Moko Social Media (MKB.ASX) Exposure to the booming mobile advertising market.

Size: px
Start display at page:

Download "Moko Social Media (MKB.ASX) Exposure to the booming mobile advertising market."

Transcription

1 Mar 12 May 12 Jun 12 Jul 12 Aug 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 Moko Social Media (MKB.ASX) Exposure to the booming mobile advertising market. Rating BUY Event: We initiate coverage on MKB with a Buy recommendation and a price target of $0.40/sh Investment Highlights: Exposure to the booming mobile advertising market. Moko provides exposure to the booming mobile advertising thematic which is growing at phenomenal rates driven by the proliferation and use of smart phones. Marketers have seen a drastic change in where dollars are spent when it comes to online advertising and likewise investors are seeking exposure to companies that will grow quickly in expanding markets. Moko is well positioned to take advantage of these trends. Focus on mobile social networks: Moko is focused on delivering mobile social networking services for large interest groups in the USA and monetizing the user base through mobile advertising. The initial focus is on US colleges were Moko is targeting to roll-out its REC.IT mobile application. REC.IT is a mobile application which allows student and staff to manage their non-curricular activities. Exclusive access to 10 million highly marketable US college students: The primary driver in the share price rerating over the past 6 months is due to the signing of exclusive mobile-rights agreements providing Moko access to 600 of the top tier colleges in the US providing an audience of ~10m students. To put this in context this provides MKB access to about half the US college population. Given the extremely attractive demographic we believe there will be great demand for advertisers to utilise the REC.IT application when it is rolled out in 2HCY14. Business model provides significant blue-sky potential. We anticipate revenues should start to climb in the back half of CY2014 when the rollout to 600 colleges has been completed. Under our base case scenario we forecast profitability in CY14 with NPAT growing from revenue growing from $1.4m in FY14 to $75m by FY17. Scalable platform to be expanded beyond colleges. Beyond REC.IT there are other opportunities which MKB can leverage their platform and use it towards other high volume specialty audiences such as running groups, cycling groups etc. This represents significant upside beyond US college application. Nasdaq listing to provide re-rating. The company will seek a full listing on Nasdaq, which is scheduled for Q1CY14. We believe a Nasdaq listing could provide a re-rating in the stock given the valuation precedence being set by the larger players in this space. The impressive listing of Twitter which on its debut traded at over 100% premium to its listing price highlights investor demand and interest in the social media/mobile advertising space. Catalysts Nasdaq listing: Q1CY14 Pilot program: Q1CY14 Roll-out of application: Q3CY14 Previous n/a Price Target $ 0.40 Previous n/a Share Price (A$) $ week low - high (A$) $ Valuation (A$/share) 1.21 Methodology DCF Risk High Capital Structure Shares on Issue (m) 472 Shares on Issue diluted (m) 670 Free Float (%) 100% 12mth Av Daily Volume ('000) 1130 Market Cap ($m) 141 EV ($m) 149 Key Metrics 2014e 2015e 2016e 2017e Revenue ($m) EBITDA ($m) NPAT rep ($m) NPAT adj($m) EPS adj ( ) Revenue Growth (%) 57% 634% 19% 11% EBITDA growth (%) n/a 2938% 21% 11% EBITDA margin (%) 15% 62% 62% 63% EPS growth (%) n/a n/a 3351% 35% PER 83.9x 83.9x 2.4x 1.8x EV / EBITDA 56.8x 56.8x 1.9x 1.5x Op Cashflow ($m) Capex ($m) FCF ($m) Net Cash ($m) Share Price Graph Share Price ($) EQUITY RESEARCH Industrials 12 November 2013 Volume ('000) 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Recommendation: We initiate on MKB with a SPEC BUY recommendation and a price target of $0.40/sh. Analyst Haris Khaliqi DISCLAIMER: Foster Stockbroking Pty Ltd does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Refer full disclosures at the end of this report.

2 Moko Social Media (MKB) Full Year Ended 30 June Profit and Loss ($m) 2014e 2015e 2016e 2017e Operational Metrics 2014e 2015e 2016e 2017e Revenue Revenue Growth 57% 634% 19% 11% Cost of Sales EBITDA Growth n/a 2938% 21% 11% Gross Margin NPAT Growth n/a 3351% 35% 12% Operating Costs EPS Growth n/a 3351% 35% 14% EBITDA Operating cost margin 63% 14% 13% 13% D&A EBITDA Margin 15% 62% 62% 63% EBIT NPAT margin 11% 51% 58% 59% Net Interest exp / (income) Effective Tax rate -9% -17% -7% -5% Profit before tax DPS (c/sh) Tax exp / (benefit) Dividend Yield 0.0% 0.0% 0.0% 0.0% NPAT Payout Ratio 0% 0% 0% 0% Minority interest ROE 17% 85% 53% 38% Reported NPAT ROA 11% 78% 51% 37% Non recurring items NPAT adjusted EPS (c) Valuation Multiples 2014e 2015e 2016e 2017e EBITDA Margin(%) 14.9% 61.5% 62.4% 62.8% Reported P/E 83.9x 2.4x 1.8x 1.6x Cash Flow ($m) 2014e 2015e 2016e 2017e Normalised P/E 83.9x 2.4x 1.8x 1.6x Net Income EV/Revenue 8.4x 1.2x 1.0x 0.9x Add: D&A EV/EBIT 56.8x 1.9x 1.5x 1.4x Add: Other non cash EV/EBITDA 56.8x 1.9x 1.5x 1.4x Δ Working Capital EV/FCF 83.9x 2.4x 1.8x 1.6x Other Operating Cashflow Purchase of PP&E Purchase of intangible assets Investing Cashflow Valuation A$m $/sh Equity proceeds Enterprise NPV (10 years) Debt proceeds Terminal value Debt repayment Enterprise Value Financing Cashflow Net Cash Net Cashflow Equity Value Balance Sheet ($m) 2014e 2015e 2016e 2017e Cash Capital Structure Assumption: Discount rate 10%, terminal growth rate 3% Receivables Ordinary 472 Other Current assets Listed options 148 PPE Unquoted options 49 Intangibles Fully Diluted 670 Total Assets Accounts payable Major Shareholders % Deffered Consideration Peter yates 10.1% Borrowings Emrose BV 7.7% Other Board and Management 25.0% Total Liabilities Top % Reserves and capital Retained earnings Minorities Total Equity /11/2013 Level 21, 25 Bligh Street, Sydney NSW 2000 tel:

3 Moko Social Media Ltd is focused on the delivery of mobile social networking services for large interest groups in the USA and monetizing them via mobile advertising. BUSINESS OVERVIEW Moko Social Media Ltd ( MKB, Moko or the Company) is focused on the delivery of mobile social networking services for large interest groups in the USA that enables monetizing the user base through mobile advertising. The Company s strategy is to target large organized groups with a compelling need for a customized mobile community platform. The initial focus is on US colleges, where Moko has signed agreements for the mobile rights with two US sports organizations that manage college sport and group recreation data American Collegiate Intramural Sports ( ACIS ) and IM leagues LLC ( IML ) to roll out its REC.IT application. The agreements provide MKB with exclusive access to 600 of the top tier colleges in the US reaching an audience of ~10m students. To put this in context it provides MKB access to about half the US college population, which is an extremely attractive demographic for advertisers via social media platforms. Figure 1: Moko business model The initial focus is on US colleges, where Moko has signed agreements providing them with exclusive access to 600 colleges and 10m students. Source: Company, FSB Research The MKB product - REC.IT - is a mobile application that will allow students to manage all their noncurricular activities. REC.IT APPLICATION WHAT IS IT? The MKB product - REC.IT - is a mobile application that will allow students to manage all their non-curricular activities such as registering for team activities, check schedules, scores and provide a social networking platform for college students. Sporting and wellness in US colleges is an integral part of the US college lifestyle. The application is also to be used by faculty staff to push alerts, rescheduling updates, news feeds and other communications direct to student s phones. MKB is licensing exclusive access for all of the non-curricular content which is currently being managed by IML and inputted by college staff, enhancing it, recollating, and then pushing it out to the student so that each student gets the information on an individual basis via an app on their smart phone which is relevant to the individual. The application has tangible benefits for both students and staff. 12/11/2013 Level 21, 25 Bligh Street, Sydney NSW 2000 tel:

