Crowd Mobile (CM8) A Strong FY17 Result. 24 March Bell Potter Small Cap Team
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1 24 March 2017 Crowd Mobile (CM8) A Strong FY17 Result 1. Crowd Mobile (CM8) delivered a strong set of FY17 results exceeding our revenue expectation by 3.3%, driven by an acceleration in fourth quarter growth in the Q&A business. 2. A sharp reduction in net debt from $14.8m in FY16 to $2.8m at the end of FY17, this reduction was driven by the issuance of new shares and free cash flow generation. 3. A stronger financial position, continued growth in the Q&A business and a stabilisation of the subscription business position CM8 for a successful FY18 result. Key Highlights CM8 trades on an attractive 6.4x forward Cash PE multiple and similarly attractive 4.0x forward EBITDA multiple, with double digit earnings growth likely to continue. CM8 achieved revenue of $43.9m (18.6% growth against pcp) ahead of our previously forecast $43.0m and underlying EBITDA of $9.6m (29.7% growth against pcp). The fourth quarter saw $11.6m of revenue compared to third quarter revenue of $10.8m representing growth of 7.4% quarter on quarter growth. Importantly EBITDA growth of 29.7% exceeded revenue growth of 18.6%, speaking to the operating leverage in the business. Net debt at end of the period was $2.8m, ending any concerns about CM8s level of indebtedness and excessive interest charges. Bell Potter Small Cap Team Market Prices Authorisation Cyril Jinks Current Price $ mth range $0.08 $0.245 Company Data & Ratios Issued capital 219.7m Market Capn Net debt Enterprise Value $40.6m $2.8m $43.4m Cash PE (FY18) 6.4 EV/EBITDA (FY18) 4.0 Price Target $ Month Return 26% Financials FY16 FY17 FY18f Revenue U-EBITDA Margin 20.0% 22.4% 25.1% EBITDA Margin 17.1% 20.1% 22.5% Cash NPAT Cash EPS 0.7c 2.1c 2.9c The company is investing in the high growth digital influencer space by setting up a market place allowing digital influencer to monetise their skills. In effect they are staying ahead of the curve in monetising mobile content. IMPORTANT Please read carefully This Analysis is not intended to be broadly distributed. Its limited distribution is confined to, and for the exclusive use of, the Professional Investor or the Sophisticated Investor (who meets the qualifying financial and experience to assess criteria) to whom it is provided by Bell Potter Securities Limited, on the basis that these investors have both a minimum level of net worth or annual income and the capability to assess the merits, value and risks of the security, their own information needs in relation to the security covered by the Analysis and the adequacy of the information provided in the Analysis. The Analyst is conflicted by reason of him being associated with the Dealing Desk (described below) in the provision of financial services to the entity, which is the subject of the Analysis, and to potential investors in that entity. Also the Analyst is not independently supervised, as he reports into the aforementioned Dealing Desk, and his remuneration may in part be related to the revenues of that Desk, which may include corporate finance fees arising from transactions involving the entity that is the subject of the Analysis. Should you have any queries in relation to the above they can be raised with the Compliance Department at Bell Potter Securities Ltd. See Disclaimers and Disclosures at the conclusion of this Dealing Desk Analysis Page 1 Bell Potter Securities Limited ABN AFSL No
2 Financial Results Income Statement H1 FY 16 FY 16 H1 FY 17 FY 17 FY 18 pcp % Total - Revenue % Underlying EBITDA % U-EBITDA Margin 6.0% 20.0% 20.2% 23.7% 25.0% 1.3% EBITDA % EBITDA Margin -0.4% 17.1% 15.5% 21.4% 23.3% 1.9% D&A % EBIT % EBIT Margin -7.7% 7.1% 3.7% 10.0% 14.8% 4.7% PBT large PAT large Cash PAT % Cash EPS % Net Operating Cash flow EV / EBITDA EV / Underlying EBITDA PE Ratio Cash PE Ratio In FY18 CM8 should see strong growth in Cash NPAT that is NPAT excluding amortisation from the acquisition of Track. Currently CM8 expenses any development expenditure yet they amortise $4.8m in intangibles per annum substantially distorting true profitability. So cash NPAT is the most valid economic indicator. This growth will be driven by a continued increase in billed message volumes, along with improved operating leverage from increased automation in message responses. CM8 utilise unique marketing strategies to promote this business including extensive collaboration with digital influencers. *From CM8 Full Year investor presentation Page 2
3 Segment Results Income Statement H1 FY 16 FY 16 H1 FY 17 FY 17 FY 18 pcp % Subscription - Revenue % Q&A - Revenue % Total - Revenue % Subscription - EBITDA % EBITDA Margin 42.2% 37.0% 34.0% 35.3% 32.6% -2.7% Q&A - EBITDA % EBITDA Margin 14.6% 24.5% 21.9% 28.9% 33.0% 4.1% *The above table represents segment results it excludes corporate costs (~$2.8m p.a.), share based payments and one off costs SEGMENT EBITDA 0.0 H1 FY 16 FY 16 H1 FY 17 FY 17 FY 18 Subscription (Track) Q&A Business CM8 management have stated that the subscription business has been stabilised and that a number of green shoots are starting to show. We expect this business to stabilise in FY 18 showing only a modest decline. The growth engine will continue to be the Q&A business which grew by 25% in FY 17 and we expect overall growth to be in the order of 15% for FY 18. Margins in the Q&A business should continue to expand through FY18 due to automation and increased scale. We are anticipating a slight decline In EBITDA margins in the subscription business, although this could surprise to the upside. The third segment which is yet to generate meaningful revenue, will be in the digital influencer space. These products will allow digital influencers to interact with followers and monetise this process. If the Company's execution of this new business opportunity is moderately successful, then there is likely to be a valuation upside that has not been factored into our model at this point in time. Page 3
