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  • 15 Jan 18
UMT United Mobility Technology - Termination of coverage

Edison Investment Research is terminating coverage on UMT (UMD). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Companies: UMT United Mobility Technology
  • 15 Jan 18
UMT United Mobility Technology - Termination of coverage

Edison Investment Research is terminating coverage on UMT (UMD). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Companies: UMT United Mobility Technology
  • 15 Dec 17
New blockchain smart data and loyalty solution deal

UMT has announced a new Letter of Intent with Berlin-based sports and casino gaming company, mybet Holding, to create an innovative blockchain-based smart data service and customer loyalty scheme for the betting company. The two companies expect this to make mybet the first European gaming company to offer blockchain-based payment functions. UMT has also agreed to invest €500,000 in the new customer loyalty programme, which will also support the use of UMT’s payment solution by mybet’s customers. The launch of the loyalty scheme is envisaged as soon as 1 February 2018.

Companies: UMT United Mobility Technology
  • 15 Dec 17
New blockchain smart data and loyalty solution deal

UMT has announced a new Letter of Intent with Berlin-based sports and casino gaming company, mybet Holding, to create an innovative blockchain-based smart data service and customer loyalty scheme for the betting company. The two companies expect this to make mybet the first European gaming company to offer blockchain-based payment functions. UMT has also agreed to invest €500,000 in the new customer loyalty programme, which will also support the use of UMT’s payment solution by mybet’s customers. The launch of the loyalty scheme is envisaged as soon as 1 February 2018.

Companies: UMT United Mobility Technology
  • 30 Nov 17
New payments deal with B2B app start-up Evy

UMT has announced a new cooperation deal with Cologne-based B2B start-up Evy Solutions to provide payments services to its customer base. The Evy app is a digital assistant that enables private individuals and entrepreneurs to manage incoming mail, which is over an app-based platform. The deal with UMT will enable Evy to add app-based invoice payment to its range of services. Evy intends to roll out the service across Europe and expects transaction volumes in a three-digit million range in coming years. UMT will derive set-up fees under the contract as well as transaction fees from payments it processes over the platform. We see the deal as a good way to showcase UMT’s payment abilities to the B2B market after its successes in the retail market with the Payback scheme.

Companies: UMT United Mobility Technology
  • 30 Nov 17
New payments deal with B2B app start-up Evy

UMT has announced a new cooperation deal with Cologne-based B2B start-up Evy Solutions to provide payments services to its customer base. The Evy app is a digital assistant that enables private individuals and entrepreneurs to manage incoming mail, which is over an app-based platform. The deal with UMT will enable Evy to add app-based invoice payment to its range of services. Evy intends to roll out the service across Europe and expects transaction volumes in a three-digit million range in coming years. UMT will derive set-up fees under the contract as well as transaction fees from payments it processes over the platform. We see the deal as a good way to showcase UMT’s payment abilities to the B2B market after its successes in the retail market with the Payback scheme.

Companies: UMT United Mobility Technology
  • 28 Nov 17
Stepping out into B2C payments & blockchain

As a result of its work with leading retailers in the Payback loyalty scheme, UMT is Germany’s largest provider of white-label mPay services. Earlier this year the group took a decisive step into the B2C arena with the acquisition of prelado, an online German mobile phone top-up retailer. UMT plans to leverage its mPay know-how and retail contacts to drive an expansion of prelado’s product range as well as to extend prelado’s reach into other major EU countries. The group has also recently reached an agreement with solarisBank of Berlin to allow it to provide customers with full banking services as well as signing an MoU with blockchain specialist Coinsilium, to explore the use of blockchain technology in its service areas. UMT shares currently trade in line with the mPay small-cap sector on current year estimates. EV/revenues, and the current price implies free cash flow growth of 13.6% from 2021 in our reverse DCF analysis.