4 The application is specifically white labeled for each school, which will have the schools colors logos emblems etc. It also provides all the bells and whistles that a social media platform offers including: calendar; chatting; sharing photos and media; along with integration to other social media platforms such as Facebook and Twitter. Figure 2 below provides screenshots of the RECIT application Figure 2: REC.IT APP prototype (adverst shown for demonstration purposes only) Source: Company, FSB Research EXCLUSIVE ACESS TO 10M HIGHLY MARKETABLE COLLEGE STUDENTS Below is an overview of the two agreements which Moko has signed, which effectively provides them with exclusive mobile rights to 600 top tier colleges in the US and a captive 10m student audience. ACIS deal provides exclusive access to 200 US colleges and importantly provides established relationships with large brands to leverage off. ACIS DEAL In March 2013 Moko signed an exclusive deal with American Collegiate Intramural Sports (ACIS) to build the mobile intramural sports network for over 200 US colleges in partnership with ACIS. The initial term is 3 years, 25% revenue share agreement and requires Moko to deliver performance hurdles including minimum advertising revenue (we note minimum revenue threshold has not been disclosed by management). ACIS s background is in student guides & campus publications since the 1990s, and it has exclusive agreements regarding on-campus marketing for 200 colleges. In essence, ACIS are the conduit between university and sponsorship and have relationships with large brands such as Nike, Sara Lee, Microsoft and P&G which MKB can leverage off. 12/11/2013 Level 21, 25 Bligh Street, Sydney NSW 2000 tel:

5 IML deal provides exclusive content which consists of student and team schedules, fixtures, standings, statistics and news feeds for over 600 colleges. IML DEAL In October Moko signed an agreement with IM Leagues LLC (IML) which provides Moko exclusive mobile rights to IML s data content which consists of student and team schedules, fixtures, standings, statistics and news feeds for over 600 colleges. IML operates the imleagues.com sports website used by recreational and intramural sports departments in over 600 colleges across the US. IML offers a suite of tools from online signup to comprehensive scheduling required and currently used by college staff to manage college intramural leagues. It s important to note that the actual data is owned by the university and IML in essence acts as a back end database and interface to REC.IT application. The agreement is for three years commencing Jan 2014 and has options to extend. It is a straight license fee (fee structure not disclosed by management) with IML incentivized to grow their portfolio of universities. It is prudent to note that the 25% revenue share is limited to the schools in the ACIS pool only, so the additional 400 schools that are part of the IML deal are not subject to the ACIS revenue share agreement. We view this as a major improvement on the ACIS deal as not only has the addressable pool of students increased but 2/3 s of the revenue pool remains 100% with MKB. Key to any social media or digital application is the barriers to entry for this market will be high given the two major data sources are under exclusive license to MKB. We believe advertisers will be attracted to the RECIT product from the outset given the sophisticated level of profiling which it can offer. SIMPLE MODEL - INCREASED USAGE INCREASES ADVERTISING REVENUE Key to any social media or digital application are the barriers to entry. For MKB it will be high given the two major data sources are under exclusive license to MKB. In essence, for students who attend the 600 colleges REC.IT is the key application that will be made available for sporting and recreation groups, and for advertisers REC.IT will be a key social media platform to access such a large and targeted audience. This is a very important point given data is gold in a mobile world, primarily because of the advertising revenue it can generate. Given the richness in user data that MKB will access they will be able to provide a very sophisticated level of profiling to an advertiser. In turn, this enables an advertiser to provide very specific products and marketing campaigns to consumers which have a higher prepotency to purchase their products, which ultimately means that MKB can monetize the platform through higher priced mobile advertising revenue. To give an example when a user creates a profile you know their age, gender, where they live, their interests and habits and activities which ultimately build an interest profile. So you get all the profiling information that you would get from a Facebook type profile plus all the information about the user habits and activities of a student. This is very powerful information because if you re Nike, for example, you want to know if you re selling basketball shoes or running shoes, and depending on the student s profile, that simple distinction will be the key difference in regards to what product you push and what deals you push. 12/11/2013 Level 21, 25 Bligh Street, Sydney NSW 2000 tel:

6 The mobile advertising market is growing at phenomenal rates driven by the proliferation and use of smart phone advertising. Marketers have seen a drastic change of where dollars are spent when it comes to online advertising primarily due to the targeted profiling which certain platforms offer. MOBILE ADVERTISING A BOOMING MARKET STILL AT ITS INFANCY The mobile advertising market is growing at phenomenal rates driven by the proliferation and use of smart phones. Marketers have seen a drastic change of where dollars are spent when it comes to online advertising. It makes sense that advertisers are spending so much in the mobile space. More than 20% of American cell phone owners use phones as their primary way of accessing the Internet, according to a Pew Internet & American Life Project study. Two in three cell phone owners use the device to surf the Web and check , double the amount from It is precisely the phenomenal growth in mobile advertising revenue that has driven the rich market valuations of Facebook, Twitter, Linkedin, Tumblr and Pandora in the US over the past 12 months. To be more precise it is not only the scale of the userbase but also the rich level of user profiling that is attracting advertisers to these platforms. Both characteristics are evident in Moko s business model. Here are some eye-opening statistics according to AdAge s Mobile Fact Pack that show just how fast mobile is growing: U.S. mobile ad spending is projected to hit $11.8 billion in There was 75% growth in U.S. mobile ad spending for Before year s end, mobile ads will account for more than 70% of Facebook s revenue; Google s projected mobile ad revenue is $4 billion. In 2013, there were million U.S. tablet users (projected million in 2014). The key to bring in the advertisers is getting eyeballs on the app. This will be determined primarily by adoption of the product and frequency of usage. ADOPTION AND USAGE OF REC.IT APP KEY TO SUCCESS. The key to bring in the advertisers is getting eye-balls on the app. In our view, advertisers will be attracted to Moko s product right from the start and it s not a case of will it be successful but rather how successful will it be. Success will determined by two key factors to determine the number of page views and ultimately how many ads can be sold or served up : i. the adoption rate of students using the app; and ii. the frequency in which they use the app. With respect to deployment of REC.IT, technical development is expected to be complete by the end of CY13, followed by a pilot phase to operate during January- March 2014, and then full rollout of the application to 600 schools by mid By late March, post the completion of the pilot phase, management should have a preliminary view of the core results from the pilot which will be based on a meaningful sample of 20 colleges and include circa 500,000 students. When the full deployment takes place to 600 colleges we anticipate adoption rates should be high, given all new enrolments will be given the app as part of their orientation kit and the product will be promoted on-campus. With ~1/3 of all university students being new enrolments this should ensure a quick ramp up to a large user base. 12/11/2013 Level 21, 25 Bligh Street, Sydney NSW 2000 tel:

7 Pilot phase is to operate during January-March 2014, and then full rollout of the application to 600 schools by mid IT PLATFORM PROVIDES AUTOMATED AD PUBLISHING FUNCTIONALITY. With respect to advertising there are already established relationships through IML and ACIS with hero brands (i.e. Nike, Sara Lee, Microsoft and P&G). A lot of the advertising will come from the ad networks, which already exist in the USA, where you plug into existing back-end systems such as Mopub (which Twitter recently purchased) and Millennial Media (which just announced its acquisition of JumpTap, another established mobile ad network). MKB effectively acts as the publisher; it displays the inventory of advertising slots, target audience, geographic region, demographic of audience and advertising rates to the ad networks. The advertising networks then sell the inventory to advertisers and receive a commission for their service. We understand the whole process is fully automated with management indicating there is already an inventory of advertisers ready to place ads onto the REC.IT platform. This includes an initial number of ads deployed during the pilot phase. There is a large range in advertising rates. The more targeted your demographic is, the higher the price the advertiser will pay. MOBILE ADVERTISING PRICING MODEL. Mobile advertising revenue can be generated through three different methods. Below we have outlined each and what the lower an upper unit price could be. CPM (cost per thousand views) Pricing $0.50c to $ Attract more brand advertising, paid for on a cost per thousand impressions (CPM) model i.e. you pay X for every 1,000 devices that visit/download the page. This is for marketers who want exposure, perhaps to create awareness of a new product. Costs vary considerably campaigns targeted at top-tier inventory can be as high as US$20 CPM. CPC (cost per click) - $0.25 to $2.00. Performance advertising is also available paid for by cost per click (CPC). This is for marketers who want an active response to ads e.g. clicking through a banner to the advertiser s site, click to download/call etc. The price of CPC varies with supply and demand, determined usually in a self-service auction. CPA (cost per acquisition) Pricing $1.00 to $ This is where the advertiser only pays if the customer clicks through and then buys, signs up etc or cost per download (CPD) for companies advertising mobile content/apps. The more targeted your demographic is, the higher the price the advertiser will pay. The reason why you can get rates as high as $50 because they can provide a very targeted relevant audience. Figure 3 below is an example of the CPM rates that Berkshire Eagle (which is a local US based newspaper) offer. The cost is $15 per thousand page views with the advertiser paying additional costs for features such as demographic or behavioral segmentation. CPM advertising rates for the mobile application Shazam for instance are as high $75. Hence our assumption for CPM advertising of $10 per thousand page views in our MKB revenue model below is very conservative, especially given the sophisticated level of profiling which could be provided to perspective advertisers. 12/11/2013 Level 21, 25 Bligh Street, Sydney NSW 2000 tel:

8 Figure 3: CPM rates received by Berkshire Eagle Source: Company, FSB Research We anticipate revenues can start to climb in the back half of CY2014 when the rollout to 600 colleges has been completed. Based on our conceptual model we forecast revenue to climb to $128m by FY17 The average conversion CPA and CPC rate can be anywhere from $0.25 to $20. The average conversion rate in the market is somewhere between 2-3% (that s converting an action where a user has to do something). Facebook has a conversion rate of 4-5%, the higher conversion rates are primarily a function of being able to provide relevant advertising to the user groups. Our modeling for MKB has assumed 1% conversion rates which again in our view is very conservative. REVENUE GENERATION TO COMMENCE 2HCY14 We anticipate revenues can start to climb in the back half of CY2014 when the rollout to 600 colleges has been completed. We have made a series of assumptions to forecast how many advertisements can be served up and apply pricing assumptions around the different type of advertisements to determine the revenue. By way of example, in FY17 if we have an audience of 10 million and 50% of those students are active on a day to day basis then we have 5m active users. If each user on average uses the application 1 time per day and views 2 pages within the application then it will be generating 10m page views which mean 30m advertisements can be served. Below is our conceptual revenue model for MKB based on a series of assumptions which we deem to be conservative. Under our base case scenario we forecast revenue growing from $97m in FY15 to $128m by FY17. Post the pilot period we should be able to get a better view on some of the key assumptions outlined below. 12/11/2013 Level 21, 25 Bligh Street, Sydney NSW 2000 tel:

9 CPA conversion rate Figure 4: Moko revenue model assumptions and outputs (Base case) Assumptions value Comments CPM ($ cost per thousand) 10 CPC ($ click per action) 0.5 CPA ($ cost per acquisition) 3 CPC/CPA ads per page 25% CPC (Conversion rate) 1.0% CPA (conversion rate) 1.0% Number of ads per page (number) 3 Frequency of usage (times per day) 1 Discount rate 10% Range between $ $75.0 Range between $ $2.00 Range between $1.00 to $ % of all ads served will be CPM Industry average ~3% Industry average ~3% Number of advertisments per page number of times a user logs into the application on a daily basis M o k o S o c i a l M e d i a L T D Description Metric FY14 FY15 FY16 FY17 FY18 FY19 FY20 Audience m Adoption rate % 20% 40% 45% 50% 55% 55% 55% Active users m Usage views per day Pages viewed within app views Daily page views m number of ads per page # Total ads served per page m CPM AD Utilisation % 50% 60% 70% 70% 70% 70% 70% Annual usage % 70% 70% 70% 70% 70% 70% 70% P&L Metric FY14 FY15 FY16 FY17 FY18 FY19 FY20 CPM revenue $m CPC revenue $m CPA revenue $m Other - (current business) $m Total Revenue $m Source: FSB Research There is a wide range of input variables in our revenue model. Below we have provided a sensitivity analysis on two of the most sensitive variables: CPA conversion rate and frequency of usage of the app. We have modeled a 1% conversion rate for the CPA revenue, but if you move from 1% to 2% revenue increases ~75%. Facebook has an average between 2-5%, so if MKB can get to a 2-5% range then the revenue numbers get very serious. Figure 5: Source: FSB Research Sensitivity analysis on revenue Sensitivity analysis CPA conversion/frequency of use on FY18 revenue Frequency of usage (times per day) % % % % % % % % /11/2013 Level 21, 25 Bligh Street, Sydney NSW 2000 tel:

10 The attraction of the business model is if it works well then most of the metrics/revenue drivers would start trending upwards. Below we have provided a base case to bull case analysis which highlights the significant upside which could potentially be achieved. Higher usage, adoption and conversion would also drive advertising prices towards the top end of the ranges which has a material impact on valuation. Below we have provided a base case to bull case analysis which highlights the significant upside which could potentially be achieved. Figure 6: Base case to agressive case valuation analysis Assumption Base Case High case Aggressive CPM ($ cost per thousand) CPC ($ click per action) CPA ($ cost per acquisition) CPC (Conversion rate) 1.0% 2.0% 5.0% CPA (conversion rate) 1.0% 2.0% 5.0% Frequency of usage (times per day) Adoption (FY17 onwards) 55% 60% 70% Pages viewed within ap Revenue (FY18) Valuation 809 2,080 4,680 Source: FSB Research MKB could be a solid generator of free cash on the back of a scalable business model which requires minimal capital investment and additional operational costs to support continued growth. EARNINGS FORECASTS MKB could be a solid generator of free cash on the back of a scalable business model which requires minimal capital investment and additional operational costs to support continued growth. From a cost perspective, minimal incremental capital and operating costs will be required to support the current forecasted growth profile, given the scalable IT platform, systems and processes in place. We have assumed a 25% COS, which incorporates the license fee payable to IML. We have modelled the ACIS revenue share agreement as 25% share of the net revenue applicable only to the 200 colleges under the agreement (which we estimate to be 25%) Based on our conceptual model we forecast NPAT growing to $75m by FY17 with EBITDA margin of 62.8%, given the operating leverage of the business model. The cash position has been bolstered to $8m, post the recent $4m raising, providing sufficient funding to reach a self funding profile which we forecast should occur in 2HCY14. 12/11/2013 Level 21, 25 Bligh Street, Sydney NSW 2000 tel:

11 Figure 7: MKB Earnings forecasts Profit and Loss ($m) 2014e 2015e 2016e 2017e Revenue Cost of Sales Gross Margin Operating Costs EBITDA D&A EBIT Net Interest exp / (income) Profit before tax Tax exp / (benefit) NPAT Minority interest Reported NPAT Non recurring items NPAT adjusted EPS (c) EBITDA Margin(%) 14.9% 61.5% 62.4% 62.8% Source: FSB Research CURRENT OPERATIONAL BUSINESSES TRANSITIONING TO SUPPORT RECIT In regards to the current revenue generating operations, which contributed $6m in FY13, these are split primarily into 2 main businesses; Existing mobile advertising performance network; and E-commerce. The mobile advertising business is based in New York and is currently being reshaped to become an internal ad network that will manage and sell performance based campaigns in MKB s various project silos REC.IT being the first. This will also integrate with other ad networks. The e-commerce business (Deals I Love) will be transitioned into become the "deal aggregator" and conduit to filter targeted offers and deals to the students from existing US based merchants. There are still some legacy revenues from "MOKO.mobi Chat & Share" service in Australia, but this is only about $50k per month. 12/11/2013 Level 21, 25 Bligh Street, Sydney NSW 2000 tel:

12 We believe the listing on the Nasdaq can provide a re-rating in the stock given the precedence being set by the larger players in this space If the business model work we believe Moko value as $ per user would be more like FB or Linkedin in the $ per user range LISTING ON THE NASDAQ TO PROVIDE RE-RATING The company will seek a full listing on the Nasdaq, which is scheduled for Q1CY14. We believe the listing on the Nasdaq can provide a re-rating in the stock given the precedence being set by the larger players in this space. The impressive listing of Twitter which on its debut traded at over 100% premium to its listing price highlights investor demand and interest in the social media/mobile advertising space. We believe a more sophisticated investor base exists in the region hunting for the next early stage IPO. Comparative US peer valuations include Facebook at US$94 per subscriber, twitter being priced at US$11 per subscriber, Tumblr purchased at US$10 per member and Instagram purchased at US$30 per member. The higher value assigned on a per subscriber basis is largely driven by the most mature businesses in terms of building out monetization models (read advertising, subscriptions, platform partner deals, etc), but also because they have a somewhat strong lock in the short term over their user base relative to other social networks. The salient point to highlight is that 100% of Moko s audience is targeted, providing a very detailed demographic and high level of user profiling. Unlike Twitter or Tumblr which do not have this data available. Therefore if the business model works we believe Moko s value as $ per user would be more like FB or Linkedin in the $ per user range. While management haven t provided guidance on the quantum of capital to be raised in the proposed Nasdaq listing, we believe any new capital will be deployed towards new projects. Figure 8: US Peer comps (US$) Metric Facebook Twitter Likedin Instagram Tumblr Pandora Market Cap 120,000 26,000 26, ,100 4,450 Debt/Cash 8,000 1,800 2, Enterprice Value 112,000 24,200 23, ,100 4,350 FY14 Revenue Forecast (US$m) 10, ,600 n/a n/a 643 FY15 Revenue forecast (US$m) 894 Active subscriber base (m) 1, % Mobile advertising revenue 50% 90% 10% n/a n/a 15% Multiples $ per subscriber FY14 revenue multiple n/a n/a 6.8 Source: FSB Research, consensus, Bloomberg SCALABLE PLATFORM TO BE EXPANDED BEYOND COLLEGES Beyond REC.IT there are other opportunities which MKB can leverage their platform and use it towards other high volume specialty audiences such as running groups, cycling groups etc. This represents significant upside beyond just the REC.IT application. 12/11/2013 Level 21, 25 Bligh Street, Sydney NSW 2000 tel:

13 Terminal Growth Rate M o k o S o c i a l M e d i a L T D VALUATION Our un-risked enterprise valuation for MKB is $802.0m, or $1.20/sh and comprises a 10 year operational NPV of $510.5m and a terminal value $292.0m. We have assumed a 10% discount rate and a terminal growth rate of 3%. Accounting for $8m in cash we derive an equity valuation of $810.5 or $1.21/sh. We have risked our valuation by 70% to account for the uncertainty around implementation, usage and adoption of the application. Our risked valuation is $251.3m or $0.38/sh. We will look to unwind our risk weighting upon completion of key milestones the first being completion of the pilot program (Q1CY14) followed by the commercial rollout (Q3CY14). Figure 9: Valuation Summary Description A$m $/sh Enterprise NPV (10 years) Terminal value Enterprise Value Net Cash Equity Value Risk Factor (%) 30% 30% Risked valuation Assumptions Fully Diluted shares on issue Discount rate 10% Terminal growth rate 3% Terminal value as a % of EV 36% Source: FSB Research Given the terminal value represents 36% of our equity valuation we have provided a sensitivity analysis on the key variables, growth rate and discount rate to highlight the valuation impact. Figure 10: Sensitivity Analysis Moko social - Net Present Value Sensitivity - Terminal Growth Rates Source: FSB Research Discount Rate #### 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 0.0% $ 1.34 $ 1.29 $ 1.25 $ 1.22 $ 1.19 $ 1.16 $ % $ 1.35 $ 1.30 $ 1.25 $ 1.21 $ 1.17 $ 1.14 $ % $ 1.39 $ 1.32 $ 1.26 $ 1.21 $ 1.17 $ 1.13 $ % $ 1.47 $ 1.38 $ 1.30 $ 1.23 $ 1.18 $ 1.13 $ % $ 1.60 $ 1.47 $ 1.37 $ 1.28 $ 1.21 $ 1.15 $ % $ 1.84 $ 1.64 $ 1.49 $ 1.37 $ 1.27 $ 1.20 $ /11/2013 Level 21, 25 Bligh Street, Sydney NSW 2000 tel:

14 RECOMMENDATION We view MKB as a speculative investment given the early stage of the business model has yet to be validated through the planned pilot stage early in CY14. However, despite the early stage nature of the business and the recent share appreciation over the past 6 months we believe MKB still provides a compelling risk/reward proposition given: Barriers to entry for the college social network segment MKB is targeting are high. Our revenue and earnings assumptions and forecasts outlined in Figure 6 and Figure 8 are conservative; The company does not require additional capital to deliver our forecasts outlined above; A success case for the pilot and deployment to the 600 colleges over the 2HCY14 will quickly underwrite our base case 5x share price upside; and A strong response from the US investment community to the Nasdaq listing could see the stock push on for a 10x return in the next 3-5yrs. We initiate on MKB with a SPEC BUY recommendation and a price target of $0.40/sh. 12/11/2013 Level 21, 25 Bligh Street, Sydney NSW 2000 tel:

15 BOARD AND KEY MANAGEMENT PERSONNEL Greg McCann - Chairman Was a partner with Deloitte for 20+ years, held senior leadership roles including Managing Partner/Director for Deloitte Consulting/ICS in Australia, a systems integrator specializing in implementation of enterprise applications Also Chairman of Tel.Pacific, Chairman of National Broadband Network (Tas) & board of Australian law firm Lander and Rogers Also Managing Director & principal of Executive Computing Pty Ltd, an independent software & consulting services supplier in the Asia Pacific Ian, Rodwell CEO, Founder, Managing Director Has 20+ years experience in corporate/consumer design & multimedia & has owned/operated several businesses in this field Worked in Aust, Singapore, UK & US managing projects for many international companies inc McKinsey, BMW, UniLever & MTV In the consumer area Mr Rodwell led projects for several of world s biggest names including sport inc Manchester United FC, All Blacks, Adidas & the AFL Hans De Back Non-Executive Director Founder/former CEO of TriScreen Media Group & former senior executive of Cliq Digital, one of the world s largest interactive mobile media companies, sold last year to a German listed company In 1999 he co-founded Telitas Benelux, one of the first & most successful mobile content providers in Europe (sold to Index for 50m) Peter Yates AM Non-Executive Director Investor in the digital media space including Inlink (digital lift advertising) & Third Screen Media (mms & mobile advertising) Many years either as an adviser, CEO or board member in the digital, mobile & media sectors From was CEO of Publishing and Broadcasting Limited, at the time Australia's largest media, gaming & internet company Mr Yates currently serves on a number of boards particularly in the not for profit sector 12/11/2013 Level 21, 25 Bligh Street, Sydney NSW 2000 tel:

16 RISKS Project Execution/adoption Our earnings growth expectations are generated from the successful implementation and usage of the REC.IT application. The projects are still in its infancy and there is implementation risk and risks that the application is not widely adopted or used as per our forecast resulting in substantial downside to our valuation. Competition MKB has a first mover advantage in acquiring mobile rights to 600 university campuses. These agreements are for an initial 3 year term. Given the growing and ever-changing technological landscape, MKB may face competition from new entrants or growing completion from existing competitors which could access the data post the initial three year term having adverse impact on the company s growth and margins. Key person risk MKB has a number of key staff (management and software developers) that is critical to the company s success. We see any staff churn as a negative. Regulatory risk MKB operates in a fast moving and highly lucrative industry. As such we believe there will be growing regulatory pressure to police the use of personal data. Any changes to regulatory policy which prohibit Moko ability to monetise the data through advertising will impact our forecast earnings. Technology Given MKB process are heavily dependent on technology and process any services disruption or technology failures pose a risk to data integrity and business operations. FOSTER STOCKBROKING DIRECTORY 12/11/2013 Level 21, 25 Bligh Street, Sydney NSW 2000 tel:

17 Name Department Phone Stuart Foster Equities Dealing Martin Carolan Equities Dealing Kevin Massey Equities Dealing Tolga Dokumcu Trade Execution George Mourtzouhos Trade Execution Mark Hinsley Equity Research Sales Mark Fichera Equity Research Haris Khaliqi Equities Research Foster Stockbroking Pty Limited A.B.N FSR Licence No Level 21, 25 Bligh Street, SYDNEY, NSW 2000 Australia Tel: Dealing: Fax: PARTICIPANT OF ASX GROUP Foster Stockbroking recommendation ratings: Buy = return >10%; Hold = return between 10% and 10%; Sell = return <-10%. Spec Buy = return > 20% for stock with very high risk. All other ratings are for stocks with low-to-high risk. Returns quoted are annual. Important Notice: Disclaimer & Disclosure of Interests. Foster Stockbroking Pty Limited has prepared this report. This document contains general securities advice only. In preparing the report, Foster Stockbroking did not take into account the specific investment objectives, financial situation or particular needs of any specific recipient. The report is published only for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Foster Stockbroking is not aware that a recipient intends to rely on this report and is not aware of the manner in which it will be used by the recipient. Investors must obtain personal financial advice from their investment advisor to determine whether the information contained in this report is appropriate to the investor s financial circumstances. Recipients should not regard the report as a substitute for the exercise of their own judgment. The views expressed in this report are that of the analyst named on the cover page, and no part of compensation of the analyst is directly related to inclusion of specific recommendations or views in this report. The analyst receives compensation partly based on Foster Stockbroking revenues, including any investment banking and proprietary trading revenues, as well as performance measures such as accuracy and efficacy of both recommendations and research reports. Foster Stockbroking believes that the information contained in this document is correct and that any estimates, opinions, conclusions or recommendations are reasonably held or made at the time of its compilation in an honest and fair manner that is not compromised. However, no representation or warranty is made as to the accuracy, completeness or reliability of any estimates, opinions, conclusions or recommendations (which may change without notice) or other information contained in this document and, to the maximum extent permitted by law, Foster Stockbroking disclaims all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from this document. Foster Stockbroking is under no obligation to update or keep current the information contained herein and has no obligation to tell you when opinions or information in this report change. Foster Stockbroking, and its directors, officers and employees or clients may have or had interests in the securities of the instruments referred to herein, and may make purchases or sales in them as principal or agent at any time and may affect transactions which may not be consistent with the opinion set out in this report. Foster Stockbroking and its Associates state that they may earn brokerage, fees or other benefits from securities referred to in this report. Furthermore, Foster Stockbroking may have or have had a relationship with or may provide or has provided investment banking, capital markets and/or other financial services to the relevant Company. Specific disclosure: The analyst, Foster Stockbroking and/or associated parties have beneficial ownership or other interests in securities issued by MKB at the time of this report. Diligent care has been taken by the analyst to maintain an honest and fair objectivity in writing the report and making the recommendation. 12/11/2013 Level 21, 25 Bligh Street, Sydney NSW 2000 tel:

Updater Inc. (UPD.ASX; $0.23/sh; ~A$100m market cap; A$24m cash)

Updater Inc. (UPD.ASX; $0.23/sh; ~A$100m market cap; A$24m cash) Dec 15 Jan 16 TALKING POINT Updater Inc. (UPD.ASX; $0.23/sh; ~A$100m market cap; A$24m cash) On track to become the dominant player in the home relocation industry Recommendation Previous SPEC BUY N/A

More information

MATELAN Research. Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES

MATELAN Research. Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES MATELAN Research Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES 2/5/12 2/7/12 2/9/12 2/11/12 2/1/13 2/3/13 2/5/13 2/7/13 2/9/13

More information

Clime Capital Limited (CAM)

Clime Capital Limited (CAM) Clime Capital Limited (CAM) Listed Managed Investments September 2012 Quarterly Review WHO IS IIR? Independent Investment Research Pty Ltd, IIR is an independent investment research house in Australia.

