Loopup Share Price (LOOP)

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Share Name Share Symbol Market Type Share ISIN Share Description
Loopup Group Plc LSE:LOOP London Ordinary Share GB00BYQP6S60 ORD 0.5P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.50 -1.27% 39.00 154,030 09:00:15
Bid Price Offer Price High Price Low Price Open Price
38.00 40.00 39.50 39.00 39.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 50.23 5.70 11.80 3.3 22
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:23 O 5,000 39.00 GBX
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Loopup (LOOP) Latest News

Loopup News

Date Time Source Headline
18/8/202107:00UKREGLoopUp Group PLC Award of 'Microsoft Advanced Specialization'
22/7/202112:06ALNCLoopUp shares sink as first half revenue fails to meet expectations
22/7/202109:05UKREGLoopUp Group PLC Second Price Monitoring Extn
22/7/202109:00UKREGLoopUp Group PLC Price Monitoring Extension
22/7/202107:00UKREGLoopUp Group PLC Trading Statement
15/6/202115:00UKREGLoopUp Group PLC Result of Annual General Meeting
19/5/202107:00UKREGLoopUp Group PLC Notice of AGM
30/3/202111:52ALNCUK EARNINGS SUMMARY: Chesnara annual profit sinks but ups dividend
30/3/202107:00UKREGLoopUp Group PLC Preliminary results
25/3/202107:00UKREGLoopUp Group PLC Notice of Results
More Loopup News
Loopup Investors    Loopup Takeover Rumours

Loopup (LOOP) Discussions and Chat

Loopup Forums and Chat

Date Time Title Posts
11/9/202111:19☎☎ Loopup - Pain-free Teleconferencing ☎☎2,651
24/7/202112:55LOOPup predicted to be a naked trader p&d imho14
22/8/201618:55☏☏☏ Loopup: Making conference calls less painful ☏☏-

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Loopup (LOOP) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-09-17 15:35:2539.005,0001,950.00O
2021-09-17 15:02:2839.004,9911,946.49O
2021-09-17 14:41:1338.002,500950.00O
2021-09-17 14:35:3238.0215,0005,703.00O
2021-09-17 14:35:2938.0215,0005,703.00O
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Loopup (LOOP) Top Chat Posts

DateSubject
18/9/2021
09:20		Loopup Daily Update: Loopup Group Plc is listed in the Software & Computer Services sector of the London Stock Exchange with ticker LOOP. The last closing price for Loopup was 39.50p.
Loopup Group Plc has a 4 week average price of 37.50p and a 12 week average price of 36.50p.
The 1 year high share price is 245p while the 1 year low share price is currently 36.50p.
There are currently 55,441,182 shares in issue and the average daily traded volume is 110,389 shares. The market capitalisation of Loopup Group Plc is £21,622,060.98.
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11/8/2021
11:58		scubadiverr: I sold at twice the price of today's share price and perhaps managed twice as many Tesco meals deals. I keep looking in as it's a sector that should benefit from WFH and I believe the telephone infrastructure complaints teams and any other unified communications platform nicely, especially in the professional services niche they are targeting. What I don't like is the poor detail given in the RNSs and lack of interaction with PIs. Most companies I look at use investor meet or Mello giving a degree of transparency. These don't and the CEOs also have a history of failure and value destruction. Without greater visability and in turn confidence I don't feel comfortable backing them again, even at a 50% discount.
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20/7/2021
10:25		kirk 6: This stock is insanely cheap. With such huge potential for online communications In the future. New pandemics, new versions of the flu, new versions of Covid will all keep this market buoyant for such a long time. If loop Cannot succeed then there is something drastically wrong. I'm however betting on the fact they can succeed and end up with the share price above £5 some point in the next 12 to 18 months
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01/4/2021
22:23		thordon: Below is what i said on LSE Must say what dribble , company made a profit and increased turnover. ARR was only started last March but had traction in July , brokers do not like unknowns so have excluded pay per minute for future calculations . The problem is simple and based on Covid 19 but not what you think , with the amount of workers working from home has created a trend in shares purchased and sold. To explain this in simple terms there are company's that the share price rockets after RNS or sometimes not ; with the new investors that have more time working at home are impatient and expect 10% gains within a few days. If they do not see major gains then they sell as have no long term few ( the buzz of making gains ). already we see in the chats that you can not wait for Julys update so will sell , multiple that with thousands of investors and bang you complain why the share price dives. In other words its you the PI that are dropping the price and no one else , this was repeated in the past in November. Has nothing to do with the company health. Good luck on jumping share to share ; my your boredom end soon
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13/3/2021
11:19		ianb5004: Pipeline of live cloud telephony opportunities has potential contract value of £84m. LoopUp (LOOP:84p), a London-based premium remote conference meetings company, downgraded revenue expectations on Friday while I was on leave. The market reaction was savage with the shares halving in value and slicing through my 138p entry point (‘Tap into the remote working boom with LoopUp’, 2 July 2020). Having seen the share price rally 80 per cent to 250p by late summer, passing through my initial 225p target price in the process, the holding is now 40 per cent underwater. Although any downgrade is disappointing, in this case I feel investors have massively overreacted. Firstly, business remains strong in LoopUp’s key professional service verticals where data privacy and security is paramount (law, accountancy, investment banking, corporate finance, private equity, asset management, insurance, PR and marketing). Minute volumes are 43 per cent higher on average (during September and October) than pre-pandemic levels. This growth driver is still in place. Secondly, the issue is in non-professional (and non-core) segments which account for 14 per cent of platform revenue. Minute volumes have fallen 10 per cent (compared to pre-pandemic levels), and churn has spiked to 30 per cent, a reflection that non-professional segments face greater competition from rivals Zoom and Microsoft Teams, and clients suffer greater financial distress and have higher levels of employee furloughing. Although this pressure is unlikely to ease anytime soon, these are non-core segments and account for a diminishing amount of LoopUp’s overall revenue. Thirdly, there has been a shift in the call mix towards lower-rated domestic and dial-out minutes away from higher rated international and dial-in minutes, a reflection of the depressed number of international deals being done. This in turn has impacted the average revenue per minute. However, as cross-border activity bounces back from depressed levels during the global economic recovery, then international usage should bounce back, too. Fourthly, although analysts at Panmure Gordon have downgraded their 2020 revenue estimates from £55.6m to £50m, cash profit will still be more than double from £6.4m in 2019 to £15m to deliver annual pre-tax profit of £8.3m and earnings per share (EPS) of around 14.5p. Moreover, analysts’ new 2021 revenue estimate of £35.5m is based on LoopUp’s current revenue run-rate of £34m and factors in no contribution from the recently launched cloud telephony [integrated with Microsoft Teams] business. This product offering enables clients to make and receive external calls via a third-party network direct routing to companies using Microsoft Teams, alongside its own premium remote meetings capability. Bearing this in mind, the directors note that the pipeline of live opportunities here has a potential contract value of £84m, up from £68m just in late September. They also revealed that the company has been selected by a private banking group to provide their global cloud telephony, subject to a successful three-month proof of concept trial which starts in December. In other words, the pipeline is being converted. Fifthly, the company has paid down substantial amounts of debt this year. In fact, analysts at Progressive Equity Research expect net borrowings of £1.9m at the end of December 2020, a sum that is £9.6m lower than 12 months earlier. This means that although their 2021 cash profit estimate of £6.1m is less than half previous estimates of £13.3m (due to the lower revenue run-rate), LoopUp’s enterprise value of £48m now equates to only 8 times downgraded cash profit forecasts, a massive 41 per cent discount to the UK Small-Cap Technology sector average multiple of 13.5 times 2021 enterprise value to cash profit. The point is that as LoopUp converts its pipeline of potential contracts in the cloud telephony [integrated with Microsoft Teams] business, and cross-border activity bounces back to more normal levels (thus driving up higher margin international call volumes), there is scope for the current revenue run-rate of £34m to ratchet up and drive profits higher. Recovery buy. Simon Thompson investors Chronicle
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14/1/2021
