Fund Manager Summary
The fund managers believe that Catapult Group International Ltd presents a compelling investment opportunity due to its strong growth trajectory. In their opinion, the company is in the early stages of developing a valuable global installed base for its wearable analytic devices within the sports industry. They anticipate that top-line growth will continue for years, driven by expanding market penetration among elite and sub-elite teams seeking performance-enhancing data. Additionally, as the installed base matures, increases in fees will further boost revenue. With a largely fixed cost base, the fund managers note that this growth will significantly impact the bottom line. Consequently, they have increased their position in Catapult to 5% of the Fund and plan to maintain their investment even at the current price level.
Source: Trading View
Commentary From The Managers
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Hyperion Asset Management
31 Oct 2025
$6.72
Summary
- Hyperion Asset Management added Catapult Sports Ltd. to its Australian Small Growth Strategy in October.
- Catapult is a global sports technology company specializing in wearable and software-based analytics solutions.
- The company serves over 4,600 elite teams in more than 100 countries, showcasing its leading position in the performance wearables market.
- Catapult's end-to-end ecosystem integrates performance and video data, enhancing decision-making and providing valuable insights.
- The fund manager recognizes Catapult's powerful flywheel effect, where proprietary data leads to better insights and an improved user experience.
- Catapult has demonstrated high-teens top-line growth and meaningful operating leverage, positioning it for strong EPS expansion.
- With 94% of FY25 earnings from SaaS, Catapult enjoys a predictable and recurring revenue base.
- The professional sports technology market is projected to grow at around 15% per annum to 2030, with Catapult poised for market share gains.
- Management aims to increase Annualised Contract Value (ACV) tenfold to US$1 billion by 2025, highlighting significant growth potential.
- The sports technology industry is still developing, and management anticipates a "Moneyball moment" that will accelerate adoption.
- As data-driven decision-making becomes crucial in professional sports, Catapult's solutions provide a compelling cost-to-benefit proposition.
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Commentary From The Managers
Hyperion Asset Management
31 Oct 2025
$6.72
- Hyperion Asset Management added Catapult Sports Ltd. to its Australian Small Growth Strategy in October.
- Catapult is a global sports technology company specializing in wearable and software-based analytics solutions.
- The company serves over 4,600 elite teams in more than 100 countries, showcasing its leading position in the performance wearables market.
- Catapult's end-to-end ecosystem integrates performance and video data, enhancing decision-making and providing valuable insights.
- The fund manager recognizes Catapult's powerful flywheel effect, where proprietary data leads to better insights and an improved user experience.
- Catapult has demonstrated high-teens top-line growth and meaningful operating leverage, positioning it for strong EPS expansion.
- With 94% of FY25 earnings from SaaS, Catapult enjoys a predictable and recurring revenue base.
- The professional sports technology market is projected to grow at around 15% per annum to 2030, with Catapult poised for market share gains.
- Management aims to increase Annualised Contract Value (ACV) tenfold to US$1 billion by 2025, highlighting significant growth potential.
- The sports technology industry is still developing, and management anticipates a "Moneyball moment" that will accelerate adoption.
- As data-driven decision-making becomes crucial in professional sports, Catapult's solutions provide a compelling cost-to-benefit proposition.
Summary
Lakehouse Capital
31 Oct 2025
$6.72
- Lakehouse Capital notes Catapult's recent inclusion in the S&P/ASX200 Index as a significant milestone.
- The company has announced a $130 million equity raise to acquire the soccer-analytics business IMPECT.
- IMPECT, based in Germany, is a profitable soccer analytics and player scouting platform, acquired for up to €78 million (approximately $135 million) over four years.
- This acquisition fills a crucial scouting module void and expands Catapult's reach in the world's most popular sport.
- IMPECT's profitability is expected to be accretive to Catapult’s ACV growth and supports their "Rule of 40" ambition.
- The opportunity to sell IMPECT to Catapult's existing 1,500 soccer customers enhances wallet share and potential revenue growth.
- Catapult reaffirmed guidance for 19% growth in annualised contract value (ACV) and improved earnings margins.
- The company aims to be underlying free cash flow positive for the financial year.
- Expect further updates on Catapult's performance with the upcoming half year results report in November.