Companies: UMT United Mobility Technology
  • 28 Nov 17
Stepping out into B2C payments & blockchain

As a result of its work with leading retailers in the Payback loyalty scheme, UMT is Germany’s largest provider of white-label mPay services. Earlier this year the group took a decisive step into the B2C arena with the acquisition of prelado, an online German mobile phone top-up retailer. UMT plans to leverage its mPay know-how and retail contacts to drive an expansion of prelado’s product range as well as to extend prelado’s reach into other major EU countries. The group has also recently reached an agreement with solarisBank of Berlin to allow it to provide customers with full banking services as well as signing an MoU with blockchain specialist Coinsilium, to explore the use of blockchain technology in its service areas. UMT shares currently trade in line with the mPay small-cap sector on current year estimates. EV/revenues, and the current price implies free cash flow growth of 13.6% from 2021 in our reverse DCF analysis.

Companies: UMT United Mobility Technology
  • 30 Jun 17
Executive interview - UMT
executive-interview-umt-30-06-2017
  • 30 Jun 17
Executive interview - UMT
executive-interview-umt-30-06-2017
  • 02 Dec 16
Accounts transparency a positive step forward

UMT has shown substantial progress in hitting key milestones since our initiation on the stock in May of this year. The launch of white-label mobile payments for Germany’s largest loyalty scheme, Payback, commenced smoothly in June and six major German retail groups are now using UMT’s system to provide mobile payments services to their Payback customers. The recent publication of key consolidated earnings data for H116 shows 34% EPS uplift from the unconsolidated figures for the same period, while management’s plans to publish consolidated financial statements for FY16 and IFRS standards for FY17 should improve reporting transparency and boost investor confidence.

Companies: UMT United Mobility Technology
  • 02 Dec 16
Accounts transparency a positive step forward

UMT has shown substantial progress in hitting key milestones since our initiation on the stock in May of this year. The launch of white-label mobile payments for Germany’s largest loyalty scheme, Payback, commenced smoothly in June and six major German retail groups are now using UMT’s system to provide mobile payments services to their Payback customers. The recent publication of key consolidated earnings data for H116 shows 34% EPS uplift from the unconsolidated figures for the same period, while management’s plans to publish consolidated financial statements for FY16 and IFRS standards for FY17 should improve reporting transparency and boost investor confidence.

Companies: UMT United Mobility Technology
  • 14 Oct 16
New partner plus Payback contract going well

UMT has announced a partnership agreement with Points4More, a Munich-based provider of loyalty platforms. The partnership will enable UMT to tender for contracts requiring payment and loyalty scheme capabilities with a highly advanced loyalty product to complement its strengths in mobile payment. Management also sees the potential for Points4More to boost its deal flow as it is tendering for contracts that require mobile payment technology and will bring UMT into these deals.

Companies: UMT United Mobility Technology
  • 14 Oct 16
New partner plus Payback contract going well

UMT has announced a partnership agreement with Points4More, a Munich-based provider of loyalty platforms. The partnership will enable UMT to tender for contracts requiring payment and loyalty scheme capabilities with a highly advanced loyalty product to complement its strengths in mobile payment. Management also sees the potential for Points4More to boost its deal flow as it is tendering for contracts that require mobile payment technology and will bring UMT into these deals.

Companies: UMT United Mobility Technology
  • 10 May 16
Let the Payback begin

UMT is at an exciting time in its development. Germany’s largest loyalty scheme, Payback, has announced it will launch its UMT-powered mPay service in June. This should give rise to new platform maintenance and commission streams, and potentially new data analytics earnings arising from data crossing UMT’s platform. Helped by the reputational boost from the Payback launch and a promising new client pipeline, we see good prospects for UMT to bring a number of new customers on board in 2016-17 and generate significant earnings growth over the next two to three years.

Companies: UMT United Mobility Technology
  • 10 May 16
Let the Payback begin

UMT is at an exciting time in its development. Germany’s largest loyalty scheme, Payback, has announced it will launch its UMT-powered mPay service in June. This should give rise to new platform maintenance and commission streams, and potentially new data analytics earnings arising from data crossing UMT’s platform. Helped by the reputational boost from the Payback launch and a promising new client pipeline, we see good prospects for UMT to bring a number of new customers on board in 2016-17 and generate significant earnings growth over the next two to three years.

Companies: UMT United Mobility Technology
  • 27 Jan 16
Moving up a gear with Amex group contract

Courtesy of a deal with Amex subsidiary Payback, United Mobility Technology (UMT) is shortly to begin offering mobile payment services on a white-label basis across c 45% of Germany’s retail sector. Payback is by far Germany’s largest loyalty programme with 27.5 million users in Germany and 75 million worldwide. Of the former, seven million already use the Payback app and early adoption prospects should be boosted by plans for a heavily marketed launch. With PwC forecasting a 100%+ CAGR in the German mobile payment market to €1bn by 2020, UMT is set to become a fast-growing EU market leader.

Companies: UMT United Mobility Technology
  • 27 Jan 16
Moving up a gear with Amex group contract

Courtesy of a deal with Amex subsidiary Payback, United Mobility Technology (UMT) is shortly to begin offering mobile payment services on a white-label basis across c 45% of Germany’s retail sector. Payback is by far Germany’s largest loyalty programme with 27.5 million users in Germany and 75 million worldwide. Of the former, seven million already use the Payback app and early adoption prospects should be boosted by plans for a heavily marketed launch. With PwC forecasting a 100%+ CAGR in the German mobile payment market to €1bn by 2020, UMT is set to become a fast-growing EU market leader.

Companies: UMT United Mobility Technology

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on UMT United Mobility Technology. We currently have 8 research reports from 1 professional analysts.

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28Nov17 08:59 EQS Edison Investment Research Limited: Edison issues outlook on UMT (UMD)
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  • 20 Jan 20
Cenkos: Seeing Machines Ltd -- The DMS challenge palpable at CES2020

Interior and Occupant Monitoring was a notable theme of CES2020 with around fifteen different concepts demonstrated, up from three in 2019. However, these did not outnumber Driver Monitoring System (DMS) demonstrations and did little to deflect from the openly discussed challenge of sourcing and designing reliable primary safety DMS at appropriate costs for the automotive mass market. This task is being exasperated by a confluence of factors including vehicle design complexity and regulatory time pressure, and especially in the absence of knowing what technical specifications are required to meet the forthcoming Euro-NCAP and EC certification standards. We view the many demonstrations of IMS/OMS and emotional analysis as a distraction from the DMS challenge and, in this respect, our primary thesis for Seeing Machines remains unchanged following what we saw at CES2020: We believe Seeing Machines remains on track to win the largest market share of the DMS safety system market. We maintain our Buy recommendation and 12p DCF derived price target which is based on a 16% discount rate.

Companies: Seeing Machines
  • 21 Jan 20
Metronomic growth

dotdigital’s trading update to December reveals sales and adj. PBT growth in line with N+1 (and consensus) forecasts, while period-end net-cash of £22.5m infers >100% cash conversion. The company’s growth drivers remain consistent: geographical and ARPU expansion – here we flag 18% and 51% US and APAC growth respectively, meanwhile ARPU expanded 14% to £999/user/month. We expect ARPU to improve further, as more customers use the omnichannel functionality offered within the Engagement Cloud. Equally, international expansion should also remain a core theme, as here, DOTD’s low level of penetration in sizable markets provides a multiyear growth opportunity in our view. No changes to forecasts.

Companies: Dotdigital Group
  • 23 Jan 20
FYJan20 impacted by supply constraints, causing delays

SMRT has today provided a year-end trading update, stating that sales and EBITDA will be below our previous expectations. We therefore revise FY20E sales from £11.4m to £6.3m and EBITDA from £-1.2m to £-6.2m. We also adjust FY21E sales from £15.9mm to £14.0m. While this is undoubtedly disappointing news, it is worth stressing three key points: 1) the downgrade has been caused by hardware supply chain constraints (rather than falling demand for SMRT’s products) 2) the impacted business has not fallen away, but is rather now expected to be delivered in H1FY21 and 3) SwipedOn – which alone could be worth more than the group’s current market cap – is said to be trading strongly.

