Monitise. Shifting to a subscription model. Shifting to a subscription-based revenue model. Funding the change

Size: px
Start display at page:

Download "Monitise. Shifting to a subscription model. Shifting to a subscription-based revenue model. Funding the change"

Transcription

1 Monitise Shifting to a subscription model Fund-raising Software & comp services Monitise is shifting to a subscription-based revenue model to accelerate customer adoption and drive higher long-term recurring revenues. The new Monitise Central Platform should enable easier access to the Monitise Commerce Network, which in turn should accelerate end-user adoption of m-commerce. The shift is being funded by the placing of 160m shares worth 109m with existing and new shareholders, including MasterCard. Year end Revenue ( m) PBT* ( m) EPS* (p) 06/ (18.8) (2.4) 0.0 N/A N/A 06/ (32.5) (2.4) 0.0 N/A N/A 06/14e (38.8) (2.3) 0.0 N/A N/A 06/15e (49.8) (2.6) 0.0 N/A N/A DPS (p) Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. P/E (x) Yield (%) 26 March 2014 Price 75.50p Market cap 1,270m Net cash ( m) at end H Shares in issue* 1,681.6m *Excludes 160m due to be issued on 28 March. Free float 86% Code MONI Primary exchange AIM Secondary exchange N/A Share price performance Shifting to a subscription-based revenue model Monitise has announced that it has shifted from an up-front licence or integration revenue-based model to a subscription-based model. Reducing the high up-front cost of installing the service should encourage more banks to consider outsourcing their m-banking apps to Monitise or using Monitise s Commerce Platform. This shift is being combined with the accelerated build of the Monitise Central Platform, which will offer a simpler way to connect into Monitise s technology. While this is likely to result in lower revenues in the short to medium term (as subscription revenues spread over multiple years will take time to compensate for the drop in up-front licence and integration revenues), it should accelerate new customer wins and help customers to launch revenue-generating m-commerce services faster. Funding the change The company has placed 160m shares worth 109m with existing and new shareholders and MasterCard. The proceeds will be used to fund platform development and to support the business through the transition in the revenue model, funding the business while the company grows the subscription revenue base. We have revised our estimates to reflect lower revenue growth in FY14 and FY15, the one-year delay in reaching EBITDA break-even and higher development costs. For the first time, the company outlined a five-year target to reach 200m users and EBITDA margins of at least 30% by FY18. Valuation: Reflects the value of the network Monitise trades on EV/sales multiples of 12.4x FY14e and 10.6x FY15e (including shares issued in the placing). In the absence of profitability metrics to support the valuation (we forecast EBITDA break-even in FY16), share price appreciation will depend on Monitise achieving its stated targets. Future milestones include Visa Europe s and Visa Inc s customers adopting their services, direct sales progress in the US, leverage from sales partners such as IBM, service launches in Asia-Pacific and adoption of m-commerce services. The planned move in CY14 to the London Stock Exchange s main market should provide support to the share price. % 1m 3m 12m Abs (4.7) Rel (local) (1.6) week high/low 80p 32p Business description Monitise provides a mass-market technology platform that enables banks, card schemes, telcos and other financial providers to offer mobile banking, payment and commerce services. Next events FY14 results September 2014 Analysts Katherine Thompson +44 (0) Dan Ridsdale +44 (0) Edison profile page Monitise is a research client of Edison Investment Research Limited

2 Shifting to a subscription model Subscription versus up-front licensing To date, Monitise has typically constructed its contracts with customers to comprise an up-front licence fee, development and integration fees to connect the customer to Monitise s platform, and ongoing user generated fees (monthly subscription fees, transaction-related fees). Today the company has announced that it is now structuring contracts on a subscription basis. This will result in lower up-front licence fees and development and integration revenues, but should lead to higher recurring revenues in the longer term. The move to a subscription-based model should reduce the financial barrier to adopting Monitise s technology (shifting the customer s spend from high initial capex to ongoing opex) and should result in an acceleration in new customer wins. With many banks still developing mobile banking apps inhouse, the availability of a lower initial cost alternative could accelerate the shift to using third-party solutions. Monitise is also making its m-commerce proposition, Buy Anything, available to sit on top of in-house mobile banking platforms. Monitise is not the first company to switch its business model from a traditional perpetual licensing model to a subscription licensing model. Adobe recently started a similar transition, other smaller AIM-listed stocks such as StatPro are part way through the transition, and previously listed FFastFill completed the transition prior to being taken private. The switch typically results in a revenue dip as new subscription revenues recognised over a multi-year period are not able to compensate for the loss of up-front licence fees. However, in the longer term the change tends to result in higher recurring revenues that improve visibility for the company and in Monitise s case offer the company the potential to share in more of the upside from end customer adoption of m-commerce and m- payment services. Standardising the platform A key part of moving to a subscription model is making it easier for a customer to connect to Monitise s platform. Customers currently connect to the Monitise Enterprise Platform (MEP) or the Monitise Vantage Platform (MVP on-premise, mainly used in North America) and Monitise has typically charged companies for the time spent developing a semi-customised solution to connect the MEP/MVP to the customer s own banking systems (which tend not to be standardised). The company has been working on the Monitise Central Platform (MCP), a standardised platform into which new customers can connect directly via standard APIs, and which also accommodates existing MEP and MVP customers. This in turn supports the Monitise Commerce Network, an interoperable payment and shopping network with a standard Open API interface to the Monitise Central Platform. The simpler route to connecting with the MCP should result in a shorter sales cycle for Monitise and its partners, as customers will be able to reduce the time and cost involved in launching a service to their end customers. Monitise Signature monetising the network Monitise has launched Monitise Signature, a PCI-compliant bank-grade data analytics engine that combines consumer profiling with transactional and behavioural intelligence. A key feature of Signature is putting the consumer in control of the data that is shared with other parties. The consumer decides which offers he/she is interested in, preventing this from becoming a spam-type service. By analysing the consumer s spending patterns, the engine is able to infer brand preferences, response triggers and genuine interests, and by using geo-location is able to target offers on a real-time basis. Monitise 26 March

3 The Monitise Commerce Network will make it easier for retail and brand partners to connect into and make use of Monitise Signature. Monitise will earn revenues from transactions generated by the targeting enabled by Signature, which it will share with the relevant bank, MNO or partner that has driven traffic. Monitise also announced that Ingenico has signed up as a partner. Ingenico is a leading provider of payment solutions (including payment terminal hardware and software and payment processing). We would expect Ingenico to be interested in the Mobile Commerce Network, as this could provide a way to encourage consumers to visit physical stores and drive use of Ingenico solutions. Funding the shift Monitise is funding the shift to a subscription model through the placing of 160,643,031 shares worth 109m at 68p per share. This equates to 9.5% of shares outstanding and was therefore carried out under the company s existing authority to issue up to 10% of shares without applying pre-emption rights. MasterCard has invested in this fund-raising round, although its stake is unknown. The shares are expected to be admitted for trading on 28 March. Use of proceeds The company is planning to use roughly one-third of the proceeds to fund development of the platform. The remaining two-thirds will be used to fund increased operating expenditure and to fund the revenue shortfall that is anticipated as licence revenues drop off and before subscription revenues have reached a critical mass. Five-year financial model revealed We list below the key financial targets for the end of FY18: Registered users: The company expects to be able to accelerate the sign-up of registered users, through a combination of winning new banking customers and attracting retailers and other companies to its Mobile Commerce Network. The company is targeting 200m registered users by the end of FY18 this compares to the 28m reported at the end of H114 and our previous assumption that user numbers would grow to 92m by the end of FY18. ARPU: The company expects to be able to achieve an ARPU of 2.50 by this time (up from the c 1.30 achieved in H114). This is made up of Bank Anywhere subscription revenues (now in the range 1-5 per user, weighted towards the lower end, which should move to 3-5 for new subscription-based customers) and Pay Anyone, Buy Anything transaction revenues (either fixed fee or percentage of value of transaction, shared with the bank). Revenue mix: Professional Services revenues to make up c 20% of revenues. Gross margin: At least 70% EBITDA: EBITDA break-even to move out by a year to FY16 (with revenue acceleration) and to reach 30% by FY18. Changes to estimates We have revised our estimates to reflect the following: Revenues: we assume that some licence revenues are recognised in H214, but at a lower rate than in our previous forecast. The company has guided to FY14 revenue growth of 40% compared to the previous 50% guidance. We assume from the beginning of FY15 that all new deals are signed on a subscription basis. There is still the possibility that the company may sign one-off licence contracts after this date if the deal is big enough, but we would deal with this on Monitise 26 March

4 an ad hoc basis. We assume that development and integration revenues are lower as the company rolls out its new Monitise Central Platform with standard APIs. Our FY14 revenue forecast falls from 111.6m (+53% y-o-y) to 102.0m (+40% y-o-y). Our FY15 revenue forecast falls from 146.0m (+31% y-o-y) to 122.7m (+20% y-o-y) company guidance is for revenue growth at a lower level than in FY14. R&D costs: we assume these will increase as the company works on standardising its platform and APIs to make it easier for customers to connect into the platform. A proportion of the increased costs will be capitalised. We have increased our operating cost assumptions for FY14 and FY15 for that portion that will be recognised in the P&L. Our FY14 capitalised development costs forecast is unchanged at 18m and in FY15 increases from 18m to 28m. EBITDA: the lower revenues and higher operating costs combine to increase the FY14 EBITDA loss from 12.0m to 23.8m (assumes an increase in H214 EBITDA loss from 1.8m to 13.6m; company guidance is for H214 EBITDA loss greater than in H114). For FY15, we move from an EBITDA forecast of 5.1m to an EBITDA loss forecast of 30.1m. Capex: the company has guided to capex of 20-30m in FY14 we have increased our forecast from 25m to 28m. For FY15, the company expects a range of 30-40m based on increased capitalised development spend our total capex forecast increases to 36m (up from 26m). Exhibit 1: Changes to forecasts ( m) FY14e Growth FY14e Growth FY15e Growth FY15 Growth old new old new Revenues y-o-y y-o-y y-o-y y-o-y User-generated revenues % % % % Development & integration services % % % % Total revenues % % % % Gross profit Margin Margin Margin Margin User-generated revenues % % % % Development & integration services % % % % Total gross profit % % % % EBITDA (12.0) -10.7% (23.8) -23.3% % (30.1) -24.5% Normalised operating profit (23.5) -21.0% (36.8) -36.1% (8.4) -5.8% (48.6) -39.6% Normalised PBT (25.5) (38.8) (9.7) (49.8) Normalised Net income (24.2) (38.8) (9.2) (49.8) Normalised EPS (p) (1.48) (2.32) (0.54) (2.64) Net cash Source: Edison Investment Research Monitise 26 March

