Analyst/Associate — Equity Research (TMT), Australia

Job Summary Support coverage of a defined Technology, Media & Telecommunications (TMT) universe in the Australian market. Partner with senior analysts and team members to produce accurate, timely, compliant research through strong accounting-driven financial analysis, forecasting support, valuation maintenance, and high-quality written output

Key Responsibilities

• Maintain and update three-statement financial models; ensure outputs tie-out and assumptions are clear, consistent, and documented.

• Perform earnings and filings analysis with an accounting lens (P&L, balance sheet, cash flow, working capital, capex, leases, SBC, adjustments) and translate results into forecast/estimate updates for senior review.

• Maintain valuation and comps (e.g., EV/Sales, EV/EBITDA, P/E; DCF/SOTP support where applicable) and run sensitivities/scenarios on key drivers.

• Track and analyze TMT KPIs and unit economics (e.g., ARR/NRR, churn, ARPU, subscriber net adds, take rates, utilization/PUE, capex intensity) and highlight inflections, risks, and data quality issues.

• Contribute to research publications (earnings previews/recaps, company updates, thematic work, initiation support) including drafting sections, exhibits, and tables under tight deadlines.

• Monitor newsflow, corporate actions, and regulatory/spectrum developments; summarize implications and recommended actions for thesis/estimates.

• Support internal and external stakeholders (Sales & Trading, Corporate Access, institutional clients) by preparing materials and responding to analytical requests with appropriate supervision.

• Uphold model governance and QA controls (versioning, change logs, checks) to ensure accuracy, auditability, and consistency across the coverage set.

Required Qualifications, Capabilities, and Skills

• Experience in equity research or a comparable analytical role (audit/accounting, transaction services, valuation, corporate finance, FP&A).

• Strong accounting and disclosure interpretation skills across financial statements and cash flow, including topics common in TMT (revenue recognition/subscriptions, deferred revenue/RPO, capitalization of software/R&D, leases, SBC).#

• Strong financial modeling skills (three-statement, forecasting, sensitivities/scenarios) and high attention to detail.

• Clear written and verbal communication; ability to translate analysis into investment-relevant outputs.

• Strong execution and prioritization in deadline-driven cycles (earnings/AGM/reporting season).

• High integrity and strong understanding of research compliance and market conduct expectations.

Preferred Qualifications, Capabilities, and Skills

• CA/CPA (or progress toward) and/or CFA (or progress toward).

• Prior exposure to TMT sub-sectors and related KPI frameworks (SaaS, telecom, data centres).

• Familiarity with market data and research platforms (generic).

• Knowledge of ASX disclosure cadence and key Australian TMT constituents; awareness of global peers for relative valuation context.