Share Name Share Symbol Market Type Share ISIN Share Description
Vipera LSE:VIP London Ordinary Share GB00B5M62J37 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 5.125p 5.00p 5.25p 5.125p 5.125p 5.125p 0.00 07:54:39
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 5.0 -0.5 -0.2 - 13.25

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Date Time Title Posts
25/11/201614:39Vipera1,877.00
02/9/201311:42VIP financial services - growth in 2014-
01/5/200911:38Vistaprint - VPrewards SCAM!6.00

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DateSubject
08/12/2016
08:20
Vipera Daily Update: Vipera is listed in the Support Services sector of the London Stock Exchange with ticker VIP. The last closing price for Vipera was 5.13p.
Vipera has a 4 week average price of 5.25p and a 12 week average price of 5.04p.
The 1 year high share price is 6.75p while the 1 year low share price is currently 2.75p.
There are currently 258,490,165 shares in issue and the average daily traded volume is 84,000 shares. The market capitalisation of Vipera is £13,247,620.96.
11/9/2016
09:28
bapodra_investments: I bought in after the spike at 4.5p and so I am in profit but nothing to dance about yet. I thought there could be strong follow up which has not materialised as yet. I did not do a lot of research on Vipera as I am aware of them as they have been around for years on AIM. They have never really delivered in that timescale. Investors may argue that this time it is different so lets see. However my research is based on price action, 20 day MA, 50 day MA and 200 day MA, the average volume of say the past 20 days and the level of interest on a bulletin board such as this. Lets all be perfectly clear here. The most successful investors and traders so not waste their time like me posting on such bulletin boards. You will not see the real people who makes lots of profits and money anywhere near such bulletin boards. However you get a sense of the herd mentality and this is was clear to see on the Cloudtag bulletin board. You can research a company to death. On AIM most of the time it has now correlation to the share price performance and I think we all honestly know that.
08/9/2016
06:20
bapodra_investments: This should really boost the share price today and if not then something is seriously wrong. The one thing that really bugs me is when an RNS is released like this with no indication of potential revenue from this French customer. Therefore for an investor it is pretty much meaningless. However this could try and go for 6p short term.
06/9/2016
13:09
master rsi: davidosh re - I just think some investors have a mentality that the share price has to be in a rising trend before buying. Maybe the director needed a few monthly payments to pay for the shares? It really is up to what kind of strategy one takes Buying cheap sell high buy on a rising trend sell when ends rising or short term, I do a lot lately>>>>> change of trend and rising with volume
06/9/2016
09:52
davidosh: Master RSI.....He joined the board seven months ago and will have done DD before he took the position so I think he knew enough but timing is up to him of course. They were 3.25p to buy when he was appointed then had five months stuck in the mid threes now he had to pay nearly 5p....just saying ! I just think some investors have a mentality that the share price has to be in a rising trend before buying. If I see a company I want to invest in then i prefer low prices and overhangs are great as the forced seller hits the price and creates a period of inaction whilst you build a holding. Now we are seeing the reverse where many want to get a shareholding but nobody wants to sell because there is a feeling that the company is going somewhere and moving to profit. It can be a funny old world !
06/9/2016
08:04
davidosh: This certainly shows confidence especially with the share price starting to move upwards but does beg the question.....Why was he not interested in taking a lead on this four months ago when the share price was moribund at 3.5p ? Vipera plc, the specialist provider of mobile financial services, has been notified that a director, Jeremy Nicholds, yesterday purchased 400,000 ordinary shares of 1p each in the Company at a weighted average price of 4.86 pence per share.
05/9/2016
11:12
master rsi: 4.75p = After the early profit taking the share price has comeback to Friday close.......... Chief Financial Officer Martin Perrin talks about the interim results for the six months ended 30 June 2016. Martin talks us through the financial highlights for the period, why they are seeing greater interest in the card control product and explains how they are well positioned for the full year. link .......... Chief Financial Officer Martin Perrin talks
02/9/2016
11:14
master rsi: From the "UPS" thread earlier ........ VIP 4.75p +0.25p Eventually the share price has move up. Volume has been very high and it seems the overhang that kept the shares low has now been cleared. Today buys had the MMs on the run ( talk on the City ). Any good size buying now should move the price higher
01/9/2016
11:34
carl19: A bit of selling comingin , which is to be expected after the share price has flat lined for months. All part of Vipera coming back to life.