12:36		sev22: The article below was published by Simon Thompson, Investors Chronicle, on the 30th November 2020. Since then the country has entered another National Lockdown which is likely to last until at least the end of March 2021. Investors overreact to LoopUp warning. ■ Higher churn and lower revenue in non-professional segments. ■ Pipeline of live cloud telephony opportunities has potential contract value of £84m. LoopUp (LOOP:84p), a London-based premium remote conference meetings company, downgraded revenue expectations on Friday while I was on leave. The market reaction was savage with the shares halving in value and slicing through my 138p entry point (‘Tap into the remote working boom with LoopUp’, 2 July 2020). Having seen the share price rally 80 per cent to 250p by late summer, passing through my initial 225p target price in the process, the holding is now 40 per cent underwater. Although any downgrade is disappointing, in this case I feel investors have massively overreacted. Firstly, business remains strong in LoopUp’s key professional service verticals where data privacy and security is paramount (law, accountancy, investment banking, corporate finance, private equity, asset management, insurance, PR and marketing). Minute volumes are 43 per cent higher on average (during September and October) than pre-pandemic levels. This growth driver is still in place. Secondly, the issue is in non-professional (and non-core) segments which account for 14 per cent of platform revenue. Minute volumes have fallen 10 per cent (compared to pre-pandemic levels), and churn has spiked to 30 per cent, a reflection that non-professional segments face greater competition from rivals Zoom and Microsoft Teams, and clients suffer greater financial distress and have higher levels of employee furloughing. Although this pressure is unlikely to ease anytime soon, these are non-core segments and account for a diminishing amount of LoopUp’s overall revenue. Thirdly, there has been a shift in the call mix towards lower-rated domestic and dial-out minutes away from higher rated international and dial-in minutes, a reflection of the depressed number of international deals being done. This in turn has impacted the average revenue per minute. However, as cross-border activity bounces back from depressed levels during the global economic recovery, then international usage should bounce back, too. Fourthly, although analysts at Panmure Gordon have downgraded their 2020 revenue estimates from £55.6m to £50m, cash profit will still be more than double from £6.4m in 2019 to £15m to deliver annual pre-tax profit of £8.3m and earnings per share (EPS) of around 14.5p. Moreover, analysts’ new 2021 revenue estimate of £35.5m is based on LoopUp’s current revenue run-rate of £34m and factors in no contribution from the recently launched cloud telephony [integrated with Microsoft Teams] business. This product offering enables clients to make and receive external calls via a third-party network direct routing to companies using Microsoft Teams, alongside its own premium remote meetings capability. Bearing this in mind, the directors note that the pipeline of live opportunities here has a potential contract value of £84m, up from £68m just in late September. They also revealed that the company has been selected by a private banking group to provide their global cloud telephony, subject to a successful three-month proof of concept trial which starts in December. In other words, the pipeline is being converted. Fifthly, the company has paid down substantial amounts of debt this year. In fact, analysts at Progressive Equity Research expect net borrowings of £1.9m at the end of December 2020, a sum that is £9.6m lower than 12 months earlier. This means that although their 2021 cash profit estimate of £6.1m is less than half previous estimates of £13.3m (due to the lower revenue run-rate), LoopUp’s enterprise value of £48m now equates to only 8 times downgraded cash profit forecasts, a massive 41 per cent discount to the UK Small-Cap Technology sector average multiple of 13.5 times 2021 enterprise value to cash profit. The point is that as LoopUp converts its pipeline of potential contracts in the cloud telephony [integrated with Microsoft Teams] business, and cross-border activity bounces back to more normal levels (thus driving up higher margin international call volumes), there is scope for the current revenue run-rate of £34m to ratchet up and drive profits higher. 'Strong recovery buy.'
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12/1/2021
18:51		ianb5004: Loopup listed in Stockopedia top 20 stock picks for 2021 - it has been a wild year for LoopUp: at first the meteoric c230% share price rise as a work-from-home beneficiary, only to be followed by a disappointing end-of-year trading update which sent its stock crashing back down to more or less exactly where it started. Now this remote meetings provider is a top pick not as a software-as-a-service High Flyer, but as a beaten up Contrarian opportunity. Shares have since started to climb once more. LoopUp’s products help organisations move their global communications into the cloud to support flexible working, increase productivity and reduce complexity and cost. Solutions include full telephony integration for Microsoft Teams, which is delivered over LoopUp’s premium voice network via Direct Routing, and a premium remote meeting solution. More than 5,000 organisations around the world use LoopUp’s global voice network – from major multinationals to fast-growing SMEs, public sector bodies and professional services firms, including 20 of the top 100 global law firms. In LoopUp’s most recent trading update, the group commented: “While trading is expected to remain challenging in the non-PS part of our Meetings business, this now represents just 14% of our total LoopUp Platform revenue... By contrast in our core market, we remain confident in our ability to drive attractive, sustainable and profitable growth of our premium external cloud communications platform, and therefore plan to invest to maximize growth and shareholder value creation.
