Comms Group Ltd

DMX Asset Management, commenting around October 2025 when the share price was approximately $0.07, noted Comms Group rose 16% on its growth trajectory, relatively low sector valuation, and progress integrating the recently acquired TasmaNet. Naos Asset Management (December 2025, $0.07) detailed a turnaround narrative: Q1 FY26 revenue of $19.4m and EBITDA of $2.2m with reaffirmed run-rate guidance of ~$75m revenue and $9-10m EBITDA, ~$2m in anticipated synergies from network rationalisation, and a debt refinance with a Big-4 bank providing cost-of-funds benefits and acquisition capacity; Naos suggested that with continued execution the company could become debt-free and generate over $7m in annual free cash flow, in a consolidating telco/IT services sector leaving room for CCG to capture customers. Tamim Funds Management (December 2025) similarly highlighted the Westpac refinancing as strengthening flexibility. Monash Investors and DMX (May 2026, $0.07) initiated/reiterated positions citing a highly cash-generative, capital-light model, recurring revenue, cybersecurity tailwinds, single-digit earnings multiple, and medium-term targets of $100m revenue and $15m EBITDA against a ~$45m enterprise value. DMX and Tamim (June 2026, $0.09) and NAOS (August 2026, $0.08) flagged the sale of the onPlatinum managed IT services division for ~$30m (versus $12m paid in 2022) as enabling debt reduction, a capital return/franked dividend (TAMIM expecting 1.5-2c), and a potential re-rating of the remaining business, with NAOS noting FY26 underlying EBITDA guidance of $8.0-8.5m and speculation the remaining divisions could be sold or the company acquired within 12 months.