5 Exhibit 2: Financial summary '000s e 2015e Year end 30 June IFRS IFRS IFRS IFRS IFRS IFRS IFRS PROFIT & LOSS Revenue 2,658 6,019 15,277 36,087 72, , ,700 Cost of Sales (1,167) (2,213) (5,878) (12,132) (17,588) (30,592) (36,098) Gross Profit 1,491 3,806 9,399 23,955 55,208 71,358 86,603 EBITDA (11,767) (13,168) (11,888) (10,412) (19,305) (23,782) (30,073) Operating Profit (before GW and except) (11,977) (14,053) (12,558) (13,151) (27,924) (36,782) (48,573) Amortisation of acquired intangibles 0 (235) (281) (532) (6,555) (7,500) (7,500) Exceptionals ,100 (6,627) 1,323 0 Share based payments (1,754) (3,776) (1,740) (2,707) (5,333) (6,300) (6,300) Operating Profit (13,731) (17,108) (14,579) (11,290) (46,439) (49,259) (62,373) Share of post-tax loss of 0 0 (2,925) (6,034) (4,440) (2,500) (1,500) joint ventures Net Interest (173) Profit Before Tax (norm) (11,373) (13,988) (15,195) (18,773) (32,537) (38,782) (49,823) Profit Before Tax (FRS 3) (13,127) (17,043) (17,216) (16,912) (51,052) (51,259) (63,623) Tax , (251) 0 0 Profit After Tax (norm) (11,373) (13,715) (12,457) (18,246) (32,788) (38,782) (49,823) Profit After Tax (FRS 3) (13,127) (16,770) (14,478) (16,385) (51,303) (51,259) (63,623) Average Number of Shares ,350 1,671 1,889 Outstanding (m) EPS - normalised (p) (3.5) (3.0) (1.8) (2.4) (2.4) (2.3) (2.6) EPS - FRS 3 (p) (4.0) (3.7) (2.1) (2.1) (3.8) (3.1) (3.4) Dividend per share (p) Gross Margin (%) EBITDA Margin (%) N/A N/A N/A N/A N/A N/A N/A Operating Margin (before amort. and except.) (%) N/A N/A N/A N/A N/A N/A N/A BALANCE SHEET Fixed Assets 992 3,986 11, , , , ,819 Intangible Assets 659 2,725 6, , , , ,374 Tangible Assets ,827 5,621 8,049 13,549 15,549 Investments ,276 4, ,896 1,896 Current Assets 15,798 16,549 29,341 34, , , ,664 Stocks Debtors 1,227 3,945 7,174 14,908 17,363 36,000 50,000 Other 4, Cash 10,145 12,604 22,167 19,566 86, ,399 80,664 Current Liabilities (7,399) (5,218) (7,742) (42,070) (39,736) (51,736) (55,617) Creditors (4,020) (5,218) (7,742) (32,380) (39,482) (51,482) (55,363) Short term borrowings (3,379) 0 0 (9,690) (254) (254) (254) Long Term Liabilities (57) (1,098) (551) (26,554) (24,189) (29,627) (29,627) Long term borrowings (57) (880) (774) (774) Other long term liabilities 0 (1,098) (551) (26,554) (23,309) (28,853) (28,853) Net Assets 9,334 14,219 32, , , , ,239 CASH FLOW Operating Cash Flow (11,396) (14,071) (12,597) (11,605) (23,796) (31,591) (34,073) Net Interest (102) Tax (462) 0 0 Capex (307) (1,104) (6,815) (10,802) (14,158) (28,000) (36,000) Acquisitions/disposals 0 71 (500) (8,634) 749 1,554 0 Financing (including demerger 11,548 17,915 31,477 25, , ,772 15,588 adjustments) Dividends Net Cash Flow 449 3,088 12,462 (5,370) 81,622 52,235 (54,235) Opening net debt/(cash) (7,213) (6,709) (12,604) (22,167) (9,876) (85,636) (135,371) HP finance leases initiated Other (953) 2,807 (2,899) (6,921) (5,862) (2,500) (1,500) Closing net debt/(cash) (6,709) (12,604) (22,167) (9,876) (85,636) (135,371) (79,636) Source: Monitise, Edison Investment Research Monitise 26 March

6 Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority (www.fsa.gov.uk/register/firmbasicdetails.do?sid=181584). Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number ) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is not regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [ ] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [ ]. DISCLAIMER Copyright 2014 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Monitise and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is not registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are wholesale clients for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a personalised service and, to the extent that it contains any financial advice, is intended only as a class service provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited ( FTSE ) FTSE FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE s express written consent. Frankfurt +49 (0) Monitise Schumannstrasse 34b 26 March High Holborn 245 Park Avenue, 39th Floor Level 25, Aurora Place Level 15, 171 Featherston St Frankfurt Germany London +44 (0) London, WC1V 7EE United Kingdom New York , New York US Sydney +61 (0) Phillip St, Sydney NSW 2000, Australia Wellington +64 (0) Wellington 6011 New Zealand

Monitise. Positive momentum. Trading update: FY13 on track. Recent contract wins highlight service expansion. M-commerce opportunity for banks

Monitise. Positive momentum. Trading update: FY13 on track. Recent contract wins highlight service expansion. M-commerce opportunity for banks Monitise Positive momentum Trading update and contract wins Software & comp services Monitise s trading update confirms that it will meet FY13 guidance, with revenue growth of at least 94% y-o-y and gross

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

Evolva. Stevia delayed. Stevia delay. Saffron to be partnered, resveratrol has bottlenecks. Valuation: Fair value of CHF1.14/share.