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09/12/2020
11:37		cooltools: Plat Hunter and Sam_ - the front page of the company website (hTtps://loopup.com/en/) puts the emphasis very much on their tie up with Microsoft Teams. "Move your organisation to secure and reliable cloud communications with LoopUp’s fully managed global solution for cloud voice via Microsoft Teams Direct Routing and premium remote meetings." Loop are well aware that MS Teams have pulled the rug from Zoom's business, let alone theirs. By that, I mean small to enterprise companies. Zoom's customers are primarily tiny outfits and sole traders (I should know, I'm one). Anyone larger has MS Office 365 and the push to just use what comes with MS is relentless. Zoom is very much a Covid-19 play, and will lose out when life returns to some form of normality (accepted with an increased degree of WFH). There appears to be a huge misunderstanding that LOOP is vulnerable in the same way, IMO. It's clear to me that LOOP have carefully and proactively moved away from that model to concentrate on voice integration with MS Teams. Personal services need secure, high quality voice calls to any destination in the world, including mobile. LOOP provides this, and is an MS Partner - i.e. MS points their customers towards LOOP (and its competitors elsewhere in the world) for those who want a premium voice network. Note that this telephony is not primarily for WFH, but for reaching customers, and professional services (think lawyers) need a secure, clean quality line to any client, anywhere in the world - right from within MS Teams. LOOP put it more clearly than I ever could, right there on their front page: "LoopUp – the perfect complement to Microsoft Teams The use of Microsoft Teams for internal team collaboration is growing rapidly. And many enterprises are now considering using Teams for business telephony to reduce operational complexity and costs. "LoopUp is a trusted partner to more than 5,000 enterprises, including 20 of the world’s top-100 law firms. Our solution interconnects in the cloud with Microsoft Teams using Direct Routing, providing premium quality inbound and outbound calls and best-in-class external remote meetings. "The solution is delivered as a secure global fully managed service with differentiated quality and reliability, caring 24/7 multilingual support, and deep domain expertise." The announcement that non-PS is more "challenging" than thought earlier (i.e. the transition is happening quicker than expected) led to the fall at the end of November. GLA!
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30/11/2020
19:05		sev22: Here is Simon Thompson's feature on LoopUp, released at 12.00 pm today. Looks like a significant value opportunity to me. Investors overreact to LoopUp warning. ■ Higher churn and lower revenue in non-professional segments. ■ Pipeline of live cloud telephony opportunities has potential contract value of £84m. LoopUp (LOOP:84p), a London-based premium remote conference meetings company, downgraded revenue expectations on Friday while I was on leave. The market reaction was savage with the shares halving in value and slicing through my 138p entry point (‘Tap into the remote working boom with LoopUp’, 2 July 2020). Having seen the share price rally 80 per cent to 250p by late summer, passing through my initial 225p target price in the process, the holding is now 40 per cent underwater. Although any downgrade is disappointing, in this case I feel investors have massively overreacted. Firstly, business remains strong in LoopUp’s key professional service verticals where data privacy and security is paramount (law, accountancy, investment banking, corporate finance, private equity, asset management, insurance, PR and marketing). Minute volumes are 43 per cent higher on average (during September and October) than pre-pandemic levels. This growth driver is still in place. Secondly, the issue is in non-professional (and non-core) segments which account for 14 per cent of platform revenue. Minute volumes have fallen 10 per cent (compared to pre-pandemic levels), and churn has spiked to 30 per cent, a reflection that non-professional segments face greater competition from rivals Zoom and