Fund Manager Summary
The fund managers believe that the outlook for Pureprofile Ltd presents a significant opportunity, particularly following a very strong performance with a $1.6m NPAT, a notable increase from zero. In their opinion, the company’s 30% international revenue growth is likely to continue, positioning it favorably for future gains. With $3.3m of forecast FY25 EBITDA already achieved in the first half, only $1.9m-$2.5m is needed in the second half to meet guidance. Despite Q3 being seasonally weaker, the fund managers express confidence that PPL may upgrade its EBITDA guidance before the end of the year, making it an attractive investment prospect.
Source: Trading View
Commentary From The Managers
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Tamim Funds Management
5 Nov 2025
$0.04
Summary
- Pureprofile’s evolution from an Australian market-research boutique into a global data and insights platform demonstrates quiet persistence and strategic patience.
- The market has yet to fully recognize the scale of the transformation occurring within Pureprofile.
- Key ingredients for success include a diversified revenue base, margin expansion potential, proprietary technology, and exposure to a structural growth industry.
- Trading at around 7× FY26 EBITDA with a net-cash balance sheet offers both value and optionality.
- For those seeking exposure to the data economy without high valuations, Pureprofile is seen as an inflection point in growth and profitability.
- Steady execution and an expanding international footprint align with the AI revolution, marking it as an overlooked gem in the ASX small-cap landscape.
- In a world where information is currency, Pureprofile is not just selling data, but building the infrastructure of insight.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Tamim Funds Management
5 Nov 2025
$0.04
- Pureprofile’s evolution from an Australian market-research boutique into a global data and insights platform demonstrates quiet persistence and strategic patience.
- The market has yet to fully recognize the scale of the transformation occurring within Pureprofile.
- Key ingredients for success include a diversified revenue base, margin expansion potential, proprietary technology, and exposure to a structural growth industry.
- Trading at around 7× FY26 EBITDA with a net-cash balance sheet offers both value and optionality.
- For those seeking exposure to the data economy without high valuations, Pureprofile is seen as an inflection point in growth and profitability.
- Steady execution and an expanding international footprint align with the AI revolution, marking it as an overlooked gem in the ASX small-cap landscape.
- In a world where information is currency, Pureprofile is not just selling data, but building the infrastructure of insight.
Summary
DMX Asset Management
31 Oct 2025
$0.05
- DMX Asset Management notes that Pureprofile (ASX:PPL) achieved a significant milestone, with its Rest of World (ROW) revenue exceeding ANZ revenue for the first time.
- ROW revenue grew 34% to $8.1m for the quarter.
- PPL’s ROW revenue has a five-year CAGR of 38%, driven by organic expansion in Europe, USA, and Asia.
- For FY26, PPL provided guidance of $63m–$64m in revenue with an EBITDA margin of 10–11%.
- This indicates double-digit organic revenue growth and an improvement in margin from 9% in FY25.
- The margin enhancement is attributed to PPL’s focus on automation and AI integration, as well as a shift towards scalable, technology-enabled solutions.
- Continued strong ROW growth, alongside margin improvement, is expected to be positively received by the market.
- Pureprofile's stock rose 12% as it continues to grow globally at a healthy double-digit rate, with improving margins.
- Similar to Raiz, PPL is moving into profit-generating mode.
Summary
DMX Asset Management
31 Aug 2025
$0.04
- DMX Asset Management notes that Pureprofile drifted down 13% without a specific catalyst.
- The company’s full-year results were in-line with prior guidance.
- Pureprofile demonstrates a strong focus on achieving profitability while investing for growth.
- Despite recent weakness, results and operating momentum are strong.
- DMX Asset Management believes that continued positive execution will lead to a higher valuation for the business over time.
Summary
DMX Asset Management
31 Mar 2025
$0.04
- DMX Asset Management acknowledges PPL's strong result with a $1.6m NPAT (up from 0).
- Growth driven by 30% international revenue increase with expectations for continuation.
- $3.3m FY25 EBITDA already achieved in H1, requiring only $1.9m-$2.5m in H2 to meet guidance.
- Despite Q3 being seasonally weaker, PPL may upgrade EBITDA guidance again before year-end.
- DMX Asset Management continues to monitor PPL's performance closely as part of their investment thesis.
Summary
DMX Asset Management
28 Feb 2025
$0.04
- DMX Asset Management continues to hold its position in Pureprofile, which rose 14% after delivering strong results.
- Pureprofile is now in profit-generating mode, marking a significant transition for the business.
- There is considerable potential for Pureprofile as it continues to expand globally, with anticipated margin expansion.
- PPL delivered a very strong result with a $1.6m NPAT, up from $0.
- The strong result was supported by an international revenue growth of 30%, which management expects to continue.
- With $3.3m of PPL's forecast FY25 EBITDA achieved in the first half, only $1.9m-$2.5m is needed in the second half to meet its guidance.
- Despite Q3 being seasonally weaker, there is potential for PPL to upgrade its EBITDA guidance before year-end.
Summary
Salter Brothers
31 Dec 2024
$0.03
- Salter Brothers continues to hold a positive view on Pureprofile Ltd (PPL).