Evolva. Stevia delayed. Stevia delay. Saffron to be partnered, resveratrol has bottlenecks. Valuation: Fair value of CHF1.14/share. Evolva Stevia delayed FY results Food & beverages The key headline that the launch of the stevia EverSweet product has been delayed is disappointing, but the investment case still stands. A short-term

More information

WANdisco Acquisition. Acquisition accelerates big data. Technology. A start up, founded by key Hadoop contributors

WANdisco Acquisition. Acquisition accelerates big data. Technology. A start up, founded by key Hadoop contributors WANdisco Acquisition Acquisition accelerates big data Technology WANdisco s acquisition of AltoStor for $5.1m in cash and shares marks a significant advance in its drive to establish a position at the

More information

Danakali. Maiden ore reserve underpins valuation upside. Maiden 1.1Bt ore reserve at Collulli

Danakali. Maiden ore reserve underpins valuation upside. Maiden 1.1Bt ore reserve at Collulli Danakali Maiden ore reserve underpins valuation upside Company update Metals & mining Since the release of its PFS in February 2015, Danakali (DNK) has continued on its path towards production with the

More information

Alternative asset management

Alternative asset management DeA Capital Transformation continues Q215 results Investment companies DeA Capital s NAV per share at 30 June 2015 was 2.18, which compares to 2.15 at 31 March 2015 (after adjusting for the capital distribution

More information

Monitise Share placing and acquisitions

Monitise Share placing and acquisitions Monitise Share placing and acquisitions More mobile money In order to further its m-commerce ambitions, Monitise has raised 100m from its largest placing to date, and has also made two all-share acquisitions

More information

VolitionRx. Triage test ready for launch. Triage test can reduce colonoscopies by 25% VolitionRx: Market of 150m in triage tests per year

VolitionRx. Triage test ready for launch. Triage test can reduce colonoscopies by 25% VolitionRx: Market of 150m in triage tests per year VolitionRx Triage test ready for launch Commercial update Healthcare equipment & services VolitionRx reported in January 2017 that it had received a CE mark for its Nu.Q triage test for colorectal cancer

More information

NAHL Group. Better than expected FY14 EPS and dividend. Strong FY14 results. Key growth strategy element: First acquisition made

NAHL Group. Better than expected FY14 EPS and dividend. Strong FY14 results. Key growth strategy element: First acquisition made NAHL Group Better than expected FY14 EPS and dividend Preliminary results Financial services NAHL s maiden full year results show strong growth of 29.3% in underlying operating profit on continuing operations

More information

Chatham Rock Phosphate

Chatham Rock Phosphate Chatham Rock Phosphate Marine consent is final permitting milestone Corporate update Metals & mining Chatham Rock Phosphate (CRP) has delivered on its milestones and awaits the set six-month timeframe

More information

TiGenix. Refocused and funded. Focus on clinical-stage projects. Funding continuing operations. Valuation: 1.26/share with cash to Q315.

TiGenix. Refocused and funded. Focus on clinical-stage projects. Funding continuing operations. Valuation: 1.26/share with cash to Q315. TiGenix Refocused and funded FY14 results Pharma & biotech Tigenix's FY14 results show a company now completely refocused on the proprietary allogeneic easc technology platform and pipeline where the commercial

More information

Slater & Gordon. Deal generates material earnings enhancement. Strategic logic. How can such an uplift to EPS be achieved?

Slater & Gordon. Deal generates material earnings enhancement. Strategic logic. How can such an uplift to EPS be achieved? Slater & Gordon Deal generates material earnings enhancement Acquisition of Quindell PSD Financial services Slater & Gordon (SGH) has announced the terms of its acquisition of Quindell s Professional Services

More information

IS Private Equity. Another year of record profits. Realised gains drive record profits. Exits appear well timed. Valuation: NAV not marked to market

IS Private Equity. Another year of record profits. Realised gains drive record profits. Exits appear well timed. Valuation: NAV not marked to market IS Private Equity Another year of record profits FY results Investment companies 2013 reported consolidated net profits at Is Private Equity (ISGSY) were a record TRY68.7m (2012: TRY50.3m). A realised

More information

Slater & Gordon. FY14 ahead of forecasts. FY14 key issues. Outlook. Valuation: Around fair value. FY14 results

Slater & Gordon. FY14 ahead of forecasts. FY14 key issues. Outlook. Valuation: Around fair value. FY14 results Slater & Gordon FY14 ahead of forecasts FY14 results Financial services SGH s FY14 results were ahead of expectations driven by a beat in UK revenue. We believe this, and two new Australian acquisitions

More information

AFH Financial Group. Deploying the capital as promised. H115 key trends. Outlook. Valuation: Material upside. H115 interim results

AFH Financial Group. Deploying the capital as promised. H115 key trends. Outlook. Valuation: Material upside. H115 interim results AFH Financial Group Deploying the capital as promised H115 interim results Financial services AFH has both organic and inorganic strands to its strategy. H115 on H114 delivered 13% revenue growth of which

