Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ACTUAL EXPERIENCE PLC. We currently have 13 research reports from 2 professional analysts.
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ACTUAL EXPERIENCE PLC
ACTUAL EXPERIENCE PLC
N+1 Singer - Actual Experience - 3-yr framework agreement with Accenture
24 Nov 16
We are very bullish on Actual Experience and believe the group’s technology, addressable market and reach is capable of transforming the group into a much more valuable business than currently. The group’s ability to measure and analyse digital experience quality remains unique (validated by global partners) and has applicability to almost all enterprises globally giving it a very significant addressable market. The insight it provides is very valuable, helping business leaders make informed decisions on risk management, customer service, brand development and capital allocation. As with all technology companies, effective sales and distribution is crucial to maximise potential. Actual Experience has predominantly a channel strategy – today’s announcement of a 3-yr framework agreement with Accenture, its 4th global channel customer, should further drive the rollout of this technology globally. We remain very excited about the group’s future.
N+1 Singer - Morning Song 24-11-2016
24 Nov 16
FY16 Prelims look in line, after adjusting for a discontinued item (a minority stake in a chain of Irish pharmacies (0.9c EPS impact)). Revenues are slightly behind, but margins more than compensated, bringing EPS growth in at 8% underlying (9% CER), at the top end of the guided range. The outlook looks positive, with no change to the overall story. No new acquisitions to report yet (we upgraded by 3% net on the STEM deal in October, after FX headwinds and increased investment in the future fit programme). Further deals should be more accretive, and this is the crux of the investment case. We stay at Buy.
Poised for execution
25 May 16
Actual Experience is now engaged with four major technology businesses, three of whom have signed multi-year framework agreements for the distribution of its analytics service. Today’s H1’16 interims do not reflect the significant potential of these agreements but as implementation ramps up (Verizon Enterprise Solutions being the most advanced), we believe the opportunity will become more evident. The balance sheet remains strong with £12.3m of cash, supporting the group as it invests in the infrastructure to support these partners. Strong execution of the implementation phase with existing partners is crucial to drive momentum; the applicability of AE’s technology is nearly universal but it needs its partners to provide the amplification effect. We remain highly excited about its prospects.
5-year framework agreement with Vodafone
04 Mar 16
Actual Experience announced today that it has signed a 5-year framework agreement with Vodafone whereby the former’s analytics have the potential to be used across Vodafone’s enterprise and consumer markets, products and services. This is another significant endorsement of AE’s unique ability to empower enterprises to improve the quality of digital experiences. The full growth potential of the group can be most effectively unlocked by leveraging global partners who can open the door to thousands of large, global enterprises. In this regard, the group is making excellent progress with today’s announcement following on from a significant order from a leading US-based technology company announced in January 2016, a 3-year contract with Verizon Enterprise Solutions announced in Sept 2015 and a 3-year contract with a Top 100 global brand announced in May 2015. The global market opportunity is vast and progress to date leaves us confident that it can execute against this opportunity.
Taking a prudent road
28 Nov 16
As flagged in September, H1 2017 profit is indeed below LY; adj. PBT of £0.5m compares with £1.5m in H1 2016 as Trakm8 invests heavily in new technology and acquisition integration. Management remains confident in another very strong H2 performance and in particular is focused on closing a couple of large high-margin software-related sales which would see the group meeting the original FY 2017 expectations of £5.9m adj. PBT. However, should these fall outside the March year-end, profits are only likely to be in line with last year’s £3.9m, albeit on a growing revenue base. Prudence dictates we assume a worst-case scenario in our forecasts so that surprise is only in the upside – if the deals close in the year, the company will meet those original revenue and profit expectations.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Deal beefs up media & broadcast operations
28 Nov 16
SCISYS is acquiring Germany-based ANNOVA Systems for an estimated deal value of £15.3m. ANNOVA is a leading supplier of software-based editorial solutions to the media sector. It has a track record of generating strong revenue growth and in 2015 won a landmark contract with the BBC, which underpins financial forecasts for 12 years. ANNOVA complements SCISYS’s dira! product offering for radio broadcasters, extends the group’s capabilities into television and creates cross-selling opportunities. The deal significantly boosts earnings, aided by cheap debt financing costs, and is value enhancing on our assumptions. Consequently, we believe the stock continues to look attractive on c 10x our FY17e earnings.
N+1 Singer - Eckoh - In line interims, US secure payments gathers pace
29 Nov 16
Eckoh delivered interims in-line with expectations. UK growth was 11% whilst the US, reflecting a full period for PSS now accounts for 30% of sales. US Secure Payments wins gathered pace, with much larger contracts being won on SaaS-style pricing models and the pipeline at record levels. With contracts won in the first half feeding through strongly into the second half and given the group’s high level of recurring revenues (76%), the outlook remains positive for the rest of the year and we make no changes to forecasts. Eckoh has exceptional growth opportunities, particularly in the US, and we believe it can convert this to strong shareholder value.