Microsoft Teams, and clients suffer greater financial distress and have higher levels of employee furloughing. Although this pressure is unlikely to ease anytime soon, these are non-core segments and account for a diminishing amount of LoopUp’s overall revenue. Thirdly, there has been a shift in the call mix towards lower-rated domestic and dial-out minutes away from higher rated international and dial-in minutes, a reflection of the depressed number of international deals being done. This in turn has impacted the average revenue per minute. However, as cross-border activity bounces back from depressed levels during the global economic recovery, then international usage should bounce back, too. Fourthly, although analysts at Panmure Gordon have downgraded their 2020 revenue estimates from £55.6m to £50m, cash profit will still be more than double from £6.4m in 2019 to £15m to deliver annual pre-tax profit of £8.3m and earnings per share (EPS) of around 14.5p. Moreover, analysts’ new 2021 revenue estimate of £35.5m is based on LoopUp’s current revenue run-rate of £34m and factors in no contribution from the recently launched cloud telephony [integrated with Microsoft Teams] business. This product offering enables clients to make and receive external calls via a third-party network direct routing to companies using Microsoft Teams, alongside its own premium remote meetings capability. Bearing this in mind, the directors note that the pipeline of live opportunities here has a potential contract value of £84m, up from £68m just in late September. They also revealed that the company has been selected by a private banking group to provide their global cloud telephony, subject to a successful three-month proof of concept trial which starts in December. In other words, the pipeline is being converted. Fifthly, the company has paid down substantial amounts of debt this year. In fact, analysts at Progressive Equity Research expect net borrowings of £1.9m at the end of December 2020, a sum that is £9.6m lower than 12 months earlier. This means that although their 2021 cash profit estimate of £6.1m is less than half previous estimates of £13.3m (due to the lower revenue run-rate), LoopUp’s enterprise value of £48m now equates to only 8 times downgraded cash profit forecasts, a massive 41 per cent discount to the UK Small-Cap Technology sector average multiple of 13.5 times 2021 enterprise value to cash profit. The point is that as LoopUp converts its pipeline of potential contracts in the cloud telephony [integrated with Microsoft Teams] business, and cross-border activity bounces back to more normal levels (thus driving up higher margin international call volumes), there is scope for the current revenue run-rate of £34m to ratchet up and drive profits higher. Recovery buy.
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28/11/2020
09:30		togglebrush: The destruction of the LOOPup share price was virtually instant. At opening share price dropped from 155 to 110 instantly. Trades were going through at one every three seconds (18.7 per minute) during the first hour. Normally brokers notes, issued under embargo, are released to the press the day before, and the RNS officially released at 7.00 am ' First Hour trading at 18.7 per minute was high of day. The low of day between 1300-1400 was 2.8 per minute whilst Average Daily rate was 6.7 per minute. Trading Volume in first hour was 30% of day but if you add in delayed trades you get 43% volume in First hour (volume and values similar). Averages values were over £5,000 until last hour when delayed trades came through at over £10,000. All the trades were “Off book", not through Direct Access. Negotiated price trades, of all varsities were 160 out of 3,440. ' Median size of individual trades was £5,750 whilst only top one percent of trades were over £49,000 value (roughly £1 million total value). This was a market with experienced traders (HNW ?) taking advantage of brokers note , with little institutional activity, and ignoring blind sided private investors in my opinion. ' The instant destruction of the share price by such a margin is unusual. IMHO the early release of NUMIS note to selected clients may be the reason for instant share price change.