24/8/2015
10:39
cyberbub: FT 22 AugVipera extends mobile deal with Thai bank British fintech groupVipera has signed an extension of its deal with the Government Savings Bank of Thailand, which will result in its mobile banking system reaching more than 1m users, writes Murad Ahmed.The Aim-listed company had previously signed a deal with the Thai group in September 2014, which provided a licence to reach 100,000 users. On Tuesday, Vipera revealed the bank had signed up to an additional license for a further 1m users.Shares in Vipera rose nearly 6 per cent on Tuesday to £4.05, but remain 30 per cent lower than the share price 12 months ago.The Asian group is using Vipera's technology for its new mobile banking service dubbed "MyMo by GSB", which provides customers with personal banking and financial management tools through their smartphones.Marco Casartelli, Vipera's chief executive, said the sale represented the second-largest single order the company has received.It has previously signed deals with a number of German banks.
11/5/2011
12:30
master rsi: VIP - VIPERA A note from Daniel Steward came out today, I managed a resume from the PDF Restructured for Growth Investment Case ..Vipera reported FY'10 revenue of £253,000; operating loss (DSCE adj.) £(110,732) vs DSCE £(437,000). Year-end cash was £1.307m. ..Vipera reported added business from Dubai Police and Mashreq Bank; a contract from Qatar National Bank; a distribution agreement with T.N. Information Systems Ltd., (Thailand); partnership agreements with Wipro Systems, Siemens and Italtel Spa. ..Vipera noted: "considerable progress in the Middle East to include a contract with the First Gulf Bank of Abu Dhabi for the development of its mobile banking and mobile payment solutions". ..We maintain our "Buy" stance; our target price is raised from 31p to 37p/share. 11 May 2011 FY'10 Results ViperaSoftware VIP (FTSE AIM ALL SHARE) Upside 32% What's Changed (since 12/04/2011) Reduced from 0.1p to (0.3p) 2012E EPS Reduced from 2.1p to 1.2p Price Target Raised from 31p to 37p Mike Jeremy - Equity Analyst +44 (0)20 7776 6570 mike.jeremy@danielstewart.co.uk Sales Team +44 (0)20 7776 6931 sales@danielstewart.co.uk Price 28p Target Price 37p 0 5 10 15 20 25 30 35 40 Aug Sep Oct Nov Dec Jan Feb Mar Apr Price FTALLSH relative to Price Source: Proquote Shares in issue 129.9m Net Debt/(Cash) £(0.5)m Market Cap £36.4m Enterp. Value £35.9m NAV/Share 1.8p Next Event Interims Sep'11 Net Debt is current year estimated *Daniel Stewart acts as Broker to Vipera Forecasts (£m) 12/09A 12/10A 12/11E 12/12E Turnover 0.5 0.3 1.5 4.4 EBITDA 0.1 (0.1) (0.4) 1.5 PBT 0.1 (0.1) (0.4) 1.5 Tax (%) 0 0 0 0 EPS (p) 0.1 (0.1) (0.3) 1.2 DPS (p) 0.0 0.0 0.0 0.0 Ratios (x) 12/09A 12/10A 12/11E 12/12E P/E 487.6 n/a n/a 24.3 EV/EBITDA 401.4 n/a n/a 24.4 Yield (%) n/a n/a n/a n/a Price/NAV 34.6 11.2 15.2 9.3 Data is adjusted Company Description Provider of mobile financial services solutions. www.vipera.com * Buy 2011E EPS Restructured for Growth Investment Case ..Vipera reported FY'10 revenue of £253,000; operating loss (DSCE adj.) £(110,732) vs DSCE £(437,000). Year-end cash was £1.307m. ..Vipera reported added business from Dubai Police and Mashreq Bank; a contract from Qatar National Bank; a distribution agreement with T.N. Information Systems Ltd., (Thailand); partnership agreements with Wipro Systems, Siemens and Italtel Spa. ..Vipera noted: "considerable progress in the Middle East to include a contract with the First Gulf Bank of Abu Dhabi for the development of its mobile banking and mobile payment solutions". ..We maintain our "Buy" stance; our target price is raised from 31p to 37p/share. 