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.
16-Oct-2018 – 84p – £249.8m – PER 22.3
Preliminary Results For The 12 Months To End June 2018 – Revenue up 35% to £43.1m (2017: £32.0m), Adjusted Operating Profit up 22% to £10.0m (2017: £8.2m) with Adjusted Diluted EPS up about 25% to 3.12p (2017: 2.46p).
I still like this and it remains on my Watchlist for now – Seems to have trouble breaking that 100p level and not sure these results provide the catalyst for that!
Subsequent note: Further research suggested this was fairly priced here at best so I am now Neutral here.
19-Feb-2019 – 86p – £256m – PER 21
Interim Results For The 6 Months To End December 2018 – Revenue up 33% (organic 15%), EBITDA up 25% and Cash is up 59% (to £16.7m) – Remains confident of meeting FY expectations.
I still reckon this is fairly priced around this level.
23-Jul-2019 – 101p – £296m – PER 23.3
Results For The 12 Months To End June 2019 – Revenue up 19% to £51.3m (£43.1m) with £42.5m organic, Adjusted EBITDA expected to be slightly ahead of market expectations. Momentum has continued into the new financial year.
I still reckon this is fairly priced around this level. Based on the latest Broker note this morning, in my opinion, this still looks overvalued on a 1 Year and 2 Year view.
15-Oct-2019 – 91p – £271m – PER 27
Results For The 12 Months To End June 2019 – Revenue up 19% (recurring up from 85% to 85%), Adjusted Operating Profit up 25% with EPS up 33%.
This looks quite good but just too expensive for me.