Summary
Forager Funds
17 Oct 2025
$6.78
- Forager Funds exited its long-standing position in sports tech company Catapult late last month.
- Initial investment was made in June 2021 at $1.90.
- Position was added to in 2023 at around 80¢.
- Selling price was above $7.
- The decision reflects Forager Funds' strategy of optimizing portfolio performance.
- Exit was based on achieving significant returns from the initial investment.
Summary
Seneca Financial Solutions
13 Oct 2025
$7.47
- Seneca Financial Solutions continues to hold Catapult Sports Ltd due to its potential for growth.
- The stock was previously undervalued, trading at around two dollars.
- Catapult has successfully built market confidence by demonstrating the ability to grow top-line revenue.
- There is a disparity between top-line growth and bottom-line growth, which the company is managing effectively.
- Catapult is positioned for global dominance in a growing and valuable addressable market.
Summary
Forager Funds
30 Sept 2025
$6.88
- Forager Funds focused on investing in unloved and underappreciated stocks.
- Investment in Catapult Sports (CAT) required patience and conviction.
- First purchase was in June 2021 at $1.90 per share.
- Increased investment in April 2023 between $0.70 and $0.80 per share.
- Sold the last shares in late September, marking the end of the investment.
- Share price rose to above $7, resulting in a successful investment.
Summary
QVG Capital
30 Sept 2025
$6.88
- QVG Capital continues to hold a positive outlook on Catapult Sports Ltd.
- Catapult Sports is expected to benefit from the anticipated entry of Aussie Broadband into the S&P/ASX200.
- This potential entry could serve as a positive catalyst for Catapult, similar to its own past experiences.
- The fund manager emphasizes the market dynamics surrounding this development.
- QVG Capital remains optimistic about the growth prospects for Catapult Sports in light of these factors.
Summary
Forager Funds
12 Sept 2025
$6.79
- Forager Funds has reduced their weighting in Catapult Sports Ltd from 10% to 3% of their portfolio.
- Despite the reduction, Forager Funds believes in the company's potential for significant growth.
- The incremental economics of Catapult Sports' business model are viewed as very strong.
- A new management team has been implemented, addressing previous profitability issues.
- Management has committed to delivering 50% profitability on every additional dollar of revenue.
- Catapult Sports has consistently met their profitability targets.
- The company is expanding through innovation, including a recent acquisition of a gym business.
- There are numerous opportunities for further software integration within professional sports teams.
Summary
Ausbil Investment Management
31 Aug 2025
$5.99
- Catapult (CAT) fell -6.0% in August.
- CAT struggled for airtime in August due to no results being delivered given its March year-end.
- The investment case for CAT remains compelling.
- CAT is an enterprise software business servicing customers with exceptionally deep pockets.
- It has best-in-class churn rates and enviable lifetime customer duration.
- This reflects the stickiness of its product offering.
- The total addressable market (TAM) in sports tech spend continues to grow.
- CAT remains a compelling long-term growth story.
Summary
Monash Investors
31 Aug 2025
$5.99
- Monash Investors has been actively rotating out of mature investments.
- They are focusing on more attractively priced opportunities.
- The aim is to achieve strong absolute and relative returns in the future.
- Catapult Sports was a significant contributor to the portfolio, with shares rising ~200% over the past year.
- The position in Catapult grew to a full 7% of the portfolio before being trimmed.
- Monash Investors reduced their stake in Catapult from 7% to 5%, and then to the 2-3% range.
- They exited Catapult entirely in August.
- Despite strong execution and growth opportunities, the market has recognized this potential.
- Monash Investors believes the shares now fairly reflect the company's growth potential.
Summary
Forager Funds
31 July 2025
$6.63
- Forager Funds remains strong believers in Catapult’s long-term potential.
- Catapult is positioned to become one of the world’s leading sports technology companies.
- The share price has more than tripled over the past year.
- Current share price reflects a positive outlook for the company.
- Catapult remains an important investment in the portfolio.
- It is no longer in the top five holdings.
Summary
Pendal Group
31 July 2025
$6.63
- Pendal Group highlights Catapult Group (CAT) as a significant contributor in July.
- The stock has seen gains following a positive FY25 result reported in May.
- Management indicated a strong demand outlook for Catapult's products and services.
- There has been an improvement in cost margins noted by the management.
- Higher free cash flow is anticipated into FY26.