More information

Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3

Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3 Siddharth Rajeev, B.Tech, MBA, CFA Analyst November 5, 2015 Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3 Sector/Industry: E-commerce Market Data (as of November 5, 2015) Current Price $1.15 Fair

More information

Tabcorp Holdings Limited 2011/12

Tabcorp Holdings Limited 2011/12 Tabcorp Holdings Limited ABN 66 063 780 709 2011/12 Full Year Results Presentation 9 August 2012 A successful year Strong EBIT growth in challenging market conditions Key FY12 outcomes Completed demerger

More information

TABCORP HALF YEAR RESULTS PRESENTATION

TABCORP HALF YEAR RESULTS PRESENTATION Tabcorp Holdings Limited ACN 063 780 709 5 Bowen Crescent Melbourne Australia 3004 GPO Box 1943 Melbourne Australia 3001 Telephone 61 3 9868 2100 Facsimile 61 3 9868 2300 Website www.tabcorp.com.au 4 February

More information

Empresaria (EMR.L) Empressive finish to the year

Empresaria (EMR.L) Empressive finish to the year 26 th January 2015 56 54 52 50 48 46 EMR EMPRESARIA ORD 5P Empresaria (EMR.L) Empressive finish to the year 44 42 40 38 Q1-2014 Q2-2014 Q3-2014 Q4-2014 Price: 43.0p Sourc e: Fides s a 12m High 56.0p 12

More information

2 September 2015 YOC AG. FIRST BERLIN Equity Research

2 September 2015 YOC AG. FIRST BERLIN Equity Research FIRST ERLIN Equity Research RATING Germany / Advertising Primary exchange: Frankfurt, Xetra Q2/15 Results PRICE TARGET 2.80 loomberg: YOC GR Return Potential 29.6% ISIN: DE0005932735 Risk Rating High SALES

More information

Confirmation Code: 2977298

Confirmation Code: 2977298 DATE: 26 February 2014 Attached is the Presentation regarding Pact s Interim Financial Results for the half-year ended 31 December 2013. The Presentation will occur at 10am (Melbourne time) today. Dial

More information

London Stock Exchange Symbol: PLUS

London Stock Exchange Symbol: PLUS London Stock Exchange Symbol: PLUS 1 Disclaimer The Presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe

More information

Results Announcement for the half year ending 31 December 2013. Centuria Capital Limited Presentation to Investors and Analysts

Results Announcement for the half year ending 31 December 2013. Centuria Capital Limited Presentation to Investors and Analysts Results Announcement for the half year ending 31 December 2013 Centuria Capital Limited Presentation to Investors and Analysts Half year summary First half year performance in line with expectations Underlying

More information

20 May 2015 OpenLimit Holding AG. FIRST BERLIN Equity Research

20 May 2015 OpenLimit Holding AG. FIRST BERLIN Equity Research FIRST ERLIN Equity Research RATING Switzerland / Software Primary exchange: Frankfurt Q1 figures PRICE TARGET 1.10 loomberg: O5H GR Return Potential 37.3% ISIN: CH0022237009 Risk Rating High STRONG SALES

More information

DATRON AG. Investor day supports our positive view. Buy (Buy) 12.50 EUR (12.50 EUR ) BANKHAUS LAMPE // 1 17/09/2015

DATRON AG. Investor day supports our positive view. Buy (Buy) 12.50 EUR (12.50 EUR ) BANKHAUS LAMPE // 1 17/09/2015 BANKHAUS LAMPE // 1 DATRON AG Investor day supports our positive view 17/09/2015 Buy (Buy) 12.50 EUR (12.50 EUR ) Close 15/09/2015 9.75 EUR Bloomberg: DAR GY WKN: A0V9LA Sector Engineering Share price

More information

Company Overview. Financial Performance

Company Overview. Financial Performance Jan/15 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 SPS Finquest Ltd CMP: 84.60 January 13, 2015 Stock Details BSE code 538402 BSE ID SPS Face value ( ) 10 No of shares

More information

22 December 2015 YOC AG. FIRST BERLIN Equity Research

22 December 2015 YOC AG. FIRST BERLIN Equity Research FIRST ERLIN Equity Research RATING Germany / Advertising Primary exchange: Frankfurt, Xetra 9M/15 Results PRICE TARGET 3.00 loomberg: YOC GR Return Potential 53.3% ISIN: DE0005932735 Risk Rating High Q3

More information

Macquarie Australia Conference

Macquarie Australia Conference Macquarie Australia Conference Veda Group Limited Nerida Caesar Chief Executive Officer & Managing Director May 2015 Important Notice This presentation contains general information about the activities

More information

Year-end Dec 2013A 2014E 2015E 2016E Key data. # Priced at market close, 29/09/14

Year-end Dec 2013A 2014E 2015E 2016E Key data. # Priced at market close, 29/09/14 This research is intended for UK institutional investors only and market professionals. It is not intended for retail customers and any retail customer should seek professional, independent advice before

More information

Kingdee (268 HK) Buy (maintained) Target price: HK$3.58. Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$3.

Kingdee (268 HK) Buy (maintained) Target price: HK$3.58. Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$3. Equity Research Information Technology Aug 2, 21 Kingdee (28 HK) Buy (maintained) Target price: HK$.8 Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$.8 Lower-than-expected

More information

Fundamental analysis. Course 10

Fundamental analysis. Course 10 Course 10 Fundamental analysis Topic 1: Fundamental analysis - an introduction... 3 Analysing individual companies... 3 What are you trying to learn about a company?... 4 Topic 2: Annual Report... 6 Sourcing

More information

H1 2015 RESULTS INVESTOR PRESENTATION

H1 2015 RESULTS INVESTOR PRESENTATION Transforming MLB into a growing solutions led business with higher quality earnings (ASX : MLB) H1 2015 RESULTS INVESTOR PRESENTATION TABLE OF CONTENTS VISION AND STRATEGY H1 2015 FINANCIALS OPERATIONAL

More information

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value UK Daily Letter 1 K3 Business Technology Group KBT : AIM : 144p BUY Target: 215p Bob Liao, CFA 44.20.7050.6654 bliao@canaccordgenuity.com COMPANY STATISTICS: 52-week Range: 0.82-1.50 Avg. Daily Vol. (000s):

More information

MMS Group FY15 Results Presentation. August 2015

MMS Group FY15 Results Presentation. August 2015 August 2015 Group Overview 2 Overview MMS generated a record financial result in FY15 o EBITDA up 20%, NPAT up 23%, EPS up 18% MMS has entered a new stage in its evolution o Step change in scale, competitiveness

More information

Results Presentation for Year Ended 30 June 2015 25 August 2015

Results Presentation for Year Ended 30 June 2015 25 August 2015 Results Presentation for Year Ended 30 June 2015 25 August 2015 Rene Sugo CEO Agenda Corporate Profile Financial Summary Business Overview TNZI Acquisition Update FY16 Roadmap 2 Corporate Profile 3 Corporate

More information

Burcon NutraScience Corp.

Burcon NutraScience Corp. OUTTHINK OUTPERFORM REPEAT OFTEN The best ideas are the ideas that make clients money. That s why Paradigm Capital approaches every investment opportunity with calculated boldness and fresh perspectives,

More information

Tabcorp Holdings Limited (ABN 66 063 780 709) Tabcorp Holdings Limited (ABN 66 063 780 709)

Tabcorp Holdings Limited (ABN 66 063 780 709) Tabcorp Holdings Limited (ABN 66 063 780 709) 1 Tabcorp Holdings Limited (ABN 66 063 780 709) Tabcorp Holdings Limited (ABN 66 063 780 709) Wagering segment of the gambling market Tabcorp has improved market share in a highly competitive environment

More information

XING Q2 2012 results presentation. August 14, 2012

XING Q2 2012 results presentation. August 14, 2012 XING Q2 2012 results presentation August 14, 2012 Disclaimer This presentation was produced in August 2012 by XING AG (the "Company") solely for use as an information source for potential business partners

More information

QBE INSURANCE GROUP Annual General Meeting 2009. All amounts in Australian dollars unless otherwise stated.

