Mirada Share Discussion Threads

[rollthedice] 29/9/2015 09:45

He's posted one for OPTI but not yet for either OBT or MIRA which have both been smacked hard today. I believe TW (trust) holds OPTI so perhaps that's why that update came first!?

[pj 1] 29/9/2015 08:15

Walks the walk and talks the talk.

Cant deliver though.

Almost bargepole for me, too many false promises.

[davidlloyd] 29/9/2015 07:59

Not good :-(
DL

[androyd] 11/9/2015 17:27

Those last few trades look like buys, hopefully Director purchases!

[pj 1] 11/9/2015 08:06

Hot air before a placing? Unsure yet.

[lanzarote666] 27/7/2015 19:51

I think it is time for a modest speculative punt with MIRA in Latin America now that the price has fallen to a level that looks like a baseline over the past two years.

Loss-making, but with a large amortisation figure this Company should be able to generate cash to fund growth, particularly with 96% GP margins. This was not the case last year as they had to fund the receivables which jumped from 142 days to 230 days and throws up some doubt in my mind. Does this reflect the one off lumpy contract that they won, the booking of licensing income before getting paid, the delayed launch or something more sinister in the debtor book? Given that their main work is with Televisa (who made a USD 672.2m profit last time) I am guessing or hoping that they will eventually get paid.

Their delight with larger contracts and ability to service them encourages me that there is a possibility of winning more contracts and we could see a doubling of the market value of £12m from here.

The over-subscribed placing at 12.5p suggests others see some potential in the Company too…

[pj 1] 13/7/2015 19:30

Hi Stewy
As you state I suspect contracts are taking longer to complete than envisaged. However, Jose has contributed significantly to PI's expectations on that front, numerous times. (it seems to be getting a common theme with a few Im aware of recently).

However, the contract won to date originally predicted eps of over 2p alone, where has the profit gone? Rand D? Increased overheads chaing the same goal as 4 years ago?

Im also prplexed how MIRA referred to increased visibility in the last trading update, but gave none away in Results- the 2 didnt seem to match up somehow!

Its still on the W/L though so no doubt ill be buying back in circa 18p! :-//

[stewy_18] 13/7/2015 17:57

PJ1,

Maybe everyone is out. Maybe they are long term holders who are not looking at the short term. Hard to say. I look at this on a 3 year time frame. This could be a mistake but I think they are still in the mix for some tier 1 contracts. If they are announced, you may get an opportunity to get back in after the news, but my guess is not at this price. Who knows. One thing playing on my mind here, they must be in a competitive market. Are they in discussions to win tenders and not getting them? What is the conversion rate? It is entirely possible that I could be here in 3 years time and MIRA have not announced another contract win. What I don't know is how many contract wins their competitors are getting? What is MIRA's conversion ratio? This would be interesting to know because at the moment, it is really just an investment gamble on winning future contracts. We really don't have much else to go on. If Jose could give us more information on the above points that would be very useful.

Best

Stuart

[pj 1] 13/7/2015 15:58

After 'umming and 'arghhing all day if to hold or sell I could not make my mind up. However, the basic fact that Jose's positivity over the last few years still fails to transfer into the Company has swayed my decision

Im out.

I suspect by the silence on the BB everyone else has to, so I post to myself lol

[pj 1] 09/7/2015 07:42

Not on PC restricted access but quick read = 'same old same old' imo. Does not have appeared to have communicate any increased visibility.

Tier 1 could hit any time though I guess.

[battlebus2] 09/7/2015 07:10

Results out...

Financial Highlights
Revenue increased 24% to £5.66 million (2014: £4.57 million)
Revenues earned from licences remained in line with last year to £1.73 million (2014: £1.74 million)
Gross profit increased 23% to £5.42 million (2014: £4.39 million)
Gross profit margin remained stable at 96%
Adjusted EBITDA* increased 50% to £1.54 million (2014: £1.02 million)
Pre-tax loss reduced to £0.11 million (2014: loss of £0.39 million)
*Adjusted EBITDA is defined as earnings before interest, tax, depreciation, amortisation and share-based payment charges
Operational Highlights
Commercialisation of first Tier One project for Televisa Group with Cablevisión Monterrey deployment commencing in February 2015
Oversubscribed placing to raise £3.5 million at a price of 12.5p, providing funds to strengthen the Group’s position within the Over The Top (“OTT”) market and Latin America
Inaugural OTT contract win
Successful launch of Telefónica217;s Movistar Go product
Appointments of José Gozalbo (Chief Technology Officer) as Executive Director, Matthew Earl as Non-Executive Director, and Gonzalo Babío as Chief Financial Officer (non Board appointment)
José Luis Vázquez, CEO of mirada, commented: “We have now entered a new stage in which major players are showing increased interest in our capabilities. Having proven our ability to win and deliver Tier One contracts, the Board is encouraged by the prospects that might develop from the continuing discussions with other potential Tier 1 and Tier 2 customers.”

[pj 1] 08/7/2015 17:21

Well Jose has promised big things for a long time now, as well as calling the shares 'cheap' and 'our' company undervalued. So lets see what visibility he gives us as intimated in the t/s.

[rhiannon] 08/7/2015 15:38

LETS GET THIS PARTY STARTED.

[rhiannon] 08/7/2015 10:25

BIG PARTY TOMORROW,IF you believe all yoo read .wdik

[androyd] 15/6/2015 19:31

Yes they've been presenting and exhibiting all over the place recently but as yet, no feedback.

[rambutan2] 15/6/2015 17:45

Presented here today...

[battlebus2] 12/6/2015 08:33

Moving well this morning, very little stock it seems :))

[glasshalfull] 08/6/2015 08:51

Positive update this morning confirming no further nasties lurking for FY 03/2015

Arden indicate that the shares are "massively undervalued" & following a breakeven outcome for year just ended, MIRA will move into significantly profitability in the current year that places them on a prospective PER of 9.


2015(E)

Sales £5.9m
EBITDA £1.4m
PBT £0.0m

2016(E)

Sales £7.6m
EBITDA £3.0m
PBT £1.5m
EPS 1.2p

They note,

"The shift to a recurring license based model gives mirada the potential to command a substantially higher rating. With the shares trading on an EV/EBITDA of under 4x year one forecast to March 2016 and a PER of 8x, we see significant scope for share price appreciation.

The underlying fundamentals of this business have significantly improved over the last 12m and this has yet to be reflected in the share price. On a year one EV/EBITDA of under 4x we believe the shares could easily double on a 12m view."

Regards,
GHF

[stewy_18] 08/6/2015 08:02

Graham1TY, I guess it comes down to whether you believe Jose Vasquez. I believe the valuation is compelling without further contract wins (see post 688). I could be completely wrong here, but I feel MIRA is really close to more Tier 1 contract wins. I'm hoping it is a double decker bus situation.

Best

Stuart

[graham1ty] 08/6/2015 07:57

Nothing new to say, but at least not bad news......

[stewy_18] 30/4/2015 14:33

It is good to be reminded of the story. With the one tier 1 customer, the figures are compelling. Not expecting too much this year but next year the revenues should really kick in and most of it should drop straight to the bottom line. Another big tier one customer would make this super cheap. $30-50 million over the next 3-5 years. You get another Tier 1 customer in and that £12 million market cap starts to look too cheap. I'm happy to hang around to see how this develops. Nothing guaranteed, but I think the risk reward looks good here.

I would really like to have some new contract news this year mind.

Lets see what happens.

Best

Stuart