- CAT is positioned well to capitalize on a growing market.
Summary
Monash Investors
31 July 2025
$6.63
- Catapult was the largest contributor for the 2025 financial year, demonstrating significant operating leverage and revenue growth.
- Monash Investors acknowledged the company's high quality and growth potential but noted a dramatic market re-rate.
- The stock's 4X price movement suggests it is now discounting considerable growth, leading to a reassessment of its value.
- Initially reduced their holding from 7% to 5%, continuing to sell into further modest share price strength.
- Current position is under 1% of the portfolio, making it inconsequential.
- Monash Investors may exit fully or consider rebuilding if pricing pulls back materially.
- Emphasized the importance of scaling down when the risk/return profile becomes unattractive.
- Capital is scarce; funds will be redeployed into more prospective opportunities.
Summary
SG Hiscock & Company
30 June 2025
$5.86
- SG Hiscock & Company highlights the positive reception of Catapult's investor day and annual results.
- Catapult Group (CAT) continues to establish itself as a global leader in elite sports performance technology solutions.
- The company’s management is noted for their innovation and customer service.
- CAT is pursuing ambitious multi-year targets for success, reinforcing its position as an industry leader.
- With positive free cash flow, Catapult has achieved over a 200% return in the last financial year.
- This performance has added material value to the fund.
Summary
Lakehouse Capital
30 June 2025
$5.86
- Catapult had a standout year, contributing heavily to Lakehouse Capital's Fund returns.
- Annual contract revenue grew 18% to exceed US$100 million.
- Operating margins tripled to 13%, with incremental profit margins reaching 65%.
- Catapult is in its second consecutive year of free cash flow positivity.
- Recent acquisition of Perch Technologies enhances its market-leading product suite.
- Existing global customer base and distribution network are key strategic assets.
- Catapult aims to capture a greater share of the US$40 billion professional sports technology market.
- Adoption of wearables and video technology is growing rapidly among teams.
- Catapult retains 96% of its annual contract revenue, increasing to 99% for dual-product users.
- Customers are spending approximately 15% more annually, and 22% more for multi-product users.
- Only 18% market penetration among professional teams indicates significant growth potential.
- New generation of Vector 8 products is still in its infancy.
- 20% of existing customers use more than one product, highlighting room for expansion.
- Current valuation at 7.5x enterprise value to sales is considered undemanding.
- Lakehouse Capital reduced portfolio sizing by 40% but maintains a significant holding.
Summary
Cromwell Funds Management
30 June 2025
$5.86
- Cromwell Funds Management featured its investment in Catapult Group in the June 2024 commentary.
- Catapult Group reported strong year-end results for the period ending March 2025, highlighting ongoing operational scaling.
- Annual Contract Value (ACV) increased by 18% on a constant currency basis to US$101.2 million.
- Growth was driven by the Performance & Health and Tactics & Coaching verticals, with new video solutions products showing encouraging uptake.
- Robust customer retention was demonstrated, with ACV retention rates above 95%.
- Total revenue rose 19% (CC) to US$116.5 million, generating US$8.6 million in free cash flow.
- Free cash flow allowed for a reduction in net debt, resulting in a net cash position exceeding US$7 million.
- Management effectively executed a “land-and-expand” strategy, with a 53% increase in multi-vertical pro teams.
- Average revenue per pro team rose by 12% to US$26,804.
- Product innovation continues with the launch of Vector 8 and Hub Pro, enhancing market position in athlete monitoring.
- Despite exceptional stock price appreciation, Cromwell Funds Management reduced position size throughout the year.
- At period end, CAT represented 2.3% of Fund assets.
- Share price performance was boosted by the stock’s addition to the ASX 300 in March 2025, increasing investor interest.
- The stock gained 69.4% over the quarter and 210.1% over the last financial year.
Summary
Ausbil Investment Management
30 June 2025
$5.86
- Catapult International (CAT) experienced a significant increase of 69.4% over the quarter.
- The FY25 results confirmed Catapult as one of the highest quality tech propositions outside the ASX 200.
- Best-in-class operating metrics include annual contract revenue (ACV), customer retention, cash flow, and incremental profit contribution.
- These metrics have enhanced market confidence in Catapult's long-term ambition of increasing ACV 10x.
