Edison Investment Research - Goodwood Capital (GWC) Update: Investing under the bonnet

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Edison Investment Research

Update: Investing under the bonnet

Snakkâ€™s interims showed revenue growth of 34% (50% ex-currency), with Q2 growth slower than Q1 (12% vs 67%). With Q3 reportedly very busy, we view Q2 as a temporary blip while effort was being focused on assembling the internal infrastructure needed to address the substantial market opportunity in mobile advertising for both brand owners and publishers in Australasia and Asia Pacific. The share price is being over-shadowed by the prospect of further fund-raising to power the next phase of expansion and the rating stands at a considerable discount to quoted peers.

19/12/2014 4 EN

Underlying

Goodwood Capital

Snakk Media Limited. Snakk Media Limited is engaged in the provision of end-to-end mobile media solutions. The Company offers mobile phone enabled promotions and marketing services. The Company is in the business of developing and implementing mobile marketing campaigns that enable brands and advertising agencies to find and reach customers using applications, games and social media on smartphones, tablets and other mobile devices. The Company's smart products and technology platforms enable it to deliver smartphone, tablet and cross-screen advertising campaigns. It offers a range of media products to target audiences through data, including location, content and social signals. It offers various location solutions that enable mobile geo-location campaigns delivery. Its video offering includes video formats, such as Smart In-Banner Video and Zero Load High Definition (HD) Video. The Company offers TV Sync, which is a multi-screen product to match mobile campaigns with television commercials.

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NZSNKE0001S9 NZX New Zealand

Provider

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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Edison Investment Research

Snakk Media - Broadening out the offering

The benefits of the restructuring initiated in FY17 and continuing through FY18, should be more apparent in FY19 as the business runs for a full year on a lower underlying cost base. The upheaval in mobile advertising markets presents opportunities as well as threats and Snakk is diversifying its offering beyond geolocation in-app advertising to include a broader range of digital and data products. The group is placing shares at NZ$0.0425, raising $144k to ease its tight working capital position.

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The restructuring initiated in FY17 started to benefit the group in Q218 and Snakk Media finally returned to profit in its second half. Revenues for FY18 were close to the prior year at NZ$10.3m (NZ$10.6m), with increased self-service mobile advertising revenues offset by a decline in business in Southeast Asia (where overheads have been pared back). The cost base in FY19e will be lower with the full-year benefit. The group had year-end cash of NZ$1.1m, just below the current market capitalisation of NZ$1.3m.

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Snakk Media has issued its Q3 KOMs, which are broadly consistent with its full-year targets, with an outperformance of the compensation to revenue ratio and a higher staff turnover than indicated. This figure, though, is highly volatile due to the small numbers involved. The company is still undergoing a review of its capital strategy and the share price is unlikely to recover until the outcome of this is published.

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Update: Investing under the bonnet

Snakk Media - Broadening out the offering

Snakk Media - Loss significantly reduced to near breakeven

Snakk Media - Improved cash performance

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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