More information

Fastnet Oil & Gas. Game on at Foum Assaka. Continuing to deliver on schedule in Morocco. FA-1 breaking new ground

Fastnet Oil & Gas. Game on at Foum Assaka. Continuing to deliver on schedule in Morocco. FA-1 breaking new ground Fastnet Oil & Gas Game on at Foum Assaka Drilling underway Oil & gas Having secured the most valuable farm-out terms of all the junior explorers offshore Morocco, Fastnet is now drilling its first well,

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

Sunesis Pharmaceuticals

Sunesis Pharmaceuticals Sunesis Pharmaceuticals SNS-062 looks good so far Clinical data Pharma & biotech Sunesis released the first-in-human clinical data for SNS-062, its reversible non-covalent inhibitor of Bruton s tyrosine

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

Oil & gas macro outlook

Oil & gas macro outlook Oil & gas Oil & gas macro outlook Tightening market buffered by abundant inventories Oil price volatility remains high, with Brent crude having risen $17/bbl or 51% since our last macro outlook in January

More information

Alkane Resources. Update. Investment summary: Dubbo DFS. Market Cap. Continuing price increases DZP highly cash generative

Alkane Resources. Update. Investment summary: Dubbo DFS. Market Cap. Continuing price increases DZP highly cash generative Update 28 September 2011 Alkane Resources Price Market Cap A$1.06 A$285m Year End Revenue (A$m) PBT* (A$m) EPS* (c) DPS (c) P/E (x) Yield (%) Share price graph 12/09 **4.7 2.4 1.0 0.0 106.0 N/A 12/10 **10.1

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

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

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

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

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

Disclaimer. This document has been prepared by Tele Columbus AG (the "Company") solely for informational purposes.

Disclaimer. This document has been prepared by Tele Columbus AG (the Company) solely for informational purposes. Disclaimer This document has been prepared by Tele Columbus AG (the "Company") solely for informational purposes. This presentation may contain forward-looking statements. These statements are based on

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

Prima Biomed. IMP321 set to progress into Phase IIb study. Novartis moves IMP701 programme into the clinic

Prima Biomed. IMP321 set to progress into Phase IIb study. Novartis moves IMP701 programme into the clinic Prima Biomed IMP321 set to progress into Phase IIb study Clinical update Pharma & biotech Prima Biomed is well positioned to push forward with the clinical development of its promising LAG3 programme following

More information

Standard Life Investments strengthens strategic position through acquisition of Ignis Asset Management

Standard Life Investments strengthens strategic position through acquisition of Ignis Asset Management For release at 07:00 (UK time) 26 March 2014 Standard Life Investments strengthens strategic position through acquisition of Ignis Asset Management Acquisition of Ignis Asset Management by Standard Life

More information

Tetragon Financial Group Limited ( TFG )

Tetragon Financial Group Limited ( TFG ) Tetragon Financial Group Limited ( TFG ) 12 August 2014 THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO PURCHASE ANY SECURITY OF TFG. THIS INFORMATION

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

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

Introduction to Entertainment One. Investor overview

Introduction to Entertainment One. Investor overview Introduction to Entertainment One Investor overview eone is a leading global entertainment company Group overview Entertainment One Ltd. is listed in London, a constituent of the FTSE 250 Index capitalised

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

Third quarter results as of December 31, 2014. Investor presentation

Third quarter results as of December 31, 2014. Investor presentation Third quarter results as of December 31, 2014 Investor presentation February, 26 th 2015 Disclaimer Certain statements included or incorporated by reference within this presentation may constitute forwardlooking

More information

Q1 Results Presentation

Q1 Results Presentation FY 2015 Q1 Results Presentation Berlin, 12 May 2015 Disclaimer This document has been prepared by Tele Columbus AG(the"Company") solely for informational purposes. This presentation may contain forward-looking

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

Full Year Report 2005. 26 January 2006

Full Year Report 2005. 26 January 2006 Full Year Report 2005 26 January 2006 Important Notice This Presentation has been produced by TradeDoubler AB (the Company ) and is furnished to you solely for your information. This document contains

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

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

Sportingbet Plc. Sportingbet Plc, a leading online sports betting and gaming group, announces its results for the half year ended 31 January 2012.

Sportingbet Plc. Sportingbet Plc, a leading online sports betting and gaming group, announces its results for the half year ended 31 January 2012. Unaudited results for the half year ended 31 January 2012 Sportingbet Plc, a leading online sports betting and gaming group, announces its results for the half year ended 31 January 2012. Group Financial

More information

Kabel Deutschland continues to post strong growth

Kabel Deutschland continues to post strong growth INVESTOR RELATIONS RELEASE Kabel Deutschland continues to post strong growth Unterfoehring, November 17, 2009 Kabel Deutschland (KDG), Germany s largest cable operator, announced today its financial results

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

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

Inspired Energy. Realising the growth potential. Strong growth record. Order book provides platform for growth. Valuation: Pricing growth

Inspired Energy. Realising the growth potential. Strong growth record. Order book provides platform for growth. Valuation: Pricing growth Inspired Energy Realising the growth potential Initiation of coverage Industrial support services Inspired Energy is well placed to take advantage of the growth opportunities afforded by the fast-growing