- Ausbil continues to hold Catapult due to its strong performance and growth potential.
Summary
Forager Funds
30 June 2025
$5.86
- Forager Funds highlights that Catapult Group International Ltd (CAT) delivered a breakout year.
- Annual Contract Value has surpassed US$100 million, indicating genuine global scale.
- Over 90% of revenue comes from high-quality, recurring subscriptions.
- Churn rate remains below 5%.
- Significant operating leverage with 65% of incremental revenue translating into profit.
- New investors have emerged, recognizing Catapult as a leading Australian tech company capable of achieving meaningful global scale.
- Rapid growth in new video products alongside dominance in wearable technology in elite sports.
- Share price has more than tripled, contributing nearly 12% to the Fund’s return.
Summary
Oracle Advisory Group
30 June 2025
$5.86
- Catapult Group International has been a standout performer, achieving a 70% return during the quarter since Oracle Advisory Group's initial position.
- The company reported a 16% revenue increase to US$116.5 million for FY25.
- Free cash flow nearly doubled to US$8.45 million.
- Wearables revenue grew by 16% to US$66.1 million.
- Video solutions revenue increased by 18% to US$32.6 million, with new video product revenue surging 42% post-2021 SBG acquisition.
- Cross-selling efforts were significant, with 741 teams (up 53%) now utilizing both products, raising average team contract values by 12% to US$26,800.
- With a low churn rate of 4.3% and a net cash position of US$7 million, Catapult is positioned to scale efficiently.
- Oracle Advisory Group continues to hold Catapult Group International due to its strong performance and competitive edge.
Summary
Lakehouse Capital
31 May 2025
$5.62
- Catapult delivered a strong result for fiscal year 2025, reinforcing its strategy to win new teams and expand product usage.
- Annual contract value (ACV) grew 18% year-on-year to exceed US$100 million, while total revenue rose 19% to US$116.5 million.
- Growth was supported by new signings across high-profile sporting organisations like the Brazil National Soccer Federation and the Saudi Pro League.
- The number of teams using Catapult’s platform rose 9% to 3,600, with a strong customer retention rate of 96%.
- Catapult is gaining momentum in cross-selling video solutions, with teams embracing its integrated wearables and video offering increasing 53% to 741.
- The company has a meaningful runway for growth through signing new teams and deepening adoption among existing customers.
- Catapult’s adjusted operating profit increased 2.5x to US$14.8 million, showcasing strong operating leverage.
- The business retained 65 cents in operating profit for every additional dollar of revenue generated during the period.
- This progress toward the ‘Rule of 40’ target improved margins by 7 percentage points to 31%.
- The strong results were well received, leading to Catapult’s inclusion in the MSCI Small Cap Index.
- Lakehouse Capital has resized its position, but Catapult remains among the Fund’s largest holdings.
Summary
Forager Funds
31 May 2025
$5.62
- Forager Funds continues to hold Catapult Group International Ltd (CAT) due to its strong recurring revenue model.
- The company’s Annualised Contract Value (ACV) surpassed US$100 million, reflecting an 18% growth adjusted for currency fluctuations.
- Catapult is demonstrating significant operating leverage, with a 65% incremental profit margin.
- The market is increasingly recognizing Catapult’s scale and consistency of execution.
- In May, the share price rose 43% and has increased 209% over the past year.
Summary
Ellerston Capital
31 May 2025
$5.62
- Ellerston Capital notes a 32% increase in CAT's share price in May, driven by strong FY24 results.
- Revenue grew 19% YoY to US$100m, fueled by robust performance in wearables and video products.
- Improved cost management led to a turnaround from a loss of US$11m EBITDA in FY23 to a gain of US$9.4m in FY24.
- CAT generated US$4.6m of free cash flow for FY24, exceeding analyst expectations.
- Significant progress was made in new and existing markets, including college football and NASCAR.
- A major deal with the Southeastern Conference (SEC) marks CAT's first approval for sideline video solutions for live reviews.
- This deal represents a significant potential market and is seen as an exciting win for CAT.
- Ellerston Capital maintains CAT as a core position within the Microcap fund, anticipating further value as the company achieves key commercial and financial milestones.
Summary
Seneca Financial Solutions
31 May 2025
$5.62
- Catapult Sports Ltd (CAT) reported a +19% revenue growth to A$185 million for FY25.
