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.
|01Dec16 08:59||RNS||Total Voting Rights|
|24Nov16 04:35||RNS||Price Monitoring Extension|
|01Nov16 09:39||RNS||Total Voting Rights|
|19Oct16 01:09||RNS||Result of AGM|
|14Oct16 03:46||RNS||Holding(s) in Company|
|03Oct16 09:00||RNS||Total Voting Rights|
|20Sep16 09:00||RNS||Annual Report & Accounts and Notice of AGM|
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.
Panmure Morning Note 05-12-16
05 Dec 16
Filtronic, the designer and manufacturer of microwave electronics for the wireless telco market, has provided a solid 1H17 trading update. As seen during 1Q17, demand for its new ultra-wide band integrated antennas has been driven by its key customer. Crucially the roll-out provides a reference client and adoption from other clients should be coming in due course. Having said that, programme roll-outs tend to be lumpy in nature and management expect activity to be slowing in the early part of 2H17 until customer concentration is remedied, meaning Filtronic will be exposed to short-term fluctuations in demand.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
N+1 Singer - Morning Song 06-12-2016
06 Dec 16
With FY16 volume and revenue already disclosed in the pre-close, the focus in today’s prelims is on PBT (£100.3m versus our £101m) and EPS (96.8p versus our 95.4p). No special dividend triggered this year (none forecast) and DPS is held at 46.8p (N1SE: 48.0p). On end markets, recent commentary is reiterated – the core business is growing, whilst consumer electronics will be subdued in the current year (competitive capacity from Solvay). On currency, there will be a material benefit in the current year (a little more than the £14m to £15m previously indicated), and a further tailwind next year if current rates are maintained (quantum TBC). There is also an investment of £10m today in a minority interest in Magma Global, Victrex’ oil and gas mega programme partner. Although the share price is now close to our TP of 1730p, we feel that there is enough in today’s announcement to retain a positive stance on medium term opportunities with strong cashflow and a special dividend potentially to look forward to in the current year.
Strategic focus at interims
30 Nov 16
KCOM’s interims show a focus on the continuing transformation of the business in cost and investment, under a single brand. The benefit of the cash injection from the network sale has led to the opportunity for significant investment both in the Hull & East Yorkshire division and the nationwide Enterprise division, to create a platform for growth. With a reiterated commitment to a minimum 6p dividend for FY17 and FY18, ongoing cost-saving initiatives, and proof of customer enthusiasm for the integrated platform which investment will further support, KCOM continues to deliver an attractive dividend in anticipation of its return to headline growth. Target 130p reiterated.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
N+1 Singer - Mobile Streams - Applying the model to India
06 Dec 16
MOS has proven its model for mobile content in a very tough market, Argentina. After monitoring and examining a number of other markets it has successfully tested India to prove its commerciality. Further to this, key agreements with telecom operators have been signed and the Company has announced a £2.2m equity raise to help fund working capital. The Indian market is vast (c25x the size of Argentina) meaning MOS has to only be slightly successful to surpass its previous record results. If MOS can build a business with similar penetration it will vastly surpass our high growth forecasts that already imply the stock is very cheap.