Edison Investment Research - eServGlobal (ESG) Update: Core business contract delays

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Edison Investment Research

Update: Core business contract delays

Delays in signing new contracts in the core business drive a downward revision to revenue guidance for FY15; this combined with cost overruns on some current projects results in guidance for an EBITDA loss in FY15 compared with previous guidance for positive EBITDA. Cost reductions from recent restructuring combined with signing the delayed contracts in FY16 should result in positive EBITDA in FY16. We have revised our forecasts to reflect the new guidance, with cuts to forecasts for FY15-17.

28/10/2015 5 EN

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eServGlobal

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Australia

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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eServGlobal - Core business update

Delays in closing contracts in the core business resulted in a revenue shortfall for eServGlobal in FY17, although some of these have now been signed and will contribute from FY18. Continued efforts to reduce the cost base should reduce the break-even revenue level to c â‚¬12.5m/A$19min FY18, which the company is aiming to achieve through focusing on additional sales to its existing customer base. eServGlobal participated in the recent HomeSend funding round, marginally increasing its stake to 35.7%.

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Update: H116 results in line

eServGlobal has reported H116 results in line with its recent trading update and confirmed that it continues to expect to report a small positive EBITDA for FY16. Once approved, the proposed fund-raising and debt restructure should strengthen the companyâ€™s balance sheet and provide funds to support the growth of the core business.

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Update: FY16 guidance maintained

Management has reiterated its target of breaking even at the EBITDA level for FY16. Two material contract wins confirmed that the anticipated recovery began towards the end of Q216, following a weak Q116. While this means that the company now expects to report an EBITDA loss in H116, the combination of cost-cutting and revenue recovery provides confidence that break-even can be achieved for the full year. We have revised our forecasts to reflect H116 performance, reducing our revenue and EBITDA forecasts but continuing to forecast a return to positive EBITDA in FY16.

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Update: Core business contract delays

eServGlobal - Core business update

Update: H116 results in line

Update: FY16 guidance maintained

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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