4 Valuation Valuation Matrix EBITDA X 3x 4x 5x $9.4m $0.128 $0.171 $0.214 $0.257 $10.4m $0.142 $0.189 $0.237 $0.284 $10.9m $0.149 $0.199 $0.249 $0.298 $11.7m $0.160 $0.213 $0.267 $ x On a conservative EBITDA multiple of 5x CM8 is worth between $0.257 and $ Cash NPAT X 6x 8x 10x 12x $5.8m $0.159 $0.212 $0.265 $0.318 $6.1m $0.167 $0.223 $0.278 $0.334 $6.4m $0.175 $0.234 $0.292 $0.351 $6.7m $0.184 $0.246 $0.307 $0.368 On a cash NPAT level we have chosen to use an FY 18 multiple of 10x which has been rolled forward from our previous multiple of 8.0x, given the successful execution of FY 17 results. This multiple could expand should CM8 prove to the market the sustainability of their earnings from both the Q&A and subscription business. ASX Peer Multiples Company ASX Code Mkt Capn EV FY 17 EBITDA MULTIPLE Inabox IAB $19m $28m 4.6x emerchants EML $449m $449m 31.0x Mobile Embrace MBE $25m $27.7m 5.2x Mitula MUA $130m $120.0m 15.0x AVERAGE 14.0x While there are very few profitable and comparable listed companies we have selected a number of technology companies that provide platforms in their respective fields. Excluding IAB, the other comparable companies provide various disparate products all based on a core technology platform. On a comparable EBITDA multiple CM8 would be worth many multiples of their current valuation. While this may not be achievable there may be an uptick in the prescribed valuation multiple once the market gains comfort around the sustainability of CM8s earnings. Page 4
5 Key Risks 1. Sustainability of earnings from the subscription business acquired in Sustainability of profit growth from the core Q&A business 3. Level of cash burn from investment in the digital influencer platform 4. Loss of key Telco partners or ability to bill customers through this channel Disclaimer: This Dealing Desk Analysis embodies facts, findings and conclusions but not opinions or recommendations. The information provided here is general in character and is not specific to any particular investor s financial circumstances and needs, investment objectives or risk tolerance. This general information is however identified for investors who have substantial experience in investing in volatile securities markets and who appreciate and tolerate the high level of risk and volatility inherent in investing in market priced financial products and are able to assess for themselves the merits, value and risks of a security and their information needs in relation to it. Markets often move in unexpected and unpredictable ways at times that cannot reasonably be anticipated. Investors can lose money investing in securities. The views expressed are speculative and are often time sensitive. Before investing in securities, investors should obtain an opinion or recommendation from a licensed securities adviser to whom they should fully disclose all their relevant financial circumstances and needs, investment objectives and tolerance for risk to ensure that a particular investment opportunity is in fact appropriate to the investor. Bell Potter Securities Limited has made every effort to ensure the reliability of the facts and findings identified herein. Our Analysis is based on information known to us or which was obtained from sources which we believed to be reliable and accurate at the time of publication. Given the inherent risks in investing in the securities markets our findings and conclusions may not always prove to be correct. The Analysis is prepared for general information only, and as such, the specific needs, investment objectives or financial situation of any particular reader have not been taken into consideration. Individuals should therefore discuss, with their adviser the merits of the Analysis for their own specific circumstances and realize that not all investments will be appropriate for all readers. To the extent permitted by law Bell Potter Securities and its employees, agents and authorised representatives exclude all liability for any loss or damage (including indirect, special or consequential loss or damage) arising from the use of, or reliance on, any information, view or recommendation (the information) whether or not caused by any negligent act or omission. If the law prohibits the exclusion of such liability, Bell Potter Securities hereby limits its liability, to the extent permitted by law, to the re-supply of the information or the cost of the said re-supply. Disclosure: Bell Potter Securities and/or its associates within the meaning of Chapter 7 of the Corporations Law may: hold securities in the entity discussed and commented on in this Analysis; buy and sell securities in the entity that is discussed and commented on in this Analysis before or after publication; receive commission from clients for dealing in securities in the entity that is discussed and commented on in this Analysis and its representatives and analysts may directly share in that commission; receive fees, commissions and payments including underwriting and placement fees from the entity that is discussed and commented on in this Analysis; receive corporate advisory fees, payments, and commission from the entity that is discussed and commented upon in this Analysis. The recipient of this Dealing Desk Analysis needs to be aware that the Analyst is conflicted by reason of him being associated with the Dealing Desk (identified above) in the provision of financial services to the entity which is the subject of the Analysis and to potential investors in that entity. Also the Analyst is not independently supervised as he reports to the aforementioned Dealing Desk and his remuneration may in part be related to the revenues of that Desk which may include corporate fees arising from transactions involving the entity that is the subject of the Analysis. Page 5
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