11 May 2011 FY'10 Results ViperaSoftware VIP (FTSE AIM ALL SHARE) Upside 32% What's Changed (since 12/04/2011) Reduced from 0.1p to (0.3p) 2012E EPS Reduced from 2.1p to 1.2p Price Target Raised from 31p to 37p Mike Jeremy - Equity Analyst +44 (0)20 7776 6570 mike.jeremy@danielstewart.co.uk Sales Team +44 (0)20 7776 6931 sales@danielstewart.co.uk Price 28p Target Price 37p 0 5 10 15 20 25 30 35 40 Aug Sep Oct Nov Dec Jan Feb Mar Apr Price FTALLSH relative to Price Source: Proquote Shares in issue 129.9m Net Debt/(Cash) £(0.5)m Market Cap £36.4m Enterp. Value £35.9m NAV/Share 1.8p Next Event Interims Sep'11 Net Debt is current year estimated *Daniel Stewart acts as Broker to Vipera Forecasts (£m) 12/09A 12/10A 12/11E 12/12E Turnover 0.5 0.3 1.5 4.4 EBITDA 0.1 (0.1) (0.4) 1.5 PBT 0.1 (0.1) (0.4) 1.5 Tax (%) 0 0 0 0 EPS (p) 0.1 (0.1) (0.3) 1.2 DPS (p) 0.0 0.0 0.0 0.0 Ratios (x) 12/09A 12/10A 12/11E 12/12E P/E 487.6 n/a n/a 24.3 EV/EBITDA 401.4 n/a n/a 24.4 Yield (%) n/a n/a n/a n/a Price/NAV 34.6 11.2 15.2 9.3 Data is adjusted Company Description Provider of mobile financial services solutions. * Buy 2011E EPS FY'10: Restructured For Growth FY'10 restructured for growth: reversal; share consolidation; disposal Having completed the reverse acquisition of Ricmore Capital plc., in August 2010 and Following consolidation weighted a 25:1 share consolidation, Vipera raised £1.055m via two placings (in August and average number of shares was November). The key features of FY'10 financial performance were: 110.803m. • FY'10 revenue of £253k (FY'09 £489k) resulting primarily Vipera's Switzerland- based operation; • Adjusted EBITDA loss of £(109k); PBT loss (adj.) £(126k); • Disposal of Energy Assets (UK), yielding proceeds of £158k; • Impairment of goodwill at reverse acquisition of £(320k). Table 1:Income Statement to 2010, and 2013(E) Income statement (£m). Year to December 2009 2010 2011E 2012E 2013E Total Revenue 0.489 0.253 1.49 4.38 6.84 EBITDA (DS&C) 0.089 (0.109) (0.39) 1.47 3.44 Depreciation Mrg 18 (0.000) (43) (0.002) (26) (0.00) 34 (0.00) 50 (0.01) Amortisation 0.000 0.000 0.00 0.00 (0.03) Impairment of Goodwill Mrg 18 0.000 (44) (0.320) (26) 0.00 33 0.00 50 0.00 EBITDA (rptd) 0.089 (0.429) (0.39) 1.47 3.44 EBIT (rptd) Mrg 18 0.089 (169) (0.431) (26) (0.39) 34 1.47 50 3.41 Other (profit on disposal) Net Interest Mrg 0 0.000 (0.020) 0 0.158 (0.016) (26) 0.00 0.01 33 0.00 0.03 50 0.00 0.05 PBT (rptd) Provision for Income Taxes 0.069 (0.014) (0.288) 0.012 (0.38) 0.00 1.50 0.00 3.46 (0.69) Tax rate n.m n.m n.m n.m 16.5 PAT (rptd) 0.055 (0.276) (0.38) 1.50 2.78 Basic Wtd Av Shs (m) 96.11 110.80 129.73 129.73 129.73 EPS reported 0.06 (0.25) (0.29) 1.15 2.14 EPS (DS&C) Div / share 0.06 0.0 (0.10) 0.0 (0.29) 0.00 1.15 0.00 2.14 0.00 Estd dilutive shares 0.00 0.00 0.00 0.00 0.00 Wtd Av Dil Shs (m) 96.11 110.80 129.73 129.73 129.73 EBIT (DS&C) 0.089 (0.111) (0.39) 1.47 3.41 PBT (DS&C) 0.069 (0.126) (0.38) 1.50 3.46 PAT (DS&C) 0.055 (0.114) (0.38) 1.50 2.78 EPS reported 0.06 (0.25) (0.29) 1.15 2.14 EPS (DS&C) 0.06 (0.10) (0.29) 1.15 2.14 Source: Daniel Stewart Chart 1: FY'10 Revenue (£m) Chart 2: FY'10 Revenue Geographies 11% 0.4% 15.4% Europe Deployment Middle East Support & Maintenance License and Far East 84.2% 89% Contracts Update Background: mobile financial services and solutions for enterprises Founded in 2005 with presence in Zurich, Milan, London and Dubai, Vipera