Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MONITISE PLC. We currently have 14 research reports from 3 professional analysts.
|01Feb17 09:22||RNS||Total Voting Rights|
|12Jan17 11:24||RNS||Notice of Results|
|03Jan17 11:56||RNS||Statement re Monitise Americas|
|03Jan17 09:00||RNS||Total Voting Rights|
|30Dec16 12:35||RNS||Price Monitoring Extension|
|28Dec16 09:59||RNS||Block listing Return|
|08Dec16 09:00||RNS||Block listing Return|
Frequency of research reports
Research reports on
FY16 results confirm solid progress made
08 Sep 16
Mobile money specialist Monitise has released full year results to June 2016 in line with guidance from the mid July update and consistent with the outlook given at the half year, with the company achieving EBITDA breakeven and substantially lower cash spend in the second half following significant rationalisation. For the full year, EBITDA losses halved to £19.6m on revenues down 25% to £67.6m, whilst the statement contained a cautiously positive outlook, noting traction on the new FINKit bank-grade PaaS platform. Whilst the outlook remains uncertain, a significant cash balance (£42m) and a much lower cost base at least mean that the company is far better placed than this time last year.
Strong H2 financial performance
21 Jul 16
Monitise’s Trading Update for the period to June 30 reveals a strong H2 financial performance. In line with previous guidance, revenues were stable compared to H1, and the group reported positive EBITDA. Cash outflows were significantly reduced vs comparable periods, and the group saw initial revenues from the FINK it platform. Management commentary that the transition from legacy products to FINK it will make for a decline in revenues in FY17 versus FY16 is consistent with our (unchanged) earnings estimates.
Moving towards profitability
29 Mar 16
Although Monitise’s recent history has been somewhat turbulent, we believe the outlook is increasingly bright. The new management team (CEO, COO) has re-focussed the business on six key product lines and re-energised the organisation, having made significant reductions to the ongoing cost base and capital expenditure requirements. In this note we provide detail on some of the key measures undertaken to improve business performance.
H1 2016 results in line
12 Feb 16
Mobile money specialist Monitise has announced H1 2016 results in line with the January trading update. Turnover fell 21%, primarily reflecting lower licence revenues. More positively, the period saw significant reductions in opex and capex. Management re-iterated guidance of EBITDA profitability in the second half of FY 2016 and the company being sufficiently funded through to cash breakeven.
Technology Review - FinTech: The Second Mouse Gets the Cheese...
08 Oct 15
The FinTech market is a vast and still largely uncharted ocean of opportunity. Trillions of dollars move around hundreds of countries every day; and that is just between banks, never mind individual customer transactions. The banking systems that facilitate this activity are by and large 30 to 40 years old and have evolved from multiple systems developed in many different countries. The opportunities to improve the systems are equally as vast as the market, though by necessity it will be a process of evolution rather than revolution, as no one company is going to persuade all the banks to change all the systems in one go. There is therefore plenty of market to go for. The first wave of “FinTech” companies has now blazed the trail. Some have succeeded and some have fallen over. Most have had to re-think and re-invent their models many times. In all respects the big prizes are still there, but there is now much more information on how best to access them.
Business resized; fully focused on cloud platform
29 Sep 15
Monitise has suffered the classic shortfall in revenues often seen in the transition from custom software to SaaS provider. Restructuring the business to lower the cost base and focus sales on the cloud platform should enable the company to reach EBITDA break-even in H216. Our forecast for a return to revenue growth in FY17 is dependent on adoption of the cloud platform, and will be the key driver of share price upside from this point.
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.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
Ready to dominate TV distribution and prepared for new competition from Iliad
20 Feb 17
TI has released a good set of Q4 results: Revenues were up organically by 0.8% yoy (vs -5.2% in Q1, -4.2% in Q2 and -1.2% in Q3) while the EBITDA (excluding the negative impact of non-recurring items) has increased sharply by 5.9% yoy as in Q3 but vs a decline of 1.7% in H1! EBITDA has clearly benefited from the actions implemented in the “cost recovery plan” that started in Q2 in the Domestic Business and in Q3 in the Brazil Business. In Italy, revenues were up by 2.7% yoy (vs +1% in Q3 and -1.7% in the H1). The solid, structural recovery of Mobile revenues was confirmed, thanks both to the maintenance of market share and the stabilisation of ARPU levels. But the key point is the EBITDA which has grown by 8.4% (vs 7.9% in Q3, +6.9% in Q2 and -5.2% in Q1). Excluding non-recurring restructuring charges, EBITDA would have grown by +4.5% in 2016, with an EBITDA margin of 45.9%, up 1.9ppts on 2015. In Brazil, Q4 revenues were down organically and at constant change by only 1.7% yoy (vs -5.2% in Q3 and -14% in H1)! The main issue is that the total number of subscribers (c.63m with a market share of 26%) was still down by 4.3% vs end 2015. Note, however, that like its competitors the group has seen its prepaid customer base contract sharply in 2016, due to the adoption of a restrictive policy for the disconnection of inactive customers according to Anatel’s new criteria (the Brazilian National Telecommunications Agency). Q4 EBITDA was up by 2.8% yoy (vs +0.5% in Q3 and -10.9% in H1) with the start in Q3 of cost-cutting operations.
Ronez performing, debt facilities agreed
21 Feb 17
Confirming our view that Ronez is a high-quality maiden acquisition, SigmaRoc today announces that trading and operational performance at the verticallyintegrated aggregates business on the Channel Islands has been strong in the first few weeks of trading since the deal completed in early 2017. January sales volumes are reportedly above budget, a healthy order book is in place for the remainder of the quarter, and requisite back-office systems are being developed faster and at lower cost than initially anticipated. Furthermore, SigmaRoc has agreed terms with Santander Bank for a £2m revolving credit facility and is close to agreeing an £18m term facility – once finalized these debt facilities should see SigmaRoc sufficiently capitalized to progress initial projects in management’s pipeline of growth opportunities. We thus continue to believe that Ronez has potential to generate EBITDA to the group of at least £6m pa as efficiencies continue to be unlocked under the new independent ownership structure, providing SigmaRoc with a firm platform from which to leverage more acquisitions and/or organic investments and thus deliver further earnings growth as it progresses its niche buy-and-build strategy.
12 Apr 16
Rigid-plastic-products manufacturer and waste-management services provider One51 is holding a general meeting on 21 April to gain the shareholder approvals required to issue shares for a potential flotation on AIM and the Enterprise Securities Market (ESM). In 2014, Ireland-based One51 paid 78p a share in cash for AIM-quoted Straight, which valued the wheeled-bins manufacturer at £10.7m. One51 subsequently bought a controlling stake in Canadian plasticproducts business IPL. A flotation would trigger a deal to swap One51 shares for the one-third of IPL that it does not currently own. The plastics division is the main focus of expansion. One51 is a substantial business. In 2015, revenues grew from €276.5m to €366m, while underlying profit almost doubled from €16.2m to €31.9m. A full 12-month contribution from IPL would have taken revenues to €473.5m and grown profit even more rapidly. Plastic products generate nearly two-thirds of revenues and a greater proportion of profit. Net debt was €120m at the end of 2015 and there is contingent consideration of more than €33m that could become payable. Numis and Davy have been appointed as advisers for the flotation, which is still dependent on market conditions. Although One51 is unlisted there has been regular trading in its shares since 2007 and by the end of March the shares were changing hands at €1.70 each.
Small Cap Breakfast
09 Feb 17
GBGI—Schedule One from the integrated provider of international benefits insurance focused on providing tailored insurance products. Looking to raise £32m with admission expected 22 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.