Companies: Smartspace Software
  • 21 Jan 20
At the intersection of AI and BuildTech

Software stocks that enable corporates to sell more, improve quality, cut costs, save employees time and/or reduce their ‘carbon footprints’ are ideally placed in today’s tech/ESG world. Cue Elecosoft, who said this morning that 2019 PBT would be “ahead of LY” (£3.67m) and “in line with expectations” (consensus £4.1m) - despite being impacted by forex (ED est -2%, weaker SEK vs £) and macro uncertainties (eg Brexit, General Election and subdued Eurozone). We think this is a creditable outcome. Not least because it underlines the resilience of the business - while the results are actually a touch better than our previous (bottom of the range) profit & cashflow estimates, albeit with revenues a smidgeon shy.

Companies: Elecosoft
  • 23 Jan 20
Arden Tech SoundBytes

WeWork continues to divest, Amazon music hits 55m subscribers, Google and Apple clash over privacy

Companies: Zoo Digital Group
  • 21 Jan 20
In line FY trading statement

SDL has today announced that both FY19 sales and AOP are in line. Further, the company states its y/e net cash position at £26m – this is also in line with N1S forecasts. To remind, FY18 reflects only 5 months‘ contribution by DLS, therefore the majority of FY19’s sales uplift should come from Donnelley, but as well, +4/5% (exp.) organic growth. To this end, today’s update provides evidence of progression – towards management’s stated goal of “high single digit” growth. We flag that the y/y LFL profit performance should strongly exceed the aforementioned 4/5% sales growth - indeed we estimate LFL AOP growth at >10% - driven by GM improvement (in turn due to improved utilisation and process automation) and also cost synergies on DLS. We envisage this current trend of improving organic performance and improving margins will provide enhanced shareholder returns for at least the next 2-3 years. Added to this, cash is building once more, such that we wouldn’t be surprised to see a return to M&A in FY20. We see this as a reassuring update.

Companies: SDL
  • 22 Jan 20
Interims highlight ARR growth

Interims demonstrate group revenue growth of 30% (including 7% organic) from increasing revenue quality as recurring revenue hits 74%. With an increase in ARR of 20% over only 6 months (+10% organic and +10% acquired), SaaS revenues have grown 76% year-on-year, from a 48% increase in SaaS bookings. The strategic execution remains impeccable, with two acquisitions in the period, integrated through Ideagen’s internal 72-point plan, leading to both revenue growth and margin expansion, from cross sales and synergies. Net debt of £18.0m represents less than 1x forecast FY20 EBITDA, with an expectation of net cash by FY21 and clear balance sheet capacity for further acquisitions ahead of the current income statement. Forecasts are unchanged and, with the General Election expected to release a log jam of decision making by acquisition targets, as well as providing a flurry of additional red tape as a post Brexit UK invents its own regulation standards in addition to target trading markets, we lift our target price to 200p in anticipation of acquisitions.

Companies: Ideagen
  • 21 Jan 20
WHI First Light: Caledonia Mining, Pennant International & Oriole Resources

Caledonia today announced it has finalised the transaction to purchase a 15% holding in the Blanket mine in Zimbabwe taking its total holding in the mine to 64%. This was first announced in November 2018 and comprised the cancelling of a loan between Fremiro and Caledonia and the issuance of 0.73m shares in Caledonia (valuing the 15% stake at $16.7m). Fremiro will now own 6.3% of the enlarged share capital of Caledonia. PEN's announcement this morning appears well-aligned to its strategy of lifting recurring earnings while also intensifying its focus on software products and related services as part of the product mix. This approach is expected to free PEN to exploit to the fullest extent its technical advantages in the specialist field of integrated logistics support software for the aviation and other sectors, while increasingly limiting its exposure to large, lumpy contracts. The intended acquisition of Absolute Data Group (ADG) adds a complementary new product suite, gives PEN a step up in key global markets, and adds both high margin licences and expanded maintenance services. Completion, expected by the end of February, is contingent on contractual conditions being satisfied by the vendors as well as on the conclusion of financing agreements. The acquisition is small, but looks potentially meaningful all the same, and we expect it to be modestly earnings enhancing (allowing for investment and integration costs) as early as FY2020E. Oriole, the West-African focussed gold explorer, today announces that its tenure in Senegal has been extended for up to 10 years (plus a potential 2 years special extension), with the former Dalafin licence now designated Senala.