- Free cash flow increased to A$14 million.
- Customer retention rate stands at 96%.
- Incremental profit margins have reached 65%.
- Seneca Financial Solutions continues to hold its position, having acquired shares at an average price of $1.83.
- Catapult benefits from strong growth tailwinds and consistent profit margins exceeding 50% for additional revenue.
- Managing athlete workload and enhancing team performance are key financial drivers for global sports organizations.
- Despite recent share price increases, Catapult is believed to have untapped pricing power.
- There is significant cross-sell potential for tactics and coaching video solutions.
- Management targets over $1 billion in annual contract value (ACV) in the medium term.
- CAT is gaining market attention and may attract index fund buyers.
- Currently trades at a 22% discount compared to ASX software and technology peers.
Summary
Ausbil Investment Management
31 May 2025
$5.62
- Catapult International (CAT) experienced a significant increase of +43% in May.
- FY25 results confirmed CAT as a top-tier tech proposition outside the ASX 200.
- Best-in-class operating metrics include strong annual contract revenue (ACV) and high customer retention.
- Positive cash flow and incremental profit contributions have boosted market confidence.
- Ausbil believes that the goal of increasing ACV by 10x is a realistic ambition.
- Ausbil continues to hold CAT due to its strong performance and growth potential.
Summary
Wilson Asset Management
31 May 2025
$5.62
- Wilson Asset Management highlights Catapult Group International as a leader in sports science and analytics solutions, serving over 4,600 professional teams globally.
- The company features a cloud-based software-as-a-service (SaaS) platform that is both sticky and scalable, enhancing its competitive advantage.
- Investment focus is on businesses with durable competitive advantages in structurally growing markets.
- Catapult is at an inflection point, with operating leverage beginning to materialize, as shown by recent financial results.
- Management aims to grow Annual Contract Value (ACV) tenfold to approximately USD 1 billion in the long term.
- The long-term ACV target is deemed attainable due to a strong execution track record and expansion strategies.
- Catapult continues to win new clients and expand existing accounts through effective cross-sell and upsell strategies.
- Strong structural tailwinds, particularly the shift toward data-driven decision making in sports, are benefiting the company.
- For the financial year ending 31 March 2025, Catapult reported a revenue of $185 million, a 19% year-on-year increase, and a record high free cash flow of $14 million.
- With a clear land-and-expand strategy and global reach, Wilson Asset Management believes Catapult's competitive position in a growing market is robust.
Summary
Monash Investors
31 May 2025
$5.62
- Monash Investors has begun to trim its position in Catapult Group due to recent strong performance.
- Catapult was a standout contributor in May, increasing its portfolio weighting from 5% to 7% before being reduced back to 5%.
- The company is recognized as a high-quality business with a significant growth runway.
- Current share prices reflect its value, trading at more than 10 times revenue.
- Catapult is a market leader in data analytics for global professional sports teams.
- Future growth is expected from three key areas:
- Organic growth in its core pro-sport business.
- Expansion into lower-grade sports, where demand for data analytics is increasing.
- Long-term pricing strategy that allows for potential price increases as market matures.
- Catapult's services are a small fraction of client budgets, making them a valuable investment for teams.
- The company shows characteristics of high-quality businesses, which is factored into Monash Investors' valuation framework.
- Despite trimming, Monash Investors maintains a meaningful position in Catapult, around 5% of the portfolio, and will adjust exposure as needed.
Summary
Forager Funds
23 May 2025
$5.31
- Forager Funds emphasizes the importance of consistency over quantum in earnings.
- Catapult Group International Ltd. demonstrates effective management leading to strong recurring revenue.
- Annual Contract Value (ACV) surpassed US$100 million, growing 18% when adjusted for currency fluctuations.
- 9% increase in the number of professional teams using Catapult’s products.
- 12% lift in average ACV per professional team highlights product adoption.
- 53% increase in multi-vertical customers indicates successful cross-selling of video and wearable technology.
- Strong ACV retention rate of 96%, over 99% for multi-vertical teams, shows customer loyalty.
- Catapult achieved a 65% incremental profit margin, reflecting effective cost management.
- Free cash flow increased to US$8.6 million, marking a turnaround from previous cash burn.
