Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MIGME LTD. We currently have 6 research reports from 1 professional analysts.
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Funded until cash positive in FY17
07 Sep 16
migme (MIG) is a global social media company employing a freemium model to drive user engagement. It is focused on the emerging markets of Indonesia, the Philippines and India. At 30 June 2016 monthly active users (MAUs) totalled 43 million, an increase of 34% in the last year (32 million in December 2015) and number of artists and verified users increased to 2,900 up 368% since 31 December 2015). On 19 August 2016 MIG raised A$10.2m from an issue of shares at A$0.40/share.
MAU increase to over 39 million
27 Apr 16
migme (MIG) is a global social media company employing a freemium model to drive user engagement. It is focused on the emerging markets of Indonesia, the Philippines and India. At 31 March 2016 monthly active users (MAUs) totalled over 39 million (March 2015: over 14 million), an increase of 7m for the quarter. In the March 2016 quarter, cash receipts grew 32% to A$7.1m. This rate of increase in monetisation gives us confidence in our FY16 revenue forecast of A$46m. To achieve this forecast, quarterly increases in revenue (equivalent to cash receipts) would need to increase at about the same quarterly rate (32%).
Success to date undervalued by the market
15 Apr 16
migme (MIG) is a global social media company employing a freemium model to drive user engagement. It is focused on the emerging markets of Indonesia, the Philippines and India. At 31 December 2015 monthly active users (MAUs) totalled 32m (December 2014: 10m). This report contrasts MIG’s development against its peers and examines its market pricing compared with the market pricing of its peer group at similar stages of their development. We conclude that the current market pricing is out-ofstep with the much higher prices that the market has paid for comparable companies at a similar stage in their life cycle.
Path to profitability
03 Mar 16
migme (MIG) is a global digital media company focused on the emerging markets of Indonesia, the Philippines and India. At 31 December 2015 monthly active users (MAUs) totalled 32 million (December 2014: 10 million). MIG has announced its social e-commerce strategy, which it plans to launch in H216. MIG is still seen by the market as an early-stage company and we therefore expect that until the path to profitability becomes more certain, there will be a significant gap between share price and value. We have included the A$6.99m share placement to Meitu, but have excluded from our forecasts what we think will be a positive impact on both MAU and monetisation from the Meitu MoU pending the proposed company briefing.
Growth in users and monetisation continues
23 Oct 15
migme (MIG) is a global digital media company focused on emerging markets. By taking a different approach to the more established Facebook, MIG believes its platform will have little competition for its freemium offering. User numbers and monetisation rates continue to build with quarter-on-quarter cash receipts up 68.9% to A$3.7m. The successful capital raise of A$9.7m (A$1.00 per share) after costs has increased cash to fund market expansion to A$10.8m.
A data-driven H1 raises expectations
05 Dec 16
The first reporting period under the new D4t4 Solutions brand saw the group (previously IS Solutions) deliver good growth, leaving it well on track to meet PBT forecasts in FY 2017, and we now increase FY 2018 forecasts. The business continues to flourish from its focus on data management and analytics, enabling its international blue-chip client base to gather and gain advantage from the mass of customer data available, utilising the leading-edge Celebrus solution. Industry analysts predict 12% CAGR for the BI & Analytics market through to 2020, and D4t4 is riding this wave of demand.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
N+1 Singer - Morning Song 05-12-2016
05 Dec 16
RTHM is acquiring a profitable Canadian listed mobile specialist for equivalent of US$42.5m consideration in shares (88.235m). This helps adds to two growth vectors RTHM is targeting; (i) adds unique exclusive audience (10m unique) and (ii) Exclusive demand Yahoo and Facebook. The business has 15 premium and owned and operated apps which provide users with rewards for activity. The business is expected to deliver c$9m of EBITDA in FY18 including $2m of cost synergies. This equates to just 4.7x EV/EBITDA. This marks what we see the first step in RTHM activity to scale the business and deliver on margin potential (see our initiation notes). Our initial estimates for EPS revisions are very significant - for FY18 are 2.3 cents (currently 0.6) and for FY19 4.3 (currently 2.5). There is a call at 830 for investors and we will revise post this.
09 Dec 16
Ideagen* (IDEA): Acquisition of IPI Solutions (CORP) | Lombard Risk Management* (LRM): Atos deal improves routes to German market (CORP) | Photo-Me* (PHTM): Upgrade to FY forecasts (CORP) In other news… Frontier Developments* (FDEV): ED coming to Xbox and Planet Coaster update (CORP) | LiDCO* (LID): Analyst interview (CORP) | Rude Health: Analyst interview
N+1 Singer - Morning Song 09-12-2016
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.