DotDigital (DOTD)

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The leading provider of intuitive software as a service (“SaaS”) and managed services to digital marketing professionals, through the ‘dotmailer’ platform.

17-Oct-2017 – 73p – £215.8m

Final Results For The 12 Months To End June 2017 – Revenue up 19% to £32.0m from £26.9m, PBTup 30% to £8.1m from £6.2m and EPS up by 32% to 2.42p from 1.83p. Strong cash generation from operations of £8.8m with net cash position of £20.4m up 18% as at 30 June 2017. Revenue per user is up 24% and revenues outside the UK are up 48% (23% of total Revenue).

There’s a lot to like here – On a PER of 26.7 it might still be reasonable value here (although Stockopedia doesn’t think so (Value = 10)), especially if this growth can be sustained. Q1 progress is reported as “in-line with plan” and the board is confident of “achieving our ambitious growth plans”.

19-Dec-2017 – 96p – £284.0m – PER 28.5

AGM Statement  Positive trading continues and progress is in-line with managements expectations – Board is “confident in achieving its ambitious growth plans”.

There’s still a lot to like here – Rightly or wrongly I’m just not willing to pay up. Will keep an eye on it though.

23-Jan-2018 – 98.13p – £290.3m – PER 28.4

Trading Update For The 6 Months To End December 2017 – Revenue up 25% to £18.8m, in line with management expectations (H1 2017: £15.0m) and EBITDA is also in line with management expectations.

Perhaps fairly priced here, I am going to add it to my Watchlist, 80p.

Subsequently revised Watchlist price, 75p.

27-Feb-2018 – 95p – £275.1m – PER 26.3

Interim Results For The 6 Months To End December 2017 – Revenue up 25% (17% organic growth) to £18.8m from £15.0m (in H1 2017) with Adjusted EBITDA up 8% to £5.7m from £5.3m (in H1 2017) – Which is in-line with management expectations.

I will leave this on my Watchlist at 80p for now (correction, 75p).

19-Jul-2018 – 73p – £217.1m – PER 18.9

Trading Update For The Year To End June 2018 – Revenues up c.35% to £43.1m (2017: £32.0m), Profit to be in-line. Confident FY 2019 will also be in-line.

This has actually touched my Watchlist price now and I am tempted here – Now looks more reasonable Value wise.

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