QBE INSURANCE GROUP Annual General Meeting 2009. All amounts in Australian dollars unless otherwise stated. Annual General Meeting 2009 All amounts in Australian dollars unless otherwise stated. John Cloney Chairman 2 Results of proxy voting A total of 4,874 valid proxy forms were received. The respective votes

More information

For personal use only

For personal use only Prophecy International Holdings Ltd. Ed Reynolds Chairman 1 Legal Disclaimer This presentation has been prepared by Prophecy International Holdings Limited. The information in this presentation is of a

More information

ZetaDisplay. Europe leads the way. EPaccess

ZetaDisplay. Europe leads the way. EPaccess EPaccess Media Sweden 22 November 213 Equity Research +46 8 463 8 analys@penser.se ZetaDisplay Europe leads the way Risk and Return Potential Return Potential Risk High High Risk Current Price 4,8 High/Low

More information

For personal use only

For personal use only Half Year Results and Business Update Rene Sugo - CEO February 2015 Agenda Corporate Profile Financial Summary Forecast Business Overview 2 Corporate Profile 3 Corporate Profile Founded in 2004 and listed

More information

OptimizeRx OPRX. Buy. Platform Potential Continues to Grow $0.87 $4.00. Refer to the last two pages of this report for Disclosures

OptimizeRx OPRX. Buy. Platform Potential Continues to Grow $0.87 $4.00. Refer to the last two pages of this report for Disclosures Nov 14, 2014 Healthcare OptimizeRx Platform Potential Continues to Grow Other OTC OPRX Buy Rating Unchanged Current Price $0.87 Target Price $4.00 Market Capitalization 20.32M Shares Outstanding 23.36M

More information

Vaughan Bowen, MD/CEO

Vaughan Bowen, MD/CEO M2 Results Presentation (1H11) For the half year ended 31 December 2010 For the half year ended 31 December 2010 Vaughan Bowen, MD/CEO Disclaimer The release, publication or distribution of this presentation

More information

902 Broadway 20 th Floor New York, N.Y. 10010. Business and Revenue Model Overview. Presented by Flatiron Strategies, LLC August, 2015

902 Broadway 20 th Floor New York, N.Y. 10010. Business and Revenue Model Overview. Presented by Flatiron Strategies, LLC August, 2015 902 Broadway 20 th Floor New York, N.Y. 10010 Business and Revenue Model Overview Presented by Flatiron Strategies, LLC August, 2015 Disclaimer The content provided by Flatiron Strategies in this presentation

More information

Ströer continuing on its profitable course of digital growth in Q3 and significantly raising its guidance for both 2015 and 2016

Ströer continuing on its profitable course of digital growth in Q3 and significantly raising its guidance for both 2015 and 2016 PRESS RELEASE Ströer continuing on its profitable course of digital growth in Q3 and significantly raising its guidance for both 2015 and 2016 Ströer anticipating consolidated revenue of between EUR 1.1b

More information

Expert System. Strong organic growth with acquisition upside. Growth in annual licensing key to shareholder return

Expert System. Strong organic growth with acquisition upside. Growth in annual licensing key to shareholder return Expert System Strong organic growth with acquisition upside Acquisition and order update Software & comp services Expert Systems has announced encouraging order growth, with US orders up 82% and annual

More information

XING AG Acquisition of amiando AG

XING AG Acquisition of amiando AG XING AG Acquisition of amiando AG Dr. Stefan Gross-Selbeck (CEO) December 9, 2010 01 XING AG - Acquisition of amiando AG Executive Summary 1. XING AG acquires amiando AG Objective: to form a fully integrated

More information

ASX Announcement/Media Release

ASX Announcement/Media Release ASX Announcement/Media Release Melbourne IT (ASX: MLB) 20 May 2015 Melbourne IT Ltd ABN 21 073 716 793 ACN 073 716 793 Level Three 469 La Trobe Street Melbourne Victoria 3000 Australia www.melbourneit.com

More information

BDI BioEnergy Internat. 14.5 Buy

BDI BioEnergy Internat. 14.5 Buy 20/08/13 20/10/13 20/12/13 20/02/14 20/04/14 20/06/14 20/08/14 20/10/14 20/12/14 20/02/15 20/04/15 20/06/15 MATELAN Research Update Note Price as of 20/08/15: 10.80 21 August 2015 Company / Sector Fair

More information

G5 Entertainment. G5 Entertainment. Quarter Update Q3 15. Amended strategy and boosted profitability

G5 Entertainment. G5 Entertainment. Quarter Update Q3 15. Amended strategy and boosted profitability Quarter Update Q3 15 Last updated on the 18/11/2015 Share Price Market Capitalisation Target Price 41.00 SEK 360.8m SEK 49.05 SEK Amended strategy and boosted profitability reported their third quarter

More information

XING Q1 2012 results presentation. May 14, 2012

XING Q1 2012 results presentation. May 14, 2012 XING Q1 2012 results presentation May 14, 2012 Disclaimer This presentation was produced in April 2012 by XING AG (the "Company") solely for use as an information source for potential business partners

More information

For personal use only

For personal use only GROUP HIGHLIGHTS 1H12 1H11 % Premium revenue $554.4m $495.0m 12.0 Total policyholders 457,768 430,582 6.3 Net underwriting profit $42.7m $40.9m 4.5 Net investment income $12.4m $18.6m (33.2) Net profit

More information

Recommended Acquisition of Networkers International plc Presentation to Analysts & Investors

Recommended Acquisition of Networkers International plc Presentation to Analysts & Investors Recommended Acquisition of Networkers International plc Presentation to Analysts & Investors 28 January 2015 Disclaimer THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES.

More information

Full Year Results 2010 (preliminary)

Full Year Results 2010 (preliminary) Full Year Results 2010 (preliminary) Dr. Stefan Groß-Selbeck (CEO) & Ingo Chu (CFO) March 1, 2011 01 2010 Highlights Strong financial performance Re-accelerated member growth in DACH Strong growth of vertical

More information

Monetising Online and Mobile Traffic. 26 March 2015

Monetising Online and Mobile Traffic. 26 March 2015 Monetising Online and Mobile Traffic 1 Disclaimer THIS PRESENTATION (THE PRESENTATION ) WHICH HAS BEEN PREPARED BY XLMEDIA PLC. (THE COMPANY) IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN

More information

MYOB Finance Australia Limited ACN 161 013 654 Registered office: Level 3, 235 Springvale Road, Glen Waverley, VIC 3150

MYOB Finance Australia Limited ACN 161 013 654 Registered office: Level 3, 235 Springvale Road, Glen Waverley, VIC 3150 MYOB Finance Australia Limited ACN 161 013 654 Registered office: Level 3, 235 Springvale Road, Glen Waverley, VIC 3150 16 September 2013 Market Announcements Office ASX Limited MYOB 2013 interim results

More information

Anhanguera Educacional S.A.

Anhanguera Educacional S.A. Team: Insper Type: Partial Presentation 1 Anhanguera Educacional S.A. CFA Investment Research Challenge December 3 rd, 2011 Note: 1. This is only a preview. This presentation wiil suffer changes until

More information

EUROPE S LEADING ONLINE FASHION DESTINATION Q1 2015 Earnings Call 12 May 2015

EUROPE S LEADING ONLINE FASHION DESTINATION Q1 2015 Earnings Call 12 May 2015 EUROPE S LEADING ONLINE FASHION DESTINATION Q1 2015 Earnings Call 12 May 2015 Results highlights and business update 1 REACCELERATED REVENUE GROWTH WHILE PROFITABILITY IMPROVEMENTS CONTINUE Strong Revenue

More information

QBE increases North American claims provision and writes down North American goodwill, identifiable intangibles and other assets

QBE increases North American claims provision and writes down North American goodwill, identifiable intangibles and other assets QBE Insurance Group Limited ABN 28 008 485 014 Level 02, 82 Pitt Street, SYDNEY NSW 2000 Australia GPO Box 82, Sydney NSW 2001 telephone + 612 9375 4444 facsimile + 612 9231 6104 www.qbe.com 9 December

More information

For personal use only. November 2015. Wholesale Investor - London (UK) Presentation

For personal use only. November 2015. Wholesale Investor - London (UK) Presentation November 2015 Wholesale Investor - London (UK) Presentation 1 Overview Capitalising on global mobile growth! Crowd Mobile is a global mobile company with a focus on the growing mobile economy.! We have

More information

For personal use only

For personal use only Attention ASX Company Announcements Platform Lodgement of Open Briefing ASX ANNOUNCEMENT: 8 February 2012 CEO and CFO on Half Year Results and Outlook Open Briefing with and CFO Martin Brooke Talent2 International

More information

Performance Food Group Company Reports First-Quarter Fiscal 2016 Earnings

Performance Food Group Company Reports First-Quarter Fiscal 2016 Earnings NEWS RELEASE For Immediate Release November 4, 2015 Investors: Michael D. Neese VP, Investor Relations (804) 287-8126 michael.neese@pfgc.com Media: Joe Vagi Manager, Corporate Communications (804) 484-7737

More information

Adelaide Brighton Ltd Morgan Stanley Emerging Companies Conference 14 June 1012. Presented by: Mark Chellew Managing Director & CEO.