More information

Alternative Networks plc Interim results for the six months to 31 March 2015

Alternative Networks plc Interim results for the six months to 31 March 2015 Alternative Networks plc Interim results for the six months to 31 March 2015 Edward Spurrier, Chief Executive Officer Mark Quartermaine, Chief Operating Officer (CEO Designate) Gavin Griggs, Chief Financial

More information

For personal use only CREATE, SUPPLY AND SUPPORT

For personal use only CREATE, SUPPLY AND SUPPORT INTRODUCTION Inabox is well advanced in transitioning its business from a legacy telecommunications wholesaler to become a leading supplier of next generation IT, cloud and IP telephony services Process

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

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

FINANCIAL RESULTS Q4/2015 & 2015 ESA TIHILÄ, CEO NICLAS ROSENLEW, CFO FEBRUARY 2, 2016

FINANCIAL RESULTS Q4/2015 & 2015 ESA TIHILÄ, CEO NICLAS ROSENLEW, CFO FEBRUARY 2, 2016 FINANCIAL RESULTS Q4/2015 & 2015 ESA TIHILÄ, CEO NICLAS ROSENLEW, CFO FEBRUARY 2, 2016 IMPORTANT NOTICE The following information contains, or may be deemed to contain, forward-looking statements. These

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

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

Utilitywise. Rapid growth. Acquisition of EIC to boost growth. Attractive market opportunities. Valuation: Potential for further upside

Utilitywise. Rapid growth. Acquisition of EIC to boost growth. Attractive market opportunities. Valuation: Potential for further upside Utilitywise Rapid growth Initiation of coverage Industrial support services We expect the market for energy procurement and management services to expand. Utilitywise has a proven track record of delivering

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

Background information. Changes in the shareholder structure and balance sheet. Contract with Google prolonged for two years

Background information. Changes in the shareholder structure and balance sheet. Contract with Google prolonged for two years A cc or # $T ypcap$ 1628 1 0 4 2 Page 1/5 Equity flash Newsflow Telecommunication HOLD (HOLD) Target EUR 4.00 (EUR 4.00) Price (last closing price) : EUR 2.84 Upside : 40 % Est. change 2015e 2016e EPS

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

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

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

Kabel Deutschland shows continued growth with Internet & Phone

Kabel Deutschland shows continued growth with Internet & Phone INVESTOR RELATIONS RELEASE Kabel Deutschland shows continued growth with Internet & Phone Unterfoehring, February 4, 2015 Kabel Deutschland Holding AG ( Kabel Deutschland, KDH or the Company ), Germany

More information

1H 2009/2010 Results Presentation

1H 2009/2010 Results Presentation 1H 2009/2010 Results Presentation 23 November 2009 1 1H 2009/10 Results Key Facts Consolidated Sales of 56,3m, -14.8% YoY Retail Sales of 14.7m, +118.3% YoY Wholesale Sales of 41.4m, -29.7% YoY EBITDA

More information

2015 annual results. 16 th March 2016

2015 annual results. 16 th March 2016 2015 annual results 16 th March 2016 Legal disclaimer Certain statements in this document are forward-looking statements. These forward-looking statements speak only as at the date of this document. These

More information

SAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013

SAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013 SAF-HOLLAND Annual Financial Statements 212 Detlef Borghardt, CEO Wilfried Trepels, CFO March 14, 213 Executive Summary business volume successfully expanded in 212 1 Group sales increased yoy by 3.4%

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

Sunrise Communications Holdings S.A. Financial results Second quarter 2014

Sunrise Communications Holdings S.A. Financial results Second quarter 2014 Sunrise Communications Holdings S.A. Financial results Second quarter 2014 1 Q2 Highlights Successful launch of new offers accelerates growth momentum Freedom new mobile portfolio: 150k new Freedom subscribers

More information

SOHO China (410) Buy Nov 20, 2009. Company update. 4 Acquisitions within 6 Months. Samson Man, CFA (852)-2532-1539 samson.man@firstshanghai.com.

SOHO China (410) Buy Nov 20, 2009. Company update. 4 Acquisitions within 6 Months. Samson Man, CFA (852)-2532-1539 samson.man@firstshanghai.com. SOHO China (410) Company update Buy Nov 20, 2009 4 Acquisitions within 6 Months Purchase Nexus Centre in Beijing. SOHO China announced to acquire Nexus Centre in Beijing. Total GFA is 103,340 sqm. Total

More information

InVision. Clear vision on SaaS potential. European SaaS opportunity. Clear logic for increasing product adoption

InVision. Clear vision on SaaS potential. European SaaS opportunity. Clear logic for increasing product adoption InVision Clear vision on SaaS potential Initiation of coverage Software & comp services InVision offers a rare investment opportunity as a listed European software as a service (SaaS) company. It has seen

More information

CEWE Stiftung & Co. KGaA

CEWE Stiftung & Co. KGaA CEWE Stiftung & Co. KGaA Solid development - on track to reaching targets 12/05/2015 Hold 60.00 EUR Close (11/05/2015) 57.81 EUR Bloomberg: CWC WKN: 540390 Sector Share price performance Consumer 52 week

More information

Intertrust N.V. announces the indicative price range, offer size, start of offer period and publication of prospectus of its planned IPO

Intertrust N.V. announces the indicative price range, offer size, start of offer period and publication of prospectus of its planned IPO This press release and the information contained herein are not for distribution in or into the United States of America (including its territories and possessions, any state of the United States of America

