKETCAPAUD1.1B|$715.7M

maybetooearly.TICKERCATAU