Adelaide Brighton Ltd Morgan Stanley Emerging Companies Conference 14 June 1012. Presented by: Mark Chellew Managing Director & CEO. Adelaide Brighton Ltd Morgan Stanley Emerging Companies Conference 14 June 1012 Presented by: Mark Chellew Managing Director & CEO Disclaimer The following presentation has been prepared by Adelaide Brighton

More information

Smart Metering Systems plc. Interim Results For the half year ended 30 June 2015

Smart Metering Systems plc. Interim Results For the half year ended 30 June 2015 Smart Metering Systems plc Interim Results For the half year ended 2015 Introduction and agenda Business review Alan Foy, CEO SMS story Financial Operational Financial review Glen Murray, CFO Highlights

More information

Management Presentation Q2/2012 Results. 8 August 2012

Management Presentation Q2/2012 Results. 8 August 2012 Management Presentation Q2/2012 Results 8 August 2012 Cautionary statement This presentation contains forward-looking statements which involve risks and uncertainties. The actual performance, results and

More information

VALUATIONS I Financial Metrics, Ratios, & Comparables Analysis. Fall 2015 Comp Week 6

VALUATIONS I Financial Metrics, Ratios, & Comparables Analysis. Fall 2015 Comp Week 6 VALUATIONS I Financial Metrics, Ratios, & Comparables Analysis Fall 2015 Comp Week 6 CODE: COMPS Timeline Date Topic 9/10/15 Introduction to Finance 9/17/15 Qualitative Analysis: SWOT and Porter s Five

More information

Tim Howkins, CEO. Steve Clutton, Finance Director

Tim Howkins, CEO. Steve Clutton, Finance Director Tim Howkins, CEO Steve Clutton, Finance Director Highlights Revenue Revenue up 36% Earnings per share up 33% All parts of business contributed to growth Benefits of increased IT spend Proposed final dividend

More information

For personal use only

For personal use only Acquisition of THG Expanding into Queensland April 2015 Disclaimer This Document should not be considered as an offer or invitation to subscribe for or purchase any securities in OTOC Limited ( OTOC or

More information

Australian Accounting Standards Board (AASB)

Australian Accounting Standards Board (AASB) Standards Board () FACT SHEET September 2011 1038 Life Insurance Contracts (This fact sheet is based on the standard as at 1 January 2011.) Important note: This standard is an Australian specific standard

More information

EUROPE S LEADING ONLINE FASHION DESTINATION Q3 Earnings Call 26 November 2014

EUROPE S LEADING ONLINE FASHION DESTINATION Q3 Earnings Call 26 November 2014 EUROPE S LEADING ONLINE FASHION DESTINATION Q3 Earnings Call 26 November 2014 Results highlights and business update 1 CLEAR FOCUS ON EXECUTION Continued strong revenue growth above market (Revenue in

More information

APPENDIX 4D. Half year report MOKO SOCIAL MEDIA LIMITED. 2. Results for announcement to the market Movement $

APPENDIX 4D. Half year report MOKO SOCIAL MEDIA LIMITED. 2. Results for announcement to the market Movement $ Appendix 4D Half year report APPENDIX 4D Half year report Name of entity MOKO SOCIAL MEDIA LIMITED 1. Details of the reporting period Current period Previous Corresponding period 1 July 2013 31 December

More information

BDI BioEnergy Intern. 20.0 Neutral. Activity level in Q3 might not support FY estimates

BDI BioEnergy Intern. 20.0 Neutral. Activity level in Q3 might not support FY estimates 8/11/1 8/1/11 8/3/11 8/5/11 8/7/11 8/9/11 8/11/11 8/1/12 8/3/12 8/5/12 8/7/12 8/9/12 MATELAN Research Preview Note Price as of 9/11/12: 8.69 12 November 212 Company / Sector Fair Value Recommendation BDI

More information

For personal use only

For personal use only Veda Group Limited Presenters Nerida Caesar Chief Executive Office & Managing Director James Orlando Chief Financial Officer Important Notice This presentation contains general information about the activities

More information

Canadian Tire: Value Under the Hood

Canadian Tire: Value Under the Hood Canadian Tire: Value Under the Hood May 2006 Pershing Square Capital Management, L.P. Disclaimer Pershing Square Capital Management's ("Pershing") analysis and conclusions regarding Canadian Tire Corporation

More information

Conference Call Q1-2015/2016

Conference Call Q1-2015/2016 Conference Call Q1-2015/2016 DIRK KALIEBE August 12, 2015 Highlights Q1-2015/2016 Strategic reorientation is taking effect Good order situation, improved backlog Strong revenue growth due to solid order

More information

Attached presentation delivered by nib at the Morgan Stanley Private Health Forum (20 April 2015).

Attached presentation delivered by nib at the Morgan Stanley Private Health Forum (20 April 2015). nib holdings limited Head Office 22 Honeysuckle Drive Newcastle NSW 2300 abn 51 125 633 856 t 13 14 63 f 02 4925 1999 e nib@nib.com.au w nib.com.au 20 April 2015 The Manager Company Announcements Australia

More information

Petroceltic. FY12 Preview Transitioning to a new level Equity Research 18 Apr 2013. Oil & Gas. Inaugural results statement as a merged entity

Petroceltic. FY12 Preview Transitioning to a new level Equity Research 18 Apr 2013. Oil & Gas. Inaugural results statement as a merged entity Oil & Gas FY12 Preview Transitioning to a new level Equity Research 18 Apr 2013 Inaugural results statement as a merged entity While the scheduled release of FY12 results from on Monday (April 22 nd )

More information

EUROPE S LEADING ONLINE FASHION DESTINATION Q4 / Full-Year 2014 Earnings Call 5 March 2015

EUROPE S LEADING ONLINE FASHION DESTINATION Q4 / Full-Year 2014 Earnings Call 5 March 2015 EUROPE S LEADING ONLINE FASHION DESTINATION Q4 / Full-Year 2014 Earnings Call 5 March 2015 Results highlights and business update 1 CONTINUED CLEAR FOCUS ON EXECUTION Strong revenue growth outperforms

More information

Recall Holdings Limited 31 December 2013 Trading Update

Recall Holdings Limited 31 December 2013 Trading Update Document Management Solutions Secure Destruction Services Data Protection Services Recall Holdings Limited 31 December 2013 Trading Update February 19 th 2014 Presenters: CEO - Doug Pertz, CFO - Mark Wratten

More information

PACIFIC ENERGY LIMITED POWER GENERATION

PACIFIC ENERGY LIMITED POWER GENERATION PACIFIC ENERGY LIMITED POWER GENERATION 2015 RESULTS PRESENTATION August 2015 ASX: PEA Important Notice and Disclaimer This presentation has been prepared by (PEL) for information purposes only. This presentation

More information

EUROPE S LEADING ONLINE FASHION DESTINATION Q3 2015 Earnings Call 12 November 2015

EUROPE S LEADING ONLINE FASHION DESTINATION Q3 2015 Earnings Call 12 November 2015 EUROPE S LEADING ONLINE FASHION DESTINATION Q3 2015 Earnings Call 12 November 2015 Results highlights and business update 1 ACCELERATING GROWTH THROUGH TARGETED INVESTMENTS Strong Growth revenue accelerates

More information

Regional Express Holdings Limited

Regional Express Holdings Limited This report has been prepared for Professional and Sophisticated Investors only 04 December 2009 Regional Express Holdings Limited Company Update REX has announced that it had secured 2 new air services

More information

Empresaria (EMR.L) 70 EMR EMPRESARIA ORD 5P

Empresaria (EMR.L) 70 EMR EMPRESARIA ORD 5P 20 th May 2015 Empresaria (EMR.L) 70 EMR EMPRESARIA ORD 5P 65 60 55 50 45 40 35 Q3-2014 Q4-2014 Q1-2015 Sourc e: Fides s a Price: 67.0p 12m High 67.0p 12 m Low 39.5p Mkt cap 29m Shares 46.5m (diluted)

More information

Just Dial Ltd Bloomberg Code: JUST IN

Just Dial Ltd Bloomberg Code: JUST IN Communications - Internet Media Oct 14, 215 Bloomberg Code: JUST IN India Research - Stock Broking India s local search engine, warming up with add-on services Just Dial is now into a platform where people