More information

EQUITY RAISING ANNOUNCEMENT

EQUITY RAISING ANNOUNCEMENT EQUITY RAISING ANNOUNCEMENT MARKET RELEASE 21 NOVEMBER 2012 KEY POINTS Entitlement Offer to Raise up to A$80 million o 3 for 10 accelerated non renounceable entitlement offer to raise up to A$80 million

More information

Q1/2015 Results VTG AG Connecting worlds. Dr. Heiko Fischer, CEO Dr. Kai Kleeberg, CFO May 21, 2015

Q1/2015 Results VTG AG Connecting worlds. Dr. Heiko Fischer, CEO Dr. Kai Kleeberg, CFO May 21, 2015 Q1/2015 Results VTG AG Connecting worlds Dr. Heiko Fischer, CEO Dr. Kai Kleeberg, CFO May 21, 2015 Table of content 1 Discussion of Q1/2015 2 Outlook FY 2015 3 Questions & Answers 4 Financial Calendar

More information

Investor Pack for 2014-15 Half Year Results. 20 February 2015

Investor Pack for 2014-15 Half Year Results. 20 February 2015 Investor Pack for 2014-15 Half Year Results 20 February 2015 1 Disclaimer This investor presentation ( Presentation ) has been prepared by Konekt Limited (ACN 009 155 971) ( KKT or Konekt ). SUMMARY INFORMATION

More information

PMP LIMITED INVESTOR PRESENTATION. Results for the 12 months ended 30 June th August Peter George, CEO Geoff Stephenson, CFO

PMP LIMITED INVESTOR PRESENTATION. Results for the 12 months ended 30 June th August Peter George, CEO Geoff Stephenson, CFO PMP LIMITED ABN 39 050 148 644 Results for the 12 months ended 30 June 2015 25 th August 2015 Peter George, CEO Geoff Stephenson, CFO INVESTOR PRESENTATION 2015 FULL YEAR RESULTS Contents Pages FY15 Highlights

More information

Borussia Dortmund. Still much to play for. Après Champions League, pas de déluge! Current-year profit resilience. Valuation: Attractive

Borussia Dortmund. Still much to play for. Après Champions League, pas de déluge! Current-year profit resilience. Valuation: Attractive Borussia Dortmund Still much to play for Revised forecasts Travel & leisure Despite a stalled Bundesliga recovery and coach Klopp s end-of-season departure, Borussia Dortmund is well-placed to end FY15

More information

Rex Bionics. The Robotic physiotherapist. Revolution in mobility and rehabilitation. Healthcare providers and insurance claims are key

Rex Bionics. The Robotic physiotherapist. Revolution in mobility and rehabilitation. Healthcare providers and insurance claims are key Rex Bionics The Robotic physiotherapist Initiation of coverage Tech hardware & equipment Rex Bionics is a pioneer in the field of medical exoskeletons. It is focused on rehabilitating and improvement in

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

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

INVESTOR PRESENTATION

INVESTOR PRESENTATION Results for the 12 months ended 30 June 2014 28 th August 2014 Peter George, CEO Geoff Stephenson, CFO INVESTOR PRESENTATION 2 Contents FY14 Highlights Reconciliation of EBITDA Transformation Financial

More information

2014 HALF-YEARLY RESULTS

2014 HALF-YEARLY RESULTS 2014 HALF-YEARLY RESULTS Continued revenue growth Run rate for bank card collections in excess of 560 million Strategic investment initiative is maintained Brussels, 30 July 2014, 7:30 AM Regulated information

More information

INVESTMENT CASE FULLY INTACT

INVESTMENT CASE FULLY INTACT Leifheit AG Q2 results due out on 12/08/2015 07/08/2015 INVESTMENT CASE FULLY INTACT Buy 60.00 EUR Close (06/08/2015) 47.68 EUR Bloomberg: LEI WKN: 646450 Sector Share price performance Consumer 52 week

More information

RESULTS PRESENTATION. Half year ended 30 November 2013 IG H1 FY14 RESULTS PRESENTATION P1

RESULTS PRESENTATION. Half year ended 30 November 2013 IG H1 FY14 RESULTS PRESENTATION P1 RESULTS PRESENTATION Half year ended 30 November 2013 IG H1 FY14 RESULTS PRESENTATION P1 DISCLAIMER This presentation, prepared by IG Group Holdings plc (the Company ), may contain forward-looking statements

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

TomTom reports third quarter 2013 results

TomTom reports third quarter 2013 results De Ruyterkade 154 1011 AC Amsterdam, The Netherlands corporate.tomtom.com ir@tomtom.com 30 October 2013 TomTom reports third quarter 2013 results Financial summary Group revenue of 244 million (Q3 '12:

More information

Financials and valuation Year end: 31 December Price Performance. Source: Company accounts/investec Securities estimates

Financials and valuation Year end: 31 December Price Performance. Source: Company accounts/investec Securities estimates Company Research Buy 299p 350p Devro (Buy - T P: 350p) 05 August 2015 Devro (DVO.L) United Kingdom Food Producers Strong demand and projects on schedule A good 1H result for Devro which reflects a better

More information

SANDVINE REPORTS Q3 2015 RESULTS

SANDVINE REPORTS Q3 2015 RESULTS PRESS RELEASE SANDVINE REPORTS Q3 2015 RESULTS Waterloo, Canada; October 8, 2015 Sandvine, (TSX:SVC) a leading provider of intelligent network policy control solutions for fixed and mobile operators, today