- The key detractor for the month was the negative share price reaction.
- This reaction is linked to share sales by the CEO and CFO.
- The sales were conducted to fund personal tax liabilities.
- These tax liabilities stem from share-based remuneration payments from the last 3 years.
- Salter Brothers has communicated directly with management regarding the share sales.
- The explanation provided by management was believed to be genuine.
- The overall company performance and outlook remain positive.
Summary
Salter Brothers
30 Nov 2024
$0.04
- Salter Brothers has a long-term holding in Pureprofile Ltd (PPL).
- PPL experienced a notable re-rating in November, with a share price increase of 42.9% during the month.
- Over a six-month period, PPL's share price has risen by over 100%.
- At the end of October, PPL released a Q1 trading update.
- The guidance for FY25 projects revenue of $55–57 million.
- EBITDA margin is estimated to be 9–10%.
- These indicators have reinforced market confidence in the company’s growth trajectory.
Summary
DMX Asset Management
30 Nov 2024
$0.04
- DMX Asset Management believes there is significant upside from PPL’s current $30m EV.
- Noted that an EV/EBITDA multiple of under 6x undervalues a business with a growing $50m+ revenue base.
- Pleasant to see market recognition, strong trading volumes, and a notably increased share price during the month.
- Expecting a strong uplift in NPAT when PPL reports half year results in February.
- A positive profit result will help alleviate market concerns regarding PPL’s revenue to profit conversion.
- PPL has an aggressive medium-term growth agenda aiming to double UK revenue and triple USA revenue.
- The international business is projected to become larger than the original Australian business.
- International growth combined with PPL’s delivery of operating leverage suggests an attractive profit growth profile going forward.
Summary
DMX Asset Management
31 Oct 2024
$0.03
- DMX Asset Management updates their investment thesis on Pureprofile Ltd (ASX:PPL).
- For Q1 FY25, PPL reported record revenue of $13.9m, up 13%.
- This growth is driven by robust performance in regions outside of ANZ, particularly with US, UK, and India markets showing 17% growth.
- Forecasted revenue for FY25 is approximately $55m.
- PPL’s EBITDA guidance for FY25 is $5.3m, up 20% from FY24, indicating a strong uplift in NPAT.
- DMX believes there is significant upside from PPL’s current $30m EV.
- The company's EV/EBITDA multiple of <6x implies undervaluation given its $50m+ revenue base and improving margins.
- PPL has a fast-growing international business and a strong market-leading position in Australia.
Summary
DMX Asset Management
31 July 2024
$0.02
- DMX Asset Management first acquired shares in Pureprofile Ltd (PPL) in 2021 at a price of ~3c.
- Annual revenue growth was approximately 25% at that time, fueled by global partnerships and PPL's SAAS audience builder product.
- Expected accelerated EBITDA growth as PPL moved towards profitability.
- Reported impressive 60% revenue growth in Q1 FY22, causing the share price to rise to ~7c.
- Growth moderated in 2022-2023 due to easing COVID tailwinds and a challenged operating environment.
- Increased investments in sales staff and a generous share-based management compensation scheme impacted margins.
- Although revenue and financial metrics improved, establishing a profitable operating model took longer than anticipated.
- Despite a decline in market interest and a downward trend in share price, PPL has become profitable.
- Current sustainable growth is settling in the 10-20% range post-COVID.
- PPL achieved record quarterly revenue of $13m in Q4, reflecting an 18% increase.
- Interestingly, the share price was at a 3-year low despite record performance.
- PPL's inaugural FY24 profit result showed an incremental improvement of ~ $2m in NPAT from FY23.
- Expecting similar profit growth levels for FY25.
- PPL's annual revenues have more than doubled from ~$24m to $48m through organic growth.
- PPL's current EV of just above $20m suggests the market is pricing in minimal future success, indicating potential significant upside.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With a promising $1.6m NPAT and international revenue growth of 30%, it seems Pureprofile Ltd is poised for an intriguing second half. The potential for upgraded EBITDA guidance could make this an investment to watch closely."
Last Updated: 05 Nov 2025
Query The Data
Frequently Asked Questions
Who is investing in Pureprofile Ltd (ASX:PPL)?
Fund managers including DMX Asset Management, Salter Brothers and Tamim Funds Management have invested in Pureprofile Ltd (ASX:PPL).
Why do fund managers invest in Pureprofile Ltd?
Fund managers are investing in Pureprofile Ltd due to its strong financial performance, highlighted by a $1.6 million NPAT and a 30% growth in international revenue. With a significant portion of FY25 EBITDA already achieved in the first half, expectations for continued growth and potential upgrades to EBITDA guidance make it an attractive investment.
What happened to Pureprofile Ltd (ASX:PPL)?
Fund managers are investing in Pureprofile Ltd due to its strategic transformation into a global data and insights platform, showcasing strong revenue growth and profitability potential. Despite recent share price fluctuations, the company has demonstrated solid operational momentum, with significant expansion in international markets and improved margins driven by automation and AI integration. With a diversified revenue base and a favorable EBITDA outlook, Pureprofile is positioned as a compelling opportunity for investors seeking exposure to the growing data economy.