More information

Chapter 18. Financial Planning. Answers to Concept Review Questions

Chapter 18. Financial Planning. Answers to Concept Review Questions Chapter 18 Financial Planning Answers to Concept Review Questions 1. What is the financial planning process? What is a strategic plan? Describe the roles that financial managers play with regard to strategic

More information

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY The Merchant Securities FTSE 100 Hindsight II Note Our first FTSE-100 Hindsight Note is now fully subscribed; however, as a result of exceptional investor demand we are launching the FTSE- 100 Hindsight

More information

For personal use only

For personal use only Integrated Research Limited (IRI) FY2015 Annual Financial Results August, 2015 ABN: 76 003 588 449 9 of the top 10 US banks 4 of the world s 10 largest companies 6 of the 10 biggest stock exchanges 7 of

More information

WIND Telecomunicazioni FY2014 Results. Delivering solid Performance February 26 th, 2015

WIND Telecomunicazioni FY2014 Results. Delivering solid Performance February 26 th, 2015 WIND Telecomunicazioni FY2014 Results Delivering solid Performance February 26 th, 2015 FY 2014 Highlights Revenues EBITDA WIND outperforms the market in 2014 with total revenue of 4,633 million, down

More information

APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015. Page 1 of 7

APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015. Page 1 of 7 APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015 1 Details of the reporting period and the previous corresponding period Current period: 1 April 2014 to 31 March 2015

More information

Comparable Companies Analysis

Comparable Companies Analysis Comparable Companies Analysis Educational TMT Group with Assistance from the FIG Group Mario Campea, Michael Liu, Steve Lo, Kevin Gryp & Vinayak Modi 06-Nov-13 Disclaimer The analyses and conclusions of

More information

The study was conducted through a 15-minute online survey and was undertaken by 350 people.

The study was conducted through a 15-minute online survey and was undertaken by 350 people. Hoop Group was asked to conduct the 3 rd annual IAB Australian mobile landscape study. The study was first undertaken in 2013, and continued in 2014. The study was conducted through a 15-minute online

More information

Creative + Proprietary Social Ad Networks reshaping Marketing Economics!! The transformation of the Ad Agency to data driven campaigns and creative!!

Creative + Proprietary Social Ad Networks reshaping Marketing Economics!! The transformation of the Ad Agency to data driven campaigns and creative!! Creative + Proprietary Social Ad Networks reshaping Marketing Economics The transformation of the Ad Agency to data driven campaigns and creative November 2015 Disclaimer This presentation is not a solicitation

More information

FSA Note: Summary of Financial Ratio Calculations

FSA Note: Summary of Financial Ratio Calculations FSA Note: Summary of Financial Ratio Calculations This note contains a summary of the more common financial statement ratios. A few points should be noted: Calculations vary in practice; consistency and

More information

Facebook Inc. See last page for Important Disclosures and Analyst Certification

Facebook Inc. See last page for Important Disclosures and Analyst Certification 19 SOURCES COMPANIES: FB AAPL, GOOGL, TWTR FB App Install Ads Drive Solid Growth Facebook app install advertisements continued to drive solid U.S. growth during 3Q14 yy, and LiveRail and Instagram are

More information

Mphasis. FY17 could be a year of revenue growth. Source: Company Data; PL Research

Mphasis. FY17 could be a year of revenue growth. Source: Company Data; PL Research FY17 could be a year of revenue growth February 08, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating Accumulate Price Rs440 Target Price Rs510 Implied Upside 15.9% Sensex 24,617 Nifty

More information

Maruti Suzuki. Source: Company Data; PL Research

Maruti Suzuki. Source: Company Data; PL Research Q3 results subdued, Outlook remains good; BUY January 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs4,103 Target Price Rs4,844 Implied Upside 18.1% Sensex 24,470 Nifty

More information

Source Data. Where to find the data you need on Comsec, E*TRADE and Westpac s online trading platforms

Source Data. Where to find the data you need on Comsec, E*TRADE and Westpac s online trading platforms Source Data Where to find the data you need on Comsec, E*TRADE and Westpac s online trading platforms Prepared by Roger Montgomery rogermontgomery.com blog.rogermontgomery.com The information provided

More information

Mobile Embrace Limited Page 2 of 20

Mobile Embrace Limited Page 2 of 20 Volume (million) Mobile Embrace (MBE) 11 March 2015 Outperform Initiation of Coverage Embracing the mobile revolution $0.16 Marcus Hamilton mhamilton@taylorcollison.com.au +61 2 9210 1319 Summary Market

More information

REA GROUP LIMITED INVESTOR & ANALYST PRESENTATION For the year ended 30 June 2014

REA GROUP LIMITED INVESTOR & ANALYST PRESENTATION For the year ended 30 June 2014 REA GROUP LIMITED INVESTOR & ANALYST PRESENTATION For the year ended 30 June 2014 8 August 2014 Peter Tonagh - Interim Chief Executive Officer Paul Burrows - Group Financial Controller Delivering on our

More information

GlaxoSmithKline Consumer Healthcare

GlaxoSmithKline Consumer Healthcare Strong pricing power, Attractive valuations "BUY" February 09, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs5,837

More information

Gujarat State Petronet Ltd. INR 135

Gujarat State Petronet Ltd. INR 135 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 India Equity Institutional Research Oil & Gas RESULT UPDATE Gujarat State Petronet Ltd. INR 135 Growth in volumes to propel earnings Accumulate Gujarat

More information

WE ARE. SHOWROOMPRIVE.com FY2015 RESULTS February, 16 th 2016

WE ARE. SHOWROOMPRIVE.com FY2015 RESULTS February, 16 th 2016 WE ARE SHOWROOMPRIVE.com FY2015 RESULTS February, 16 th 2016 I BUSINESS UPDATE AND 2015 RESULTS HIGHLIGHTS 2015: A YEAR FULL OF ACHIEVEMENTS A STRONG AND PROFITABLE GROWTH 443m net sales and 24m EBITDA

More information

Telenor Group Fourth Quarter 2015. Sigve Brekke, CEO

Telenor Group Fourth Quarter 2015. Sigve Brekke, CEO Telenor Group Fourth Quarter 2015 Sigve Brekke, CEO Disclaimer The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated

More information

650-527-5152 650-527-6273 SYMANTEC REPORTS FIRST QUARTER FISCAL YEAR 2016 RESULTS

650-527-5152 650-527-6273 SYMANTEC REPORTS FIRST QUARTER FISCAL YEAR 2016 RESULTS FOR IMMEDIATE RELEASE MEDIA CONTACT: INVESTOR CONTACT: Kristen Batch Sean Hazlett Symantec Corp. Symantec Corp. 650-527-5152 650-527-6273 kristen_batch@symantec.com sean_hazlett@symantec.com SYMANTEC REPORTS

More information

price target of 7.40. We reiterate our Buy rating. Figure 1: Reported figures versus forecasts Source: First Berlin Equity Research, SFC Energy AG

price target of 7.40. We reiterate our Buy rating. Figure 1: Reported figures versus forecasts Source: First Berlin Equity Research, SFC Energy AG FIRST ERLIN Equity Research RATING Germany / Energy Primary exchange: Frankfurt Q3 figures PRICE TARGET 7.40 loomberg: F3C GR Return Potential 38.1% ISIN: DE0007568578 Risk Rating High PROJECT DELAYS URDEN

More information

NEUTRAL. Weak FY14, but positive outlook thereafter. June 5 th, 2015

NEUTRAL. Weak FY14, but positive outlook thereafter. June 5 th, 2015 EQUITY RESEARCH FY14 Update June 5 th, 2015 Weak FY14, but positive outlook thereafter NEUTRAL Current Share Price ( ): 3.4 Target Price ( ): 3.8 Enertronica 1Y Performance 120 Weak FY2014 figures, due

More information

Analyst Conference Call

Analyst Conference Call Acquisition iti of fastral Analyst Conference Call March 16, 2012 Safe harbour notice Certain statements made in this presentation including, but not limited to, statements relating to the proposed acquisition

More information

Investor & Analyst Presentation Semi-Annual Report 2014. Dr. Cornelius Patt, CEO Andreas Grandinger, CFO August 19th, 2014

Investor & Analyst Presentation Semi-Annual Report 2014. Dr. Cornelius Patt, CEO Andreas Grandinger, CFO August 19th, 2014 Investor & Analyst Presentation Semi-Annual Report 2014 Dr. Cornelius Patt, CEO Andreas Grandinger, CFO August 19th, 2014 Safe Harbor Statement This document includes supplemental financial measures that

More information

QUADRANT SKEW CAPITAL Syllabus

QUADRANT SKEW CAPITAL Syllabus QUADRANT SKEW CAPITAL Syllabus OVERVIEW Quadrant Skew Capital s Equity Research Program focuses on material, content and skills that are directly applicable to real-world application. Our program provides

More information