provides financial services and solutions to enterprises based on mobile communications technology. Having established its market position in the Middle East, Vipera is developing its presence in Asia-Pacific, and has a business pipeline in Europe, in particular Italy and the UK. Operational update Vipera's core technology is based in Zurich, with an additional development presence established in Ukraine, and technical support at its local partners. Management, marketing & sales, and business development is based in Milan. Customer base and contracts update, FY'10 Vipera highlights the following developments in FY'10: • Multi-year contract awarded with local partner Mannai Corporation to develop and operate mobile banking and mobile payment solutions for the Qatar National Bank; • Distribution agreement with T.N. Information Systems Ltd, a consulting & IT services company serving the banking and government market in Thailand: • Additional services for existing clients Mashreq Bank and Dubai Police; • Partnership agreements with Wipro Systems, Siemens and Italtel Spa. (telecommunications networks and services provider). Pre-existing partnerships and agreements • From 2010, via Mannai Corp., with Qatar National Bank for a Mobile Banking and Mobile Payment system for its retail customers; • From 2009, via Mannai Corp., with the Ministry of Interior of Qatar for a Mobile Delivery Channel for implementing services such as traffic violation alerts and traffic control solutions as part of a range of new civil mobile services; • From 2008: Mashreq Bank, leading private bank of the UAE; with plans to extend services to Egypt and Qatar; • From 2010: non-exclusive distribution agreement with Middle East electronics retailer, Axiom Telecom, • From 2006: Maybank, the largest financial services group in Malaysia with more than 8m customers, providing M2U Mobile; • Partnership between Vipera, Auriga S.p.A., and SIA-SSB S.p.A. (European ICT provider) to create an integrated payment and ticketing solution. Founded in 2005 with presence in Zurich, Milan, London and Dubai, Vipera provides financial services and solutions to enterprises based on mobile communications technology. Vipera reports contracts with: Qatar National Bank; Mashreq Bank, UAE; Dubai Police; Wipro Systems; Siemens; Italtel Spa.; Maybank, Malaysia; Axiom Telecom, UAE; Ministry of Interior of Qatar; First Gulf Bank, Abu Dhabi. Outlook to 2012: key assumptions The key assumptions underpinning our earnings outlook to 2012 and valuation (DCFbased to 2016) are: • Build-up of a total subscriber base (recurring payment basis) of some 1.6m by 2012, rising to 4.5m by 2016 (DSCE); • Vipera currently has some 300,000 subscribers within its mobile payments system, but has not yet migrated these onto a transaction-based revenue platform; • Implied long-run per subscriber ARPU of £2.72/year; • An uplift to subscriber-based income of 11% resulting from the combination of payments for deployment and support and maintenance revenue. Acquisition-aware Vipera notes that in a sector characterised by fragmented standards there should be opportunities for strategic acquistions defined by technology, customer bases or a combination of both. Our earnings outlook is underpinned by the build-up of a total subscriber base (recurring payment basis) to some 1.6m by 2012, rising to 4.5m by 2016 (DSCE). The addition of further contracts would offer the opportunity for further incremental subscriber growth. Chart 3: 2011-12 Build-Up of Subscribers ('000s) Chart 4:Sources