Monitise Plc (MONI)
ISR viewMonitise is leading the way in the provision of mobile banking services in the UK and, through partnerships with key leading financial players and retailers, looks likely to replicate that success in other markets. The valuation is relatively high, but is reflective of the company’s strategic potential.
Share price29.50p
Market cap.£238.3m
Financials
|
Year end June Profit & Loss |
June 2008 A £m | June 2009 A £m | June 2010 A £m | June 2011 A £m |
June 2012 E £m | June 2013 E £m | June 2014 E £m | June 2015 E £m |
|---|---|---|---|---|---|---|---|---|
| Revenue £m | 1.5 | 2.7 | 6.0 | 14.0 | 32.8 | 46.3 | 63.5 | 83.1 |
| Adj EBITDA £m | -12.4 | -11.4 | -13.2 | -14.8 | -12.8 | -3.4 | 7.6 | 18.5 |
| Adj EBIT £m | -12.8 | -12.0 | -14.3 | -15.7 | -14.3 | -5.6 | 4.3 | 13.5 |
| Reported PBT | -14.0 | -13.1 | -17.0 | -17.2 | -8.6 | -7.6 | 2.1 | 11.1 |
| PBT before exceptionals and AAG | -14.0 | -13.1 | -18.0 | -17.2 | -16.1 | -7.6 | 2.1 | 11.1 |
| Fully adj PBT | -11.9 | -11.4 | -14.2 | -15.5 | -14.2 | -5.5 | 4.4 | 13.6 |
| NOPAT £m | -9.0 | -8.4 | -10.0 | -11.0 | -10.0 | -3.9 | 3.0 | 9.4 |
| Reported EPS | -5.5 | -4.0 | -3.7 | -2.1 | -1.2 | -1.1 | 0.3 | 1.6 |
| EPS before exceptionals and AAG | -3.8 | -2.8 | -2.8 | -1.8 | -1.6 | -0.7 | 0.2 | 1.1 |
| Fully adj EPS | -3.3 | -2.4 | -2.2 | -1.6 | -1.4 | -0.5 | 0.4 | 1.3 |
| Dividend per share p | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Cash flow & Balance sheet | ||||||||
| Operating cash flow | -11.0 | -11.4 | -14.1 | -14.1 | -14.4 | -4.7 | 6.1 | 16.8 |
| Free Cash flow £m | -10.6 | -11.3 | -14.9 | -14.2 | -15.7 | -6.8 | 2.9 | 11.9 |
| FCF per share p | -4.2 | -3.4 | -3.3 | -2.1 | -2.2 | -1.0 | 0.4 | 1.7 |
| Capex | -0.3 | -0.3 | -1.1 | -7.0 | -5.0 | -5.0 | -5.0 | -5.0 |
| Acquisitions | -0.3 | 0.0 | 0.1 | -0.5 | -0.2 | -0.1 | 0.0 | 0.0 |
| Net cash flow | -10.7 | -11.1 | -14.8 | -20.7 | -19.4 | -9.7 | 1.2 | 11.9 |
| Shares issued | 0.0 | 11.6 | 17.9 | 31.4 | 24.7 | 0.0 | 0.0 | 0.0 |
| Net cash | 9.7 | 10.1 | 13.2 | 23.6 | 28.9 | 19.2 | 20.4 | 32.4 |
| Metrics | June 2008 A | June 2009 A | June 2010 A | June 2011 A | June 2012 E | June 2013 E | June 2014 E | June 2015 E |
| Revenue growth | 78.0% | 126.0% | 133.0% | 133.0% | 41.0% | 37.0% | 31.0% | |
| Adj EBITDA growth | -8.0% | 15.0% | 12.0% | -13.0% | -74.0% | -325.0% | 144.0% | |
| Adj EBIT growth | -6.0% | 19.0% | 10.0% | -9.0% | -61.0% | -176.0% | 217.0% | |
| Adj PBT growth | -4.0% | 25.0% | 9.0% | -8.0% | -12.0% | -127.0% | 435.0% | |
| Adj EPS growth | -26.0% | -9.0% | -28.0% | -11.0% | -53.0% | -127.0% | 435.0% | |
| Dividend growth | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Adj EBIT margins | -857.0% | -451.0% | -237.0% | -112.0% | -44.0% | -12.0% | 7.0% | 16.0% |
| Operating cash conversion | 89.0% | 100.0% | 107.0% | 95.0% | 112.0% | 140.0% | 80.0% | 91.0% |
| Capex/Depreciation | 63.0% | 56.0% | 99.0% | 707.0% | 337.0% | 225.0% | 150.0% | 100.0% |