Companies: CMCL ORR PEN

  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

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  • 20 Jan 20
Location Sciences - Verify product gaining presence

Location Sciences, the world leader in location verification for mobile advertising, recently released a trading update for the financial year to December 2019. The main focus remains the Verify product which verifies location data for targeted mobile advertising campaigns.The company reports that

Companies: Location Sciences
  • 21 Jan 20
WHI Morning Comment: Pennant International (PEN) - Acquires attractive new recurring earnings stream, assuming completion

Acquires attractive new recurring earnings stream, assuming completion PEN's announcement this morning appears well-aligned to its strategy of lifting recurring earnings while also intensifying its focus on software products and related services as part of the product mix. This approach is expected to free PEN to exploit to the fullest extent its technical advantages in the specialist field of integrated logistics support software for the aviation and other sectors, while increasingly limiting its exposure to large, lumpy contracts. The intended acquisition of Absolute Data Group (ADG) adds a complementary new product suite, gives PEN a step up in key global markets, and adds both high margin licences and expanded maintenance services. Completion, expected by the end of February, is contingent on contractual conditions being satisfied by the vendors as well as on the conclusion of financing agreements. The acquisition is small, but looks potentially meaningful all the same, and we expect it to be modestly earnings enhancing (allowing for investment and integration costs) as early as FY2020E.

Companies: Pennant International Group
  • 23 Jan 20
Strong growth in customer acquisition

FY19 pre-close demonstrates that ECSC, the UK’s longest running full service cyber security provider, has maintained the momentum identified in November’s trading update. FY19 revenue of c. £5.9m (FY18: £5.4m, ACLe: £5.9m) indicates record H2 revenue of c. £3.3m, up 21% on H2 FY18 and 25% sequentially. There was >25% growth in Managed Services revenue that offers both higher visibility and margin accretion and a good recovery in Consulting in H2. New client acquisitions increased 24% to 118, with 17% generated from ECSC’s Partner Programme. These new Consulting clients represent a core source of prospects for Managed Services. ECSC returned to profit at the EBITDA level in H2 at £0.2m (H2 FY18: loss of £0.1m), although the breakeven EBITDA was £0.1m light against forecast. Year-end cash was £0.35m (ACLe: £0.4m). We trim our FY20 revenue growth assumption to 19% (from 24%) that flow through to a lower EBITDA. 155p/share fair value unchanged and we introduce FY21 forecasts.

Companies: ECSC Group
  • 23 Jan 20
EMIS Group - On track

EMIS’s FY19 trading update was reassuringly straightforward. H219 revenue and profit growth was similar to the rate in H119, which is within the company’s target for mid- to high single-digit growth. Both divisions made steady progress, with EMIS-X development ongoing and restructuring complete. We maintain our forecasts; FY19 results are due on 18 March.

Companies: Emis Group
  • 14 Jan 20
IQE - Leading innovation from within

The breadth of IQE’s technology portfolio and ability to serve compound semiconductor chip customers in the US and Asia puts it in a good position to benefit from rising demand for compound semiconductor applications for 5G and connected devices. The share price has been hit by the shift to Asian-centric supply chains caused by US-Chinese trade tensions, and resultant reductions to management guidance. Although the timing of a recovery is difficult to gauge, we see scope for earnings recovery as IQE secures additional contracts in Asia and leverages its IP portfolio into sustainable profit growth and cash generation.

Companies: IQE
  • 16 Jan 20
CloudCall

FY trading update: In rude health; Buy

Companies: Cloudcall Group