This report is an updated version of the report published on 9 December 2025 at 12:35 PM AEDT.

Atturra Ltd (ASX: ATA)

Atturra Limited (ASX: ATA) is a sovereign ASX-listed advisory and IT solutions provider with focus on Australia and New Zealand, expanding into the United States and Asia-Pacific regions. Atturra's offerings span advisory services, cloud solutions, managed services, and proprietary IP products like Scholarion—an integrated student information system. The company emphasizes growth through both organic means and strategic acquisitions. 

Recommendation Rationale – SELL at AUD 0.840

• Technical Standpoint: ATA’s share price has surpassed the R1 level recommended on 11 November 2025. The 14-day RSI is now around 65.01, approaching the overbought territory. This upward move raises the risk of short-term consolidation or downside retracement.
• Profit Decline: Statutory NPAT fell 7% year on year to about AU$9.1 mn in FY25, despite 24% revenue growth, indicating weaker earnings leverage and growing reliance on “underlying” adjustments.
• Cash Deployment and Dilution: Capital raising of AU$71.4 mn was significant relative to market cap, yet statutory NPAT and EPS both declined in FY25, implying that incremental capital has not yet translated into proportional shareholder returns.
• Sector, Technology and Concentration Risk: Exposure to cyclical verticals such as public sector, energy and resources, and manufacturing means demand can be hit by government budget resets or commodity and industrial cycles, reducing project and managed services pipelines.

Daily Price Chart

(Source: REFINITIV; Analysis by Kalkine Group)

Valuation Methodology: Price/Cash Flow Value Approach (FY June'26E) (Illustrative)

The stock may trade at a slight premium to peers given a 24% and 15% YoY growth in FY25 Revenue and EBITA, respectively. For valuation, following peers are considered- Infomedia Ltd (ASX: IFM), Hansen Technologies Ltd (ASX: HSN), and Rubicon Water Ltd (ASX: RWL).

Given the stock is approaching to its R2 level, recent rally in the share price, and risks associated, it is prudent to sell the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current market price of AUD 0.840, as of 9 December 2025, at 11:54 AM AEDT.

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 9 December 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.