BigDish - Update
BigDish is an early stage technology company which owns and operates a yield management platform for the restaurant industry. This helps restaurant owners maximise sales during quiet trading periods by offering discounts to customers. Big Dish earns money by restaurants paying a fixed fee per diner seated.
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Expanding yield management to the UK restaurant industry
BigDish’s platform allows restaurants to improve sales by setting variable prices dependent on the time of a reservation. For customers, it is free to use. The company is now concentrating on expanding its operations in the attractive UK dining market. After successful launches with restaurant partners in several UK cities at the start of 2019, a full nationwide rollout commenced in the summer and is now being accelerated.
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New telesales approach to restaurant acquisition, led by new CEO
In November 2019 BigDish announced a move from a “boots on the ground” approach to restaurant acquisition towards a more efficient and lower cost telesales strategy. A new office has been opened in Manchester, led by recently hired CEO Tom Sumner. At dining discount app TableNow he grew the platform with a 10 person telesales team from 250 to 3,000 restaurants across the UK over a six month period.
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Strategy already delivering rapid growth in restaurant numbers
On 3rd February 2020, BigDish announced an operational update stating that, compared to November, when there were 177 restaurants live on the BigDish platform, restaurant numbers increased by 150% and by 120% in January alone. At the time of the update the company confirmed there were 351 restaurants live on the BigDish platform and an additional 91 restaurants that have agreed to join, taking the total to 442.
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Industry deals suggest the shares are significantly undervalued
We believe the $70 million Series B valuation that Asia focused peer Eatigo commanded could be applied as a valid benchmark to BigDish given its current level of restaurant numbers and growth expectations. Discounting this figure by 50%, to be conservative and take into account valuation uncertainties, would give a valuation of £26.83 million, or 7.685p per share, some 148% above the current share price.
Bigdish Plc. BigDish Plc is a Jersey-based early-stage technology company that provides a yield management platform for use in the restaurant industry. The platform enables users to make restaurant bookings with discounts of up to 50 per cent. off restaurant food bills depending on the time of day in which the booking is made. It owns an online restaurant reservation platform and mobile application operating under the BigDish brand. Its Merchant App allows users to create and manage a weekly profile of offers. Its yield management platform consists of two components, such as mobile and to a lesser extent Website. Website components include the Merchant App, Web App and admin panel. The Merchant App functions as an interface for BigDish restaurant partners on which they can keep real-time track of their incoming BigDish bookings. Its geographical segments are Jersey, Hong Kong, Indonesia and the Philippines. Its subsidiaries include BigDish Limited, BigDish Inc. and PT BigDish Ventures Indonesia.
Align Research is a commissioned research company founded in November 2015 in order to provide the under-served smaller company space with high quality analysis. We have an initial focus on the natural resources sector, in which we see significant opportunities given the current once in a generation bear market, however all undervalued small caps (sub £100m) are considered by our team. Align was founded by industry professionals with decades of experience in the stock markets, headed up by highly qualified individuals from both fund management and analytical backgrounds.
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