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Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Flash note: Revenues affected by write-down of older projects
Some older projects which have been experiencing delays are likely to be written off, leading to FY14 revenues substantially below expectations. These projects pre-date the implementation of more rigorous customer acquisition policies and consequently this should be a one-off adjustment. However, until there is more clarity on the ‘base effect’ that this adjustment will have on FY15 and beyond, we withdraw forecasts.
Flash note: 2014 expected in line with consensus
blur Group expects results for 2014 to be in line with consensus and has reiterated its targeted cash flow break-even for Q116. The announcement of a $17m four-year project helps to underpin our bookings forecasts in 2015 and a steady flow of news in recent months regarding new enterprises using the platform points to continued adoption.
Outlook: Finding its sweet spot
blur Group’s focus has moved towards growth and operational leverage, driven by business from enterprise customers within the company’s sweet spot transaction value of $5-100k. While we expect growth to remain very strong, we have reduced our sales and cost estimates to reflect the increased focus on efficiency, retaining our forecast for EBITDA break-even for FY16. The opportunity for blur remains significant. Continued delivery to our estimates and key KPIs should deliver substantial upsid...
Update: A stronger foundation for growth
blur Group’s H1 bookings update shows that the flow of business into the exchange continues to gather momentum. While preceding events have been a chastening experience, with the balance sheet strengthened and tighter receivables policies, blur is in better shape to grow into the significant opportunity ahead.
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