Zoo Digital (ZOO)

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Zoo Digital ZOO Logo

The provider of localisation and digital distribution services for the global entertainment industry.

13-Nov-2017 – 61p – £44.8m – PER 43.3

Interim Results For The 6 Months To End September 2017 –  Revenues up 63% to $12.7m, adjusted EBITDA up by 34% to $1.3m, Net debt reduced to $3.9m (H1 2016 $6.2m). Revenue in H2 ahead of market guidance, board confident of meeting full year expectations for adjusted EBITDA.

An overly impressive rise this past 6 months, the SP is up 6x. On a PER of 43.3 it seems a bit racy but is it actually still good value here? I just don’t know because I just don’t know how that EBITDA converts into real profit.

5-Mar-2018 – 69.57p – £51.2m – PER 47.8

Trading Update For The 12 Months To End March 2018 – Revenue $28m ($16.5m last time) and EBITDA expected to be ahead of market expectations, at least $2.3m ($1.8m last time). Cash of $2.2m ($0.7m last time). Chief Exec states “expect to be operationally geared to achieve enhanced profitability in future periods”.

Would have been good to have seen a guidance on real Profit although it’s encouraging to see strong growth in Revenue, EBITDA and the Cash balance. I am tempted here and for the sake of keeping an eye on it, I will add it to my Watchlist, 65p.

23-Apr-2018 – 102.73p – £75.8m – PER 68.0

Trading Update For The 12 Months To End March 2018 – Expects FY Revenue of at least $28.0m ($16.5m last time), Adjusted EBITDA of at least $2.3m ($1.8m last time) with Cash of $2.4m ($0.7m last time). “Pleased to confirm guidance for the full year results. We continue to see momentum in the business, driven by our localisation services, and remain optimistic for the future”.

This is little change to the previous guidance, it remains on my Watchlist at 65p.

2-Jul-2018 – 94p – £69.4m – PER 62.2

Final Results For The 12 Months To End March 2018 – Revenue up 73% to $28.6 million (2017: $16.5 million) with Adjusted PBT of $0.5 million (2017: loss of $0.1 million). There’s a complicated explanation of the figures and the outlook is hardly upbeat.

I was really keen on this and had it on my Watchlist, kicking myself at not having bought in. I am now (probably incorrectly) switching to Neutral as it’s just a little too confusing for simple old me.

27-Sep-2018 – 170p – £126.4m – PER 90.1

AGM Statement – Revenues 17% up on the same period last year, FY to be in-line with expectations.

I remain Neutral here as I believe this may well have gotten a little ahead of itself – Although it does seem to be in a great space!

6-Nov-2018 – 122p – £90.7m – PER 61.9

Interim Results For The 6 Months To End September 2018 – Revenue up by 17% to $14.9m, Gross Profit flat at $4.9m (H1 FY18: $4.8m) and Adjusted EBITDA of $0.5m (H1 FY18: $1.3m) reflecting investment across the business to support future growth – FY in-line.

I remain Neutral for now.

17-Apr-2019 – 55p – £41m – PER 28

Trading Update For The 12 Months To End March 2019 – Revenue to be in-line ($29m), H2 EBITDA to be break-even (H1 $0,5m), Net Cash of $1.8m.

Even well of it’s highs there’s still not enough to get me any more interested here yet.

26-Jun-2019 – 66p – £49m – PER 32.2

Results For The 12 Months To End March 2019 – Revenue flat, PBT of $1.3m (loss of -$5m last time).

Way too confusing for this time of the day, I will keep an eye out for Broker notes later in the day – Gut feel, doesn’t look good!

4-Nov-2019 – 85p – £63m – PER 77

Interim Results For The 6 Months To End September 2019 – Revenue up 4%, Operating Profit of $0.4m ($0.3m Loss last time), Cash at $0.6m ($0.9m), Order book stronger than same period last year, well positioned to meet FY market expectations.

Looking better but would much prefer to see how the FY actuals look.

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