More information

BUY. ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16. CMP 1677.00 Target Price 1880.00. SEPTEMBER 2 nd, 2015 SYNOPSIS ISIN: INE738I01010

BUY. ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16. CMP 1677.00 Target Price 1880.00. SEPTEMBER 2 nd, 2015 SYNOPSIS ISIN: INE738I01010 BUY CMP 1677.00 Target Price 1880.00 ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16 SEPTEMBER 2 nd, 2015 ISIN: INE738I01010 Index Details Stock Data Sector IT & ITes BSE Code 532927 Face

More information

STATUS Final EFFECTIVE DATE N/A

STATUS Final EFFECTIVE DATE N/A ILLUSTRATIVE EXAMPLES TO ACCOMPANY IFRS 13 FAIR VALUE MEASUREMENT UNQUOTED EQUITY INSTRUMENTS WITHIN THE SCOPE OF INTERNATIONAL FINANCIAL REPORTING BULLETIN 2013/06 Summary In December 2012, the IFRS Foundation

More information

Cooks Global Foods. Growing the global footprint. Building a global brand. Recapitalisation plan

Cooks Global Foods. Growing the global footprint. Building a global brand. Recapitalisation plan Cooks Global Foods Growing the global footprint Company outlook Food & beverages Cooks Global Foods (CGF) is ready to take the Esquires Coffee House franchise to the next phase, with a new plan to fund

More information

LOGO BUSINESS SOLUTIONS

LOGO BUSINESS SOLUTIONS LOGO BUSINESS SOLUTIONS Analyst Presentation for FY 2014 Gülnur Anlaş Chief Financial Officer February 16, 2015 12 1 Disclaimer This presentation contains information and analysis on financial statements

More information

Slater & Gordon. Scale and growth. Key business model differentiators. Growth options. Valuation: Modest discount to average valuation

Slater & Gordon. Scale and growth. Key business model differentiators. Growth options. Valuation: Modest discount to average valuation Slater & Gordon Scale and growth Outlook and review of UK operations Financial services Slater & Gordon (SGH) is the leading consumer law firm in Australia and has been expanding into the much larger UK

More information

For personal use only

For personal use only 17 August 2015 Lodged to the ASX Online The Manager Company Announcements Office ASX Limited Level 6, 20 Bridge Street Sydney NSW 2000 Strategy Update Dear shareholders and investors The mortgage sector

More information

Cobalt Benchmark Report

Cobalt Benchmark Report Cobalt Benchmark Report UK & US Application Software Sector: Key Company Performance Metrics May 2013 Introduction Welcome to this edition of the Cobalt benchmark report, a review of key company valuation

More information

FLETCHER BUILDING INVESTOR STRATEGY DAY

FLETCHER BUILDING INVESTOR STRATEGY DAY FLETCHER BUILDING INVESTOR STRATEGY DAY 22 May 2013 Nick Olson Chief Financial Officer Investor Strategy Day Fletcher Building May 2013 Page 2 Disclaimer This presentation contains not only a review of

More information

TomTom Q4 2012 results. Harold Goddijn CEO Marina Wyatt CFO 12 February 2013

TomTom Q4 2012 results. Harold Goddijn CEO Marina Wyatt CFO 12 February 2013 TomTom Q4 2012 results Harold Goddijn CEO Marina Wyatt CFO 12 February 2013 Summary of results Revenue of 1,057 million and adjusted EPS of 0.40 PND market performed as expected Automotive affected by

More information

Q3 2013 Conference Call. Dr. Tobias Wagner 31 October 2013

Q3 2013 Conference Call. Dr. Tobias Wagner 31 October 2013 Q3 2013 Conference Call Dr. Tobias Wagner 31 October 2013 Agenda Executive summary Financial data Brands and projects Outlook Appendix 1 Highlights in the first nine months 2013 New executive board Dr.

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

H1 2014 RESULTS AND BUSINESS UPDATE

H1 2014 RESULTS AND BUSINESS UPDATE H1 2014 RESULTS AND BUSINESS UPDATE Strong top line growth of 104% in GMV and margin improvement for Proven Winners Rocket Internet s performance on track and in line with expectations foodpanda grew into

More information

EQS Group. Communications hub. Building innovative tools to add value for clients. Market confidence key for progress

EQS Group. Communications hub. Building innovative tools to add value for clients. Market confidence key for progress EQS Group Communications hub Initiation of coverage Media EQS has established a market-leading position in technology-based investor and corporate communications in its core territories of Germany, Austria

More information

euromicron AG Corrections to financial statements Hold 14.00 EUR

euromicron AG Corrections to financial statements Hold 14.00 EUR euromicron AG Corrections to financial statements 24/03/2015 Hold 14.00 EUR Close (23/03/2015) Bloomberg: EUCA Sector Share price performance 14.15 EUR WKN: A1K030 Technology 52 week high 14.18 52 week

More information

Conditional Regulatory Clearance of the acquisition of E-Plus

Conditional Regulatory Clearance of the acquisition of E-Plus Creating a Leading Digital Telco Conditional Regulatory Clearance of the acquisition of E-Plus July 2014 Disclaimer This document contains statements that constitute forward-looking statements and expectations

More information