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.
N+1 Singer - IQE - Upgrade cycle set to continue
24 Mar 17
IQE’s FY’16 results showed good growth in all key segments and came in c.4% ahead of our recently upgraded forecasts. We have upgraded our forecasts today by 5% and 3% in FY’17 and FY’18 respectively, but expect the upgrade cycle to continue. The increase in capex in FY’16 looks to us a strong indication of future volume increases, and we see scope for significant upgrades through the course of our forecast horizon. We highlight three opportunities in this note, each of which could materially move the needle in its own right. IQE is one of our key picks for 2017 and has performed strongly YTD (+48%), but we believe there is more to go for. We increase our target price to 76p and retain our Buy recommendation.
Or, helping a juggernaut turn on a dime
24 Mar 17
Sopheon has spent many years evolving a state-of-the-art platform allowing Enterprise customers to manage and monitor their pipelines of innovation. As this market matures and on the back of some major reference client wins, Sopheon’s Accolade product is beginning to see material success on a number of fronts. This note describes the marketplace, the technology, and the progress now being achieved.
Stronger and stronger
23 Mar 17
Sopheon has reported strong prelims in line with the January trading update which had demonstrated that revenue delivery had been achieved on cost underspend, leading to EBITDA (+7% vs FY16E) and adjusted PBT (+22%) outperformance. Strong licence sales, high levels of recurring revenue retention (94% by value), and ever upgrading product portfolio in terms of functionality delivered revenue strength. Gartner recognition illustrates the transition from a product which needed to be described then sold, to a solution set sought by customers to deal with the increasingly acknowledged enterprise problem of efficient product lifecycle management. Sopheon is well positioned for future growth, and board confidence for future growth leads to planned increase in investment, yet still delivering $5.6m ($5.3m pre FX) EBITDA. Having smashed through our FY16 forecasts and target price, we restore FY17 forecasts and lift the 12-month target from 360p to 620p.
N+1 Singer - Instem - Investment to accelerate growth trajectory
28 Mar 17
FY16 results were as expected, reflecting some contract slippage towards the year end, the largest of which has since been signed. The outlook remains buoyant, particularly around SEND, where Instem continues to dominate the market. Further investment is however being made to further capitalise on the numerous growth opportunities. This will constrain short term profitability, but should pay back relatively quickly and leave forecasts on a higher for longer growth trajectory.