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27/11/2020
20:23		thordon: Non-core revenue drags run-rate down LoopUp has published a trading update detailing a modest miss for FY20, but a materially lower-than-expected run rate as the business moves towards FY21. The shortfall is attributable almost entirely to a faster-thanexpected and more dramatic decline for the LoopUp meetings product in sectors outside the core focus Professional Services segment. We make reductions in estimates to reflect this revised outlook – clearly this is disappointing, but there are a number of positives within the parts of the business likely to drive long-term value. ▪ Trading update The group has this morning announced an update, describing the likely outturn for 2020 slightly below our previous forecasts. This is driven by current trading showing an increase in meeting minutes (up 43% overall) but a drop in revenue per minute (down 24%) as more of the calls are domestic/dial-out and less are international/dial-in. ▪ Challenges most apparent in non-core areas The pressure is being most clearly seen in the non-Professional Services side of the group, which is seeing volumes 10% down y/y (even before the pricing impact described above) and with customer churn running at around 30%. We had expected pressure in this area, but not to the extent clearly being felt – the competitive threats of Teams and Zoom (in these non-Professional Services sectors) are combining with customer end-market challenges and financial pressures to drive a dramatic decline in revenue and customer numbers. ▪ Impact on estimates For 2020, the impact of this pressure is muted, given that the bulk of the year has passed, and these effects have only recently come to the fore. For 2021, however, the current annual run rate of c.£34m is dramatically below our previous £56m estimate. We make a relatively modest reduction to 2020 forecasts, but a much more material cut to 2021 estimates to reflect this new reality. Clearly the downgrades are a disappointment, and we are surprised to see the scale and the pace of the pressure outside Professional Services. Nevertheless, there are a number of bright spots – the growth in minutes within Professional Services and the strong pipeline for the recentlylaunched product which seeks to benefit from the Cloud Telephony uplift described above. We await further news and to see additional progress on the core and emerging revenue streams. 0 50 100 150 200 250 300 FYE DEC (£M) 2017 2018 2019 2020E 2021E LoopUp Revenue 17.5 34.2 42.5 50.1 35.2 Adjusted EBITDA 3.5 7.7 6.4 15.1 6.1 Adjusted PBT 0.7 4.1 0.5 8.4 -0.3 Adjusted EPS 4.4 9.3 2.2 14.7 -1.0 EV/Sales 5.1x 2.6x 2.1x 1.8x 2.5x EV/ Adj. EBITDA 25.7x 11.6x 13.9x 5.9x 14.5x P/E 35.0x 16.7x 71.7x 10.5x n.a. Source: Company Information and Progressive Equity Research estimates LOOPUP IS A RESEARCH CLIENT OF PROGRESSIVE ANALYSTS Gareth Evans +44 (0) 20 7781 5301 gevans@progressive-research.com Ian Poulter +44 (0) 20 7781 5307 ipoulter@progressive-research.com 27 November 2020 2 LoopUp Changes to estimates We make the changes as shown below to our forecasts, reflecting management guidance for 2020 as described in the RNS, and a view of 2021 based largely on the current run-rate, again as described. From the current run-rate revenue of some £34m, we expect modest ongoing decline in the Cisco business and non-Professional Services revenues…together this could reduce sales by £2m per year. Offsetting this, we expect the new Cloud Telephony revenue streams to begin to contribute modestly in 2021 as the Teams-based sales opportunities continue to convert. The pipeline for this business appears extremely strong at some £84m in total contract value, suggesting a good level of customer interest and strong long-term potential. The major unknown for 2021 is the core LoopUp Meetings business within the Professional Services sector. We would hope that this should perform strongly, driving revenues higher as customers unwilling to rely on the public internet, and for whom call quality and security are paramount, continue to use LoopUp for important meetings. There is, however, risk that the current “boost” to minute volumes could abate as working patterns normalise – this would reduce the scope for revenues to grow overall. Offsetting this risk, however, we would expect per-minute prices to rise as the mix perhaps moves back to a more normal level of international and dial-in minutes….these higher-rate services would improve the mix and add to revenues. Balancing all these factors, we suggest that a revenue level