- The business is now self-funding and generating surplus capital.
- Management targets strong growth in ACV and aims for 30% EBITDA margins over time.
- Forager Funds continues to hold Catapult due to its potential for efficient scaling and strong foundations.
- Catapult is recognized as a globally dominant, low churn, recurring revenue business.
- Stock performance reflects consistency, with a 23% increase in two days and 258% over the past year.
Summary
Monash Investors
30 Apr 2025
$4.09
- Catapult has experienced a strong re-rate, returning 18% for the month and contributing 0.8% to the fund.
- Unlike Eagers, Catapult is identified as a fast grower.
- Monash Investors believes Catapult is in the early stages of establishing a valuable global installed base of wearable analytic devices for the sports industry.
- Top-line growth is anticipated to continue for many years, driven by expanding market penetration among elite sports teams and growth into sub-elite realms as various teams seek performance-enhancing data.
- As its installed base matures, there will be increases in fees charged, contributing to revenue growth.
- With a largely fixed cost base, top-line growth is expected to disproportionately benefit bottom line earnings.
- This positions Catapult for considerable further growth into the future.
- Monash Investors has expanded their Catapult position from 1-2% to a full 5% of the Fund and plans to maintain this holding.
Summary
Ausbil Investment Management
30 Apr 2025
$4.09
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
Ellerston Capital
30 Apr 2025
$4.09
- Catapult (CAT AU) is the dominant provider of wearables technology for professional sports teams.
- CAT's strategy focuses on leveraging its wearables dominance to upsell video analysis and coaching solutions to customers.
- CAT has demonstrated strong new sales execution for two consecutive years while maintaining tight cost management.
- Ellerston Capital believes the runway for growth extends through the medium term due to the next generation wearables product release.
- There is also potential for growth from the early stage of video traction.
Summary
Forager Funds
31 Mar 2025
$3.46
- Forager Funds holds a positive outlook on Catapult Group International Ltd (CAT) following their recent Investor Day.
- Ambition to grow annual contract value (ACV) 10-fold to US$1 billion remains a key focus.
- Management aims to increase both the number of teams using their products and revenue earned per team.
- Current client base expanded to 3,470 professional teams globally, up from 2,200 in FY21.
- Average ACV per team has risen steadily to US$26,000.
- Mid-term target is to reach 5,000 teams, with a goal of increasing ACV to US$40,000 per team.
- Margin expansion is central to their strategy, targeting long-term EBITDA of 30%.
- With revenue growth expected to exceed 15%, Catapult aims to excel on the "Rule of 40" benchmark.
- Full-year ACV growth guidance reaffirmed, indicating the growth strategy remains on track.
- Management is focused on profitable growth, showing progress in free cash flow and cost control.
- Forager Funds believes Catapult is a stronger business than previously recognized by the market.
- Continued delivery on promises is expected to attract more investors.
Summary
Lakehouse Capital
31 Mar 2025
$3.46
- Catapult hosted an investor day that attracted strong institutional interest, reflecting the company's strong progress and market position.
- Recent inflection to profitability highlighted by CEO Will Lopes and CFO Bob Cruickshank.
- Ambition to scale annual contract revenue from approximately US$100 million to US$1 billion.
- Current market penetration is around 17%, with potential to reach 35–50% as the business expands.
- Plans to lift average contract value by 4–6 fold to over US$100,000 through upselling and cross-selling.
- Introduction of Vector8, a next-generation wearable device for enhanced data capture and insights.
- Fiscal 2025 guidance has been reaffirmed, with full-year results expected in May.
- With an undemanding price and strong execution, Catapult continues to warrant its place among Lakehouse Capital's largest positions.
Summary
Ausbil Investment Management
28 Feb 2025
$3.66
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
Ausbil Investment Management
31 Dec 2024
$3.71
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
Oracle Advisory Group
31 Dec 2024
$3.71
- Catapult, the sports wearables company, reported its first half results for FY25, exceeding both market and Oracle’s expectations.
- Annual recurring revenue (ARR) increased by 20% on the previous year, nearing US$100m in ARR.
- Adjusted free cash flow (FCF) was positive at US$2.9m, indicating the company has passed the inflection point for free cash flow.
- Oracle Advisory Group expects strong growth in free cash flow over the next three years.