of Revenue, FY15(E) 1,800,000 1,500,000 1,200,000 900,000 600,000 300,000 0 Jan- 11Feb- 11Mar- 11Apr-11May- 11Jun- 11Jul-11Aug- 11Sep- 11Oct-11Nov- 11Dec- 11Jan- 12Feb- 12Mar- 12Apr-12May- 12Jun- 12Jul-12Aug- 12Sep- 12Oct-12Nov- 12Dec- 12 89% 11% Deployment & Support Transactional Revenue Source: Daniel Stewart Source: Daniel Stewart Charts 5 and 6 summarise our outlook for active users and revenue to 2016(E). Chart 5: User Outlook (m) Chart 6: Revenue Outlook to 2016(E) 5.0 25.0 4.0 20.0 15.0 3.0 2.0 10.0 5.0 1.0 0.0 0.0 2010 2011E 2012E 2013E 2014E 2015E 2016E 2010 2011E 2012E 2013E 2014E 2015E 2016E Source: Daniel Stewart Source: Daniel Stewart 04 Vipera* | Software | 11 May 2011 Cashflow, Valuation FY'10 cashflow Vipera recorded FY'10 Net Operating Cashflow of £(259k) The key features of FY'10 cashflow were: • Operating loss £(111k); Year-end cash position: £1.3m. • Purchase of intangibles £(197k); • Net proceeds from sale of subsidiary (£158k); • Net proceeds from issue of shares: £1.055m; • Year-end cash position was £1.308m. Valuation The principal assumptions of our 5-year DCF-based valuation are: Value per share indicated 37.0p. • WACC: 12.3%; • Terminal growth rate assumed: 2.5%; • EV: £47.3m; • Equity value per share: 37p; • Implied Dec'13 EV/EBITDA 13.8x; Dec'13 7.7x. Table 2: Valuation DCF yr to: £m Dec 11E Dec 12E Dec 13E Dec 14E Dec 15E Dec 16E Risk Free Rate 4.50% Op DS&C D&A (0.39) (0.00) 1.47 (0.00) 3.41 (0.03) 6.11 (0.04) 7.96 (0.07) 8.75 (0.10) Eq risk premium 4.50% Working capital (0.23) (0.12) (0.10) (0.14) (0.10) (0.05) Beta unlevered 1.75 Provisions Other 0.00 0.00 0.00 0.00 0.00 0.00 Debt/Equity target 25% Op CF (0.62) 1.35 3.34 6.01 7.92 8.79 Debt/EV 20.0% Net interest 0.01 0.03 0.05 0.11 0.17 0.24 Taxation 0.00 0.00 (0.69) (1.03) (1.34) (1.48) Debt Premium Pre-tax cost of debt 2.0% 6.5% Net OpCF Purch. Fixed Invest. (0.61) (0.20) 1.38 (0.20) 2.71 (0.20) 5.09 (0.20) 6.76 (0.20) 7.55 (0.20) Corporate tax rate 16.0% Capital Expenditure (0.01) (0.03) (0.03) (0.03) (0.03) (0.03) Beta - Levered Costlevered equity 2.04 13.7% Net OpFCF Net of interest (0.83) (0.84) 1.15 1.12 2.48 2.43 4.87 4.76 6.53 6.36 7.32 7.08 WACC 12.3% PV CF Terminal growth 9.9 2.5% Cashflows Days 239 365 365 365 365 126 PerpetuityEV sum 37.44 47.34 (0.49) 0.89 1.71 2.99 3.56 1.22 Net debt (cash) -0.48 Equity 47.82 Shares 129.7 Per share (p) 36.9 Indicative ratios (x) Dec 12E Dec 13E Dec 14E Dec 15E Dec 16E EV/Sales 10.8 6.9 4.7 3.8 3.4 EV/EBITDA (adj) 32.2 13.8 7.7 5.9 5.4 EV/EBIT (adj) 32.3 13.9 7.8 5.9 5.4 Source: Daniel Stewart Vipera* | Software | 11 May 2011 05 Summary Financial Data Table 3: Summary Financial Outlook to 2015 (Dec.) Income statement (£m) 2009 2010 2011E 2012E 2013E 2014E 2015E Mrg 18.3 (43.0) (26.3) 33.6 50.3 60.5 63.7 Depreciation (0.000) (0.002) (0.00) (0.00) (0.01) (0.01) (0.02) EBIT (DS&C) 0.089 (0.111) (0.39) 1.47 3.41 6.11 7.96 Mrg 18.2 (43.7) (26.4) 33.4 49.8 60.1 63.2 Impairment 0.000 (0.320) 0.00 0.00 0.00 0.00 0.00 EBITDA (rptd) 0.089 (0.429) (0.39) 1.47 3.44 6.15 8.02 EBIT (rptd) 0.089 (0.431) (0.39) 1.47 3.41 6.11 7.96 Other 0.000 0.158 0.00 0.00 0.00 0.00 0.00 Net Interest (0.020) (0.016) 0.01 0.03 0.05 0.11 0.17 Provision for Income Taxes (0.01) 0.01 0.00 0.00 (0.69) (1.03) (1.34) Tax rate n.m n.m n.m n.m 16.5 16.5 16.5 PAT (rptd) 0.055 (0.276) (0.38) 1.50 2.78 5.19 6.79 PAT (DS&C) 0.055 (0.114) (0.38) 1.50 2.78 5.19 6.79 Wtd Av Dil Shs (m) 96.11 110.80 129.73 129.73 129.73 129.73 129.73 EPS reported 0.06 (0.25) (0.29) 1.15 2.14 4.00 5.23 EPS (DS&C) 0.06 (0.10) (0.29) 1.15 2.14 4.00 5.23 Total Revenue 0.489 0.253 1.49 4.38 6.84 10.16 12.59 EBITDA (DS&C) 0.089 (0.109) (0.39) 1.47 3.44 6.15 8.02 PBT (rptd) 0.069 (0.288) (0.38) 1.50 3.46 6.22 8.13 PBT (DS&C) 0.069 (0.126) (0.38) 1.50 3.46 6.22 8.13 Balance Sheet (£m) 2009 2010 2011E 2012E 2013E 2014E 2015E Cash & Equivalents 0.018 1.308 0.48 1.64 4.12 8.98 15.51 Accounts Receivable 0.009 0.144 0.25 0.72 1.13 1.67 2.07 Total Current Assets 0.027 1.452 0.73 2.36 5.24 10.65 17.58 Intangibles Net Goodwill Net 0.962 0.000 1.307 0.351 1.51 0.35 1.72 0.35 1.89 0.35 2.07 0.35 2.22 0.35 Net Fixed Assets 0.001 0.007 0.01 0.03 0.05 0.07 0.08 Deferred tax / Other Fixed assets 0.096 1.059 0.166 1.831 0.17 2.04 0.17 2.27 0.17 2.46 0.17 2.65 0.17 2.81 Total Assets 1.086 3.283 2.77 4.62 7.70 13.30 20.39 Accounts Payable Accruals and Deferred Income 0.275 0.021 0.316 0.036 0.18 0.04 0.54 0.04 0.84 0.04 1.25 0.04 1.55 0.04 Other 0.000 0.007 0.01 0.01 0.01 0.01 0.01 Total Current Liabilities 0.297 0.359 0.23 0.58 0.89 1.29 1.59 Long-term Liabilities 0.011 0.148 0.15 0.15 0.15 0.15 0.15 Share Capital 0.561 4.492 4.49 4.49 4.49 4.49 4.49 Share Premium 0.582 2.103 2.10 2.10 2.10 2.10 2.10 Adjustments / Other (0.136) (3.406) (3.41) (3.41) (3.41) (3.41) (3.41) Profit / Loss (0.229) (0.412) (0.79) 0.70 3.48 8.67 15.46 Total Equity 0.778 2.776 2.39 3.89 6.67 11.86 18.65 Cashflow (£m) 2009 2010 2011E 2012E 2013E 2014E 2015E Op DS&C 0.089 (0.111) (0.39) 1.47 3.41 6.11 7.96 D&A (0.000) (0.002) (0.00) (0.00) (0.03) (0.04) (0.07) Working capital 0.092 (0.130) (0.23) (0.12) (0.10) (0.14) (0.10) Op CF 0.181 (0.239) (0.62) 1.35 3.34 6.01 7.92 Net interest Taxation (0.020) 0.000 (0.016) (0.002) 0.01 0.00 0.03 0.00 0.05 (0.69) 0.11 (1.03) 0.17 (1.34) Purch. Fixed Invest. Capital Expenditure (0.187) (0.000) (0.197) (0.008) (0.20) (0.01) (0.20) (0.03) (0.20) (0.03) (0.20) (0.03) (0.20) (0.03) Exceptional Items Cash before dividends, financing 0.023 (0.004) 0.688 0.226 0.00 (0.83) 0.00 1.15 0.00 2.48 0.00 4.87 0.00 6.53 Issue of Shares (net) 0.000 1.055 0.00 0.00 0.00 0.00 0.00 Eq FCF Net Change in Cash Cash - EoP (0.004) (0.006) 0.018 1.281 1.290 1.308 (0.83) (0.83) 0.48 1.15 1.15 1.64 2.48 2.48 4.12 4.87 4.87 8.98 6.53 6.53 15.51 Net OpCF 0.161 (0.257) (0.61) 1.38 2.71 5.09 6.76 Net OpFCF (0.026) (0.462) (0.83) 1.15 2.48 4.87 6.53 Source: Daniel Stewart 06 Vipera* | Software | 11 May 2011 Disclosure Checklist Company Code Disclosure Vipera VIP 2, 3 Source: Daniel Stewart 1. Within the past twelve months Daniel Stewart & Co plc and/or its affiliates has managed or co-managed a public offering for this Company, for which it received fees or the promise of fees 2. Daniel Stewart & Co plc and/or its affiliates act as corporate broker or nominated advisor to this Company 3. Daniel Stewart & Co plc and/or its affiliates regularly hold/may hold in future trading positions (which may include options) in this Company 4. Daniel Stewart & Co plc and/or its affiliates holds more than 5% of the securities of this Company 5. The Company holds more than 5% of the securities of Daniel Stewart & Co plc and/or its affiliates 6. Daniel Stewart & Co plc and/or its affiliates may currently be providing, expects to provide within the next three months or may have provided within the previous twelve months, investment banking services to this Company, which have given rise to payment or the promise of payment 7. The author and/or an individual responsible for production of this report has direct ownership of stock in this Company 8. The author responsible for the production of this report received or purchased shares in the issuer, prior to a public offering of the shares. 