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.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
Panmure Morning Note 18-01-2017
18 Jan 17
Blancco technology, a leading provider of data erasure solutions and mobile device diagnostics, has announced that its underlying profits are ahead of expectations. Organic sales growth remains strong, the group continues to win larger ticket orders and the mobile diagnostics is performing ahead of plan. Consequently, we are raising our FY17 PBT forecast from £8.0m to £8.3m.
N+1 Singer - NCC Group - Interims confirm underlying business sound
19 Jan 17
NCC’s interim results were largely flagged in the detailed trading update released in December. Group revenue increased 35% to £125.8 (organic growth +18%) and adj. EBITDA grew 15% to £21.3m. The group’s issues relating to contract losses/deferrals in the period were previously announced and are already included in our forecasts. The group has maintained its interim dividend at 1.5p, which we believe is an indication of the strong underlying business. Separately, NCC has announced that Paul Mitchell intends to step down as chairman in May ’17. We continue to believe that NCC remains a highly attractive asset in an area seeing strong structural growth and see the current share price weakness as an opportunity. We retain our Buy recommendation and 233p target price.
33% upgrade to January 2017 PBT
09 Jan 17
Redstone has released a trading update stating it ‘expects to report EBITDA at the upper end of market expectations’. This implies EBITDA of £1.8m which is above our current estimate of £1.5m. Accordingly, we are upgrading our PBT forecast for the year ending January 2017 by 33% to £1.2m from £0.9m. We reiterate our buy recommendation with a 2.2p price target implying 69% upside.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher