Share Name Share Symbol Market Type Share ISIN Share Description
Crossrider LSE:CROS London Ordinary Share IM00BQ8NYV14 ORD USD0.0001
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 76.50p 0 06:42:18
Bid Price Offer Price High Price Low Price Open Price
75.00p 78.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 56.5 -10.0 -7.6 - 108.51

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Date Time Title Posts
13/3/201811:59Crossrider is powering the next generation of digital advertising385
15/5/201521:58Next generation of digital advertising6

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glasshalfull: Added heavily today. I’d top sliced quite a few following the Simon Thomson, Investors Chronicle surge in September & essentially was fortunate to buy them back today 20% cheaper. Highlights the drift in many small cap companies in the absence of news. Spent a number of hours reviewing the company over the weekend and watching the excellent PI World presentation from mid-October. As mentioned, the shares have fallen by (-20%) since early October 2017. This is despite the fact the company agreed to a recorded presentation which was bullish in content and outlook & also initiated a Capital Markets Day in the intervening period. Not something undertaken lightly if a precursor to any bad news. The CEO also confirmed in an RNS 5-weeks ago that CyberGhost was, “ fully integrated and performing ahead of expectations” as noted by mfhmfh. HTTPS:// So - IMHO - I believe risk/reward now markedly improved as an investment @ c.65.5p To recap, at the current share price: - Market Cap £92.3m Net Cash $60.87m or £50.6m (at 30.06.2017) or 55% of the Market Cap Enterprise Value £41.6m The company is generating cash with Shore forecasting $5.4m FCF in 2017, increasing to $7.1m this year which equates to a FCF yield of 5.9%. Earnings are also forecast to grow strongly over the next few years. This could accelerate if they are able to deploy their significant cash balance on suitable acquisition(s). Adjusted diluted EPS(c) 2016A 2.9c 2017F 3.9c (+34%) 2018F 5.1c (+31%) 2019F 5.9c (+16%) With cyber-security such a hot-topic the cash adjusted PER of 9 appears excellent value IMHO. Shore commented in Sept 2017, “...Crossrider’s interims results demonstrate momentum in the ongoing business post a transformational 2016, with adjusted cash from operations growing 95% on an underlying basis. The CyberGhost acquisition is performing ahead of expectations, offering early proof of concept for Crossrider’s distribution capabilities with new products. We leave our full year forecasts largely unchanged at this time, with increased visibility on earnings given the underlying performance the first half and the H2 weighting of the Media businesses. Crossrider trades on an ex-cash PE of 9.4 x and a FCF yield of 4.5%, a compelling valuation in our view.” Kind regards, GHF
rathair: The business model of online distribution and digital products specialist Crossrider (CROS) has evolved since the company floated on Aim in the autumn of 2014, when it raised £46m at 100p a share. The business is no longer solely focused on monetising web and mobile media through the use of big data, but now has an app distribution platform that its customers can use for marketing their own products. The board is also using the company’s cash-rich balance sheet to add to its product portfolio. A good example is Crossrider’s bolt-on acquisition a few months ago of DriverAgent, a PC maintenance software products company offering a leading device driver search and update service, which scans computers for outdated drivers. The product is designed for use with desktop computers, tablets and mobile devices and is compatible with all Windows operating systems. It’s popular too, having been downloaded more than 50m times in the past decade. Before the acquisition, Crossrider had successfully promoted DriverAgent on its own proprietary app distribution platform, achieving a 125 per cent increase in revenue from the product and doubling the monthly average gross profit achieved before launch on the platform. In a trading update a few weeks ago, Crossrider’s directors revealed that DriverAgent has been fully integrated into its own proprietary app distribution platform and the $1m (£800,000) acquisition is expected to be earnings accretive in the first year under the company’s ownership. Crossrider’s web app distribution business also offers Reimage, a patented Microsoft-based product tool that enables customers to clean up their computers. Users are offered a free scan that identifies infected files and then offered the product for $99 before incentives if a repair to their computer is required. I understand that the conversion rate is around 5 per cent, thus providing a decent income stream for Crossrider. The transition from an advertising technology company to one that provides a distribution platform and product hub for companies focused on digital products as well as its own consumer base makes commercial sense. App distribution accounted for almost two-thirds of Crossrider’s first-half revenue of $28.7m, and at sharply higher margins, reflecting more than 250,000 individual product sales. Rising