9. Daniel Stewart and Company is party to an agreement with this company for the publication of research on it 10. This research note has been disclosed to the Company, with resulting amendments, prior to its dissemination 11. Daniel Stewart & Co and/or its affiliates act as financial advisor to this company The Daniel Stewart recommendation structure is based on relative upside/downside to target price. The target price is set on a rolling 12 month view. Upside or downside of 10% or more is categorised as Buy or Sell respectively, and less than 10% a Hold. Our Distribution of Recommendation statistics table can be viewed at http://www.danielstewart.co.uk/Footers/Legal__Regulatory/default.aspx We aim to cover company's results or major events, but we do not guarantee to do so and coverage may cease at any time. Although reasonable care has been taken by Daniel Stewart & Co plc to ensure the facts stated and opinions given and projections made in this document are fair and accurate, Daniel Stewart & Co plc has not independently verified all the information given in this document. The contents of this document have been prepared by, and are the sole responsibility of and have been issued by Daniel Stewart & Company Plc for the purpose of section 21 of the Financial Services and Markets Act 2000 and is intended only for investors who are professional clients and eligible counterparties as defined by the FSA, and may not be distributed to retail clients as defined by FSA. In the event that any such person should come into possession of this document, it is recommended that they should seek independent advice from a suitably qualified professional advisor before taking any decisions in relation to the investments detailed herein. The investments mentioned in this document may not be suitable for all recipients or be appropriate for their personal circumstances. The information in this document is believed to be correct but cannot be guaranteed. Opinions constitute our judgement as of this date and are subject to change without warning. The views expressed in this report accurately reflect the personal views of the author as at the date of the report. The author did not receive compensation or other payments in connection with the specific recommendations or views expressed herein. This document is not intended as an offer or solicitation to buy or sell securities. Daniel Stewart & Company, its officers and employees may have positions in the securities mentioned herein. Past performance is not necessarily indicative of future performance and the value of investments may fall as well as rise and the income from them may fluctuate and is not guaranteed. Clients may not recover the amount invested. Some securities carry a higher degree of risk than others. The levels and basis of taxation can change. When we comment on AIM or PLUS Markets shares you should be aware that because the rules for these markets are less demanding than those of the Official List of the London Stock Exchange the risks are higher. There is a higher risk of losing the money you have invested. Furthermore, the marketability of these shares is often restricted, you may have difficulty in selling your shares and there is often a big difference between the buying and selling price so that if you have to sell them immediately after purchase you may get back much less than you paid for them. If you are