London, UK, 29 November 2022

Vection Technologies (VR1): Enterprise-grade metaverse

Vection Technologies (ASX:VR1) is an Australia-based company that operates in the field of extended reality (XR). Through its immersive solutions suite, IntegratedXR, Vection Technologies provides the foundation that clients need to engage with the metaverse, and focuses on completely integrating client systems, operations and technologies. We see the company building on its recent growth (FY22 revenue up more than 440% over FY21) and growing FY23 sales to A$26.1m, driven by Vection Technologies’ entry into new verticals, geographic expansion and several recent acquisitions. FY23 could mark an inflection point for the company and we will be watching the XR space closely.

Vection Technologies trades at 1.9x FY23e EV/revenue, a 63% discount to its small-cap peers. Using the average small-cap peer multiple of 5.1x implies a share price of A$0.13 or c 150% upside. At the overall peer average of 7.2x, it would reach A$0.18 or more than three times its current price. Achievement of our forecasted 38% FY23 revenue growth and successful execution of its strategic plan could lead its shares to trade at a premium to its more mature peers.

 
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