Edison Investment Research - eServGlobal (ESG) Update: Risk of H2 miss increases

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Edison Investment Research

Update: Risk of H2 miss increases

eServGlobal has confirmed that it intends to invest â‚¬3.5m in HomeSendâ€™s planned â‚¬10m capital raise, maintaining its 35% stake. The core business has seen a slower pace of contract wins, increasing the risk that the company does not meet its FY15 revenue and EBITDA targets. To fund short-term working capital and the HomeSend investment, the company is looking to raise up to Â£5m, potentially via a loan. We leave our forecasts unchanged, pending a further update from the company in October.

29/09/2015 3 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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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: Risk of H2 miss increases

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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