- New teams using Catapult’s products grew by 8%, but cross-selling was a standout, with teams using both wearables and video products increasing by 80% to a total of 663 teams.
- This presents a high-margin revenue growth opportunity for the company.
- Management highlighted significant opportunities in women’s sports and the ability to sign both men’s and women’s teams at the same professional club.
- Focus areas include cross-selling and reaching lower league competitions/teams, expanding the addressable market.
- Recent contract with the Southeastern Conference (SEC) for American College Football to utilize Catapult’s live video analysis solution marks a significant milestone.
- This is the first approval for live video analysis in any league, likely paving the way for similar adoptions in other leagues.
Summary
Forager Funds
31 Dec 2024
$3.71
- Catapult achieves 19% revenue growth in the September half-year, with annualised contract value increasing by 20% to US$97 million.
- Continuing journey towards consistent profitability, with 75% of revenue increase contributing to management’s profitability metrics.
- Guidance indicates potential 30% profit margins as the company scales up, excluding share-based compensation.
- Approximately 50% incremental margins target remains achievable by the 2028 financial year.
- Growing customer base among professional sports teams, solidifying their position in the wearable device market, significantly larger than competitors.
- Accelerating growth in newer video segment, now producing positive free cash flow for further product development.
- Projected growth rate of 20% per annum anticipated for the foreseeable future, with investment thesis on track.
- Share price increased over 150% over the past year, market capitalization exceeding $900 million.
- Forager Funds continues to hold and invest, now totaling 10.3% of the portfolio, indicating confidence in valuation.
- Estimated revenue generation of nearly US$200 million by FY 2028, and over US$300 million by 2031, alongside healthy profit margins.
- Potential market valuation could range from $2-4 billion depending on growth, with optimistic scenarios warranting a higher multiple.
- Transition from an illiquid small cap to a widely-held growth stock is underway, increasing likelihood of broader market recognition.
- Willingness to maintain a higher weighting while managing risks to capture near-term growth potential.
Summary
Lakehouse Capital
30 Nov 2024
$3.55
- Catapult continued its path of profitable growth into the first half of fiscal 2025.
- Revenue grew 19% and annual contract value grew 20% to US$97 million.
- Growth driven by new signings, strong cross-selling from wearables to video solutions, and solid customer retention of 96%.
- Strong operating leverage with earnings margins stepping up 10 percentage points to 10.8%.
- Strongest free cash flow to date at $4.8 million for the half, surpassing total for the entire 2024 financial year.
- Passed the inflection point of being free cash flow positive, removing doubt about need for additional funding.
- Investors' attention is now on widening jaws of profitability.
- Result well received, propelling Catapult to become the Fund's second-largest holding.
- Market leader in elite sport wearables, roughly 5 times its nearest competitor.
- Continuing to gain share in video solutions.
- Trading at a reasonable 5 times sales while delivering 20% topline growth and 95%+ customer retention.
- Ample runway for future growth as it captures a greater share of the US$40 billion global sports market.
Summary
Ausbil Investment Management
30 Nov 2024
$3.55
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
Ellerston Capital
30 Nov 2024
$3.55
- Catapult Group (CAT AU) reached a multi-year high of $3.68 per share in November.
- Closed the month up 40.5%.
- 1H FY 25 results showed a beat across all key metrics.
- Annualised Contract Value (ACV) increased by 20% YoY to US$96.8m.
- Growth driven by new video products and wearables.
- Strong incremental profit with 75% of incremental revenue translating to profit.
- Ellerston Capital continues to hold CAT as a high conviction name in the portfolio.
Summary
Monash Investors
30 Nov 2024
$3.55
- Monash Investors notes a significant 40% re-rate in Catapult Communications, enhancing its portfolio position.
- The investment in Catapult has grown to become a Top 10 holding, despite a near-tripling in value over the year.
- The long-term potential of Catapult has been reinforced by recent results.
- Catapult specializes in software solutions through wearable tracking devices for the global sports industry.
- As the global market leader in sports analytics, Catapult has invested heavily to build a robust platform.
- The company is experiencing significant revenue growth and has reached a cashflow break-even point.
- Future prospects suggest continued profitability growth, with expectations of 30%+ EBITDA margins.
- Catapult operates in a valuable niche that is expanding as sports entities invest in analytics.