in any doubt, you should consult your investment advisor. Owing to its size and structure and analysts' involvement with existing and prospective clients, Daniel Stewart does not hold its research out as being impartial. As non-independent research, it is classified as a marketing communication under FSA rules and has not been prepared in accordance with the legal requirements designed to promote the independence of investment research; and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. Daniel Stewart & Co plc may actually or may seek to do business with companies covered in its research reports. The firm's policy on managing actual or potential conflicts of interest and other relevant disclosures can be viewed at http://www.danielstewart.co.uk/Footers/Legal__Regulatory/default.aspx Daniel Stewart & Company Plc may distribute research in reliance on Rule 15a6( a)(2) of the Securities and Exchange Act 1934 to persons that are major US Institutional investors, however, transactions in any securities must be effected through a US registered broker-dealer. Any failure to comply with this restriction may constitute a violation of the relevant country's laws for which Daniel Stewart & Company Plc does not accept responsibility. Authorised and Regulated by the Financial Services Authority. Recommendation History 40 30 20 10 0 May 10 Sep 10 Jan 11 May 11 Share Price Target Price Source: Daniel Stewart 11 May 2011 Vipera* FY'10 Results Key Assumptions ..Vipera continues to develop client relationships ..mCommerce acquires mainstream status Income (£m) 12/09A 12/10A 12/11E 12/12E Major Shareholders % Held Neby &Jahrmann Srl 22.89 Casartelli M. Esq. 22.67 Maffeis S. Dr. 18.84 Mitchell R. Esq. 4.46 Sum 68.86 Source: Company Data 11 May 2011 Vipera* FY'10 Results Key Assumptions ..Vipera continues to develop client relationships ..mCommerce acquires mainstream status Income (£m) 12/09A 12/10A 12/11E 12/12E Major Shareholders % Held Neby &Jahrmann Srl 22.89 Casartelli M. Esq. 22.67 Maffeis S. Dr. 18.84 Mitchell R. Esq. 4.46 Sum 68.86 Source: Company Data Turnover 0.5 Gross Profit 0.0 EBITDA 0.1 EBIT 0.1 PBT 0.1 EPS (Adj.) (p) 0.1 EPS (p) 0.1 DPS (p) 0.0 Ratios (x) 12/09A P/E 487.6 EV/EBITDA 401.4 Div. Yield (%) n/a P/NAV 34.6 EV/Gross profit n/a EV/EBIT 403.2 P/FCF 148.7 FCF Yield (%) 0.7 NAV (p) 0.8 Cash Flows (£m) 12/09A 0.3 0.0 (0.1) (0.1) (0.1) (0.1) (0.2) 0.0 12/10A n/a n/a n/a 11.2 n/a n/a n/a (0.8) 2.5 12/10A 1.5 1.3 (0.4) (0.4) (0.4) (0.3) (0.3) 0.0 12/11E n/a n/a n/a 15.2 26.9 n/a n/a (1.7) 1.8 12/11E 4.4 3.9 1.5 1.5 1.5 1.2 1.2 0.0 12/12E 24.3 24.4 n/a 9.3 9.1 24.5 26.9 3.7 3.0 12/12E Consensus and DSC Estimates 12/11E PBT(£m) DSCe (0.4) EPS (p) DSCe (0.3) DPS (p) DSCe 0.0 Source: Fidessa Op.CF 0.2 (0.2) (0.6) 1.4 FCF (0.0) (0.5) (0.8) 1.2 FCFPS (p) 0.2 (0.2) (0.5) 1.0 Balance Sheet (£m) 12/09A 12/10A 12/11E 12/12E Fixed Assets 1.1 1.8 2.0 2.3 Current Assets 0.0 1.5 0.7 2.4 Current Liabilities 0.3 0.4 0.2 0.6 Capital Employed 0.8 2.8 2.4 3.9 Long-term Liabilities 0.0 0.1 0.1 0.1 Net Assets 0.8 2.8 2.4 3.9 Net Debt/(Cash) 0.0 (1.3) (0.5) (1.6) Data is adjusted DSC EPS is fully diluted Recent News / Events Management Team 12 Apr 2011 – FY'10 Preliminary results Non-Executive Chairman ~ John Defterios 23 Dec 2010 – Agreement with FGB CEO ~ Marco Casartelli 10 Nov 2010 – Placing raises £1.0m 8 Nov 2010 – Agreement with TNIS CFO ~ Roger Mitchell CTO ~ Dr. Silvano Maffeis
Vipera share price data is direct from the London Stock Exchange
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