modestly, but not materially ahead of the current run-rate level might be a realistic view for 2021. We model this, as shown in the table below, with the knock-on impact on Adjusted EBITDA and other financial metrics. CHANGES TO ESTIMATES Source: Progressive Equity Research estimates FY20E £m unless stated Old New Change (%) Old New Change (%) Revenue 54.8 50.1 -9% 56.0 35.2 -37% Adj EBITDA 17.3 15.1 -13% 13.3 6.1 -54% Fully adj PBT 10.5 8.4 -20% 5.9 -0.3 nm Fully adj EPS (p) 17.2 14.7 -14% 9.3 -1.0 nm FY21E 27 November 2020 3 LoopUp Positive elements There are, despite the obvious pressures, a number of positives within the announcement: ▪ Professional Services client base The group is seeing strong ongoing demand within the Professional Services segment, for which the product is tailored and where customers continue to value the unique attributes, unmatched by Teams, Zoom or other platforms. Client wins for H2 are described as including three of the world’s top 100 law firms, and the pipeline is strong at an Annual Contract Value of some £16m. ▪ Teams-telephony product showing strong early signs Cloud Telephony revenues could evolve materially, with the recently launched proposition for Teams telephony providing a major revenue opportunity. The pipeline for this business stands at a Total Contract Value of £84m, some 68% higher than the previous figure of c£50m given with at the time of H1 results in late-September. ▪ Meeting minute volumes remain buoyant The current level of minute volumes within Professional Services (roughly 56% up y/y) remains extremely strong; if this can persist into 2021 as work returns to something more approaching “normal” next year, then the group is well placed. ▪ Price-per-minute mix could recover The current reduction in average revenue per minute reflects a lack of international calls – presumably as international deals are depressed, and cross-border activity is at low levels. If these types of usage return, then average prices per minute will rise, adding to revenue. Summary and conclusion Overall, today’s news is clearly a negative development, but the vast majority of the disappointment relates to the business that is already identified as non-core (i.e. the segments outside Professional Services) which now accounts for just 14% of LoopUp Platform revenues. The scale and the pace of the drop-off in client revenues has been a surprise, as the pressures of both challenging end markets and the emerging success of Teams and Zoom have combined to dramatically reduce LoopUp revenues. Nevertheless, LoopUp remains well positioned (and performing strongly) in its core and target Professional Services sector, and well placed to deliver on the potential for Teams-based Cloud Telephony. 27 November 2020 4 LoopUp Financial Summary: LoopUp Year end: December (£m unless shown) PROFIT & LOSS 2017 2018 2019 2020E 2021E LoopUp Revenue 17.5 34.2 42.5 50.1 35.2 Adj EBITDA 3.5 7.7 6.4 15.1 6.1 Adj EBITA 3.2 7.1 4.9 12.9 4.2 Reported PBT 0.7 0.4 (2.8) 5.6 (2.8) Fully adj PBT 0.7 4.1 0.5 8.4 (0.3) NOPAT 0.7 4.5 1.2 8.7 0.0 Reported EPS 4.4 2.3 (3.3) 7.6 (2.7) Fully adj EPS 4.4 9.3 2.2 14.7 (1.0) Dividend per share 0.0 0.0 0.0 0.0 0.0 CASH FLOW & BALANCE SHEET 2017 2018 2019 2020E 2021E Operating cash flow 3.1 4.4 6.7 11.6 (1.7) Free Cash flow (0.1) 4.4 4.4 9.5 (1.7) FCF per share (0.3) 8.3 7.4 15.6 (2.8) Acquisitions 0.0 (65.9) (5.0) 0.0 0.0 Disposals 0.0 0.0 0.0 0.0 0.0 Shares issued 0.9 47.9 0.1 0.0 0.0 Net cash flow 0.7 (13.5) (0.9) 9.5 (1.7) Overdrafts / borrowings 0.0 (16.2) (14.5) (12.8) (11.1) Cash & equivalents 2.9 5.6 3.0 10.8 7.4 Net (Debt)/Cash 2.9 (10.6) (11.5) (1.9) (3.6) NAV AND RETURNS 2017 2018 2019 2020E 2021E Net asset value 10.5 59.9 58.1 62.7 59.4 NAV/share 25.6 109.0 105.2 113.6 107.5 Net Tangible Asset Value 0.5 2.2 6.0 4.6 3.5 NTAV/share 1.1 3.9 10.8 8.3 6.3 Average equity 9.1 35.2 59.0 60.4 61.9 Post-tax ROE (%) 8.0% 11.6% 0.9% 13.8% (0.5%) METRICS 2017 2018 2019 2020E 2021E Revenue growth 36.2% 95.9% 24.3% 17.8% (29.8%) Adj EBITDA growth 67.8% 121.1% (16.2%) 135.0% (59.4%) Adj EBITA growth 74.5% 124.1% (30.5%) 161.0% (67.4%) Adj PBT growth (354.9%) 459.9% (87.4%) 1528.1% (103.3%) Adj EPS growth 722.4% 109.8% (76.8%) 582.2% (106.5%) Dividend growth N/A N/A N/A N/A N/A Adj EBITA margins 18.2% 20.8% 11.6% 25.7% 11.9% VALUATION 2017 2018 2019 2020E 2021E EV/Sales 5.1 2.6 2.1 1.8 2.5 EV/EBITDA 25.7 11.6 13.9 5.9 14.5 EV/NOPAT 122.9 19.5 76.6 10.3 3811.2 PER 35.0 16.7 71.7 10.5 n.a. Dividend yield N/A N/A N/A N/A N/A FCF yield (0.2%) 5.4% 4.7% 10
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