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Vault Intelligence (VLT) - Funding The Momentum/Ceasing Coverage

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The last two quarters has seen VLT successfully execute on its new sales and business development strategy. Further, the recent $4.5m capital raise ensures these efforts can continue. Our forecasts are based on steady growth in SaaS revenue (as per Company targets), however it will be some time in FY19 before inflows exceed outflows in our view. This, together with a blended valuation of $0.033 (prior $0.035) that is close to the current share price, means a hold call remains appropriate.
We are ceasing coverage on issue of this note, as part of an industrial research re-focus.

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