- Recent results indicate that revenue is growing at a strong double-digit rate while costs are being well-controlled.
- Catapult is viewed as a potential global ASX success story with further growth opportunities on the horizon.
Summary
Oracle Advisory Group
30 Sept 2024
$2.43
- Oracle Advisory Group highlights Catapult Group International as a key player in sports technology.
- Catapult’s main product, a player tracking device, is widely recognized in professional sports.
- It provides valuable data to coaches and sports scientists to enhance player performance.
- The company maintains a status as the global leader in its market.
- Major clients include renowned sports brands such as the New York Yankees, Manchester City FC, and Golden State Warriors.
- Recently, Catapult has expanded into video products for player analysis.
- There is notable momentum in cross-selling these new products to existing clients.
- Anticipated growth is strong, with high incremental margins expected from new team signings.
- The majority of new revenue is expected to significantly contribute to profitability.
- Oracle Advisory Group continues to hold a positive outlook on Catapult's growth potential.
Summary
Monash Investors
30 June 2024
$1.79
- Catapult Group International Ltd (ASX: CAT) has seen a +22% increase in stock value.
- It specializes in sports technology, offering hardware and software solutions for elite athletes and teams.
- The company facilitates the analysis of athlete performance during both training and competition.
- Catapult concluded its fiscal year in March and released its results in May.
- Reported figures for sales, profit margin, and cash flow exceeded market and analyst expectations.
- Monash Investors continues to hold its position in Catapult based on these positive developments.
Summary
Forager Funds
30 June 2024
$1.79
- Forager Funds remains optimistic about Catapult (CAT) contributing positively in the coming years.
- The sports technology firm began the year amidst skepticism regarding its ability to generate free cash flow.
- By year-end, Catapult achieved a 20% growth in run-rate revenue, successfully delivering free cash flow.
- The company's market-leading wearables division continues to show robust performance without signs of slowdown.
- New video technology products are growing at a faster rate than the overall business.
- Operational leverage has improved, with revenue growth translating into free cash flow at high rates.
- Management has clearly communicated future free cash flow targets to investors.
- Meeting these targets is expected to attract more attention to this high-quality, growing business.
- Catapult's share price increased by 90% last financial year, contributing 3.0% to portfolio performance.
Summary
Monash Investors
31 May 2024
$1.90
- Catapult Group International Ltd (ASX: CAT) has seen a 32% increase in stock performance.
- It is a sports technology company providing hardware and software for elite athletes aimed at performance analysis.
- Catapult operates on a March year-end and reported full-year results in May.
- Results showed sales, profit margin, and cash flow significantly above market and analyst expectations.
- Monash Investors continues to hold due to the strong performance indicators and robust market position.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"It seems Catapult is not just riding a wave but shaping the future of sports analytics. With its growth trajectory and expanding market presence, the potential for substantial returns appears to be just getting started, making it a compelling hold for investors looking ahead."
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in Catapult Group International Ltd (ASX:CAT)?
Fund managers including Monash Investors, Forager Funds, Ausbil, Oracle Advisory Group, SG Hiscock & Company, Wilson Asset Management, Ellerston Capital, Lakehouse Capital, Pendal Group, Seneca Financial Solutions, Cromwell Funds Management, QVG Capital and Hyperion Asset Management have invested in Catapult Group International Ltd (ASX:CAT).
Why do fund managers invest in Catapult Group International Ltd?
Fund managers are investing in Catapult Group International Ltd due to its strong growth potential in the sports analytics market. With an expanding global installed base of wearable devices, the company is poised for significant revenue increases driven by deeper market penetration among both elite and sub-elite teams. The fixed cost structure allows for substantial profit growth as sales rise, leading to expectations of continued strong performance in the future.
What happened to Catapult Group International Ltd (ASX:CAT)?
Fund managers are investing in Catapult Group International Ltd due to its strong growth potential in the sports technology sector, characterized by significant operating leverage and robust demand for its analytics solutions. Despite recent share price increases, which some believe reflect its future prospects, the company maintains a compelling long-term investment thesis. Its subscription-based revenue model offers predictability, while strategic acquisitions and a growing market position enhance its competitive edge. Fund managers recognize Catapult's ability to capitalize on a rapidly expanding market, making it a key player in performance analytics for professional sports.