profitability from this segment is being supported by a move to reduce reliance on outsourcing activities and increase direct control over distribution, thus improving customer service and retention rates with the aim of shifting towards a more recurring revenue base. The company’s other main activity has two business lines: Ajillion, a white label mobile ad server for ad networks, and agencies; and DefinitiMedia, a mobile ad network. Ajillion enables ad networks to buy and sell mobile advertising capacity from publishers and advertisers and takes a cut of the value of traffic generated across its platform. DefinitiMedia is an advertising network that uses the Ajillion hub to offer managed services through the Ajillion platform. The profit contribution from Crossrider’s media division rose by around 13 per cent in the first half of 2016. Under the leadership of chief executive Ido Erlichman and finance officer Moran Laufer, who were both brought in last year, the company has successfully restructured its operations, cut $2m of annualised overheads, and hit analysts’ cash profit estimates of $6.4m on revenue of $56.5m in 2016. True, full-year pre-tax profit of around $5.9m will be a quarter below the prior year’s result, a reflection of the decline in its web apps business, which was focused on providing software code to large numbers of independent code developers and small publishers. These developers then incorporated Crossrider’s extensions into their own products, pages and apps, allowing adverts to be served to users, thus generating revenue for the content owner. The problem being that the monetisation methods were intrusive for end users, prompting Crossrider to withdraw from this previously profitable business line. Clearly, investors have been concerned that Crossrider’s business is in structural decline, hence a share price trading at half the flotation price. However, with the company’s year-end cash pile equating to £58m at current exchange rates, representing 83 per cent of the market capitalisation of £70m, its profitable and growing media and app distribution platform businesses are effectively being valued at only £12m. That’s anomalous considering Crossrider is cashed up for further bolt-on acquisitions, and analysts expect a return to growth in 2017. In fact, Gareth Evans at Progressive Equity Research believes that Crossrider can grow pre-tax profit to $6.7m and generate EPS of 3.4¢ (2.7p) this year, estimates that don’t look out of place to me. So, with forthcoming full-year results on Tuesday 14 March set to highlight the successful business transition and upbeat trading prospects, a substantial share price re-rating is in order. Buy.
rathair: Its one of the Investors Chronicles Bargain Portfolio of 2017 just announced late last night. Here is a small snippet. "Crossrider cashed up for further bolt-on acquisitions, and analysts expect a return to growth in 2017. In fact, Gareth Evans at Progressive Equity Research believes that Crossrider can grow pre-tax profit to $6.7m and generate EPS of 3.4¢ (2.7p) this year, estimates that don’t look out of place to me. So, with forthcoming full-year results on Tuesday 14 March set to highlight the successful business transition and upbeat trading prospects a substantial share price re-rating is in order. Buy."
battlebus2: Hi Rhomboid, yes the points you raise are all valid. It is still a positive that the directors bought shares imv. What we have is a co worth cash and moving away from the old Ad-Tech, as with most Isreali based co's they seem very cautious and won't jump into any rash decisions but the review should bear fruit as we are starting from zero if you know what I mean. Very confident the share price will be a lot higher in the future.
battlebus2: No surprise the call option on shares has been terminated give the share price is half the option price.
mocassinz: I must admit I do not understand the current share price either. The trading update says EBITDA to be down 25% so that still gives EBITDA of $7.5M for 2016. Adjusted eps perhaps 2p per share. Its a very unusual situation this, almost counter-intuitive.
battlebus2: We won't see any appreciation in share price again until we invest some of that cash into a profitable add on imv.
battlebus2: Yep looked at them but didn't buy as i was holding these, they should have know at the last RNS they would fall short so a trust issue there now. Our cash should be put to use soon which might help the share price. From our last statement , we have strong visibility and will beat ebitda due to higher margin business although revenues will fall. Fingers crossed we won't see a similar RNS....
battlebus2: Disappointing share price but sticking with it for now, hopefully good news in the not too distant future.....
battlebus2: Yes but i'm hopeful those figures will be well beaten, it's all about the future with 2015 figures i have are eps 3.12 on a p/e of 30 and 2016 eps of 5.5p and a p/e of 17. Given the growth and the sector they are in i'm looking for a share price well north of 150 on a medium term basis. All imv dyor etc...
Crossrider share price data is direct from the London Stock Exchange
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