Mirada Share Discussion Threads

[ryan83] 03/5/2013 10:15

I still cant understand how costs per the h/y report are essentially only £100k on revenues of £2.46m.

In the interview the CEO says that costs will be approx £1mn for R&D per annum. This will esentially clear the £1mn placing end of last year.

Any thoughts? Also we expecting the full year report end of next month?

CEO also says in interview hoping to announce new contracts in the summer. So do we think new contracts ahead of the full year results?

[mustau] 02/5/2013 17:09

Shhh, still need to add a few more.

[davidlloyd] 02/5/2013 15:33

Shhh ;-)

DL

[ryan83] 02/5/2013 12:32

That is well, incredible! Even more so the fact its capped at a tad over £6m!

The recurring revenues of approx £1.6mn for SIX months >>> £3.2m per annum.

valued at just twice the recurring revenues of 1 contract.

This looks dam good.

[swimhat] 02/5/2013 09:46

Yeah, that's right although it is gross profit .......... If you look at the 2012 Final report you'll see that gross margins improved from 77% to 86% on the back of the subscriber fees (and as you can see the margin improved again in the H/Y).......... The subscriber fees are "free cash" to Mirada which add significantly to the margin and don't forget that most of the fees generated over the last 14 months or so are from GVT alone ............ this year there is the growth in fees from Cablecom and Axtel to add to the revenue!! .......... Plus the as yet unnamed companies who's product also goes live this year.

Exciting times me thinks!!

[ryan83] 02/5/2013 09:28

Is that correct? revenue £2.46m, profit £2.35m?

[swimhat] 02/5/2013 08:13

ryan83 .......... These figures are not 100% correct, but as near as damn it for a guide, they also don't answer your question accurately because they also probably include the one off Product fee from Cablecom who launched their product in August, so it will probably be in the H/Y results and the small amount of revenue from the Broadcast Division.

But as an idea the H/Y show Revenue of £2.46m of which roughly 33% were generated through the subscriber license fees, which equates to about £812k which leaves approx. £1.64m earned from product and maintenance fees etc.

Like I say, it's not accurate just a guide.

From the H/Y report

"Group revenue for the period equalled £2.46 million, compared to £2.28 million for the six months ended 30 September 2011, with gross profit increasing to £2.35 million from £2.01 million. The reasons for the growth are related to our international expansion and to the increase in the revenues generated from licence fees, which represent a 33% of our total revenues during the period (14% during the same period last year)."

[ryan83] 02/5/2013 06:15

Do we have any idea what the support maintenance fees are?

[swimhat] 02/5/2013 05:18

From the March 2012 Final results ......... "We are very satisfied with the results. During the year mirada earned set-up fees and guaranteed licences for up to 110,000 subscribers from GVT in Brazil. Post the year end, GVT acquired additional advance licences over 400,000 subscribers, and since March 2012 they have been deploying new services at a rate exceeding 30,000 subscribers a month. If this growth is sustained this would lead to mirada earning licence fees in excess of €1.3m a year in relation to this contract, in addition to recurrent support and maintenance fees"

From the last H/Y report .......... mirada's first major customer through its partnership with Ericsson was GVT, a Brazilian telecommunications company who are part of the Vivendi group, who launched their IPTV service in November 2011. During the 6 months ended 30 September 2012 GVT has gained more than 200,000 new subscribers and it has become the fastest growing Digital TV operator in the Brazilian market. In addition to the licence fees earned in relation to these new subscribers Mirada earns recurrent annual support and maintenance fees. GVT is also continuing to deploy new functionalities developed by mirada from which the Group earns additional professional service fee income.

The Vivendi Q1 report is due this month but at the shareholder meeting on Tuesday they confirmed that subscribers so far for GVT's TV offering is 500k ........... which means fees due to Mirada for their full year just finished are at least in line with the €1.3m they estimate in the March 2012 Final report, if not slightly higher

That's fees from just one contract!!

Page 11 in the Vivendi report

[mustau] 01/5/2013 19:06

Ok very quietly, I have taken a small position today. Will disappear now.

[mustau] 01/5/2013 14:35

anyone????

few buys today

[ryan83] 26/4/2013 17:37

yep and capped at only £6.5mn

[swimhat] 26/4/2013 17:28

We already know that in Brazil GVT's growth rate is about 30k subscribers per month which equates to about £1m in license fees to Mirada per year.

If Axtel and Cablecom who are going head to head in Mexico could generate that growth between them it would mean another £1m in fees to Mirada per year ............. If they can generate that growth each!!!!

With another two services to be launched in Latin America this year and more in negotiation, this new business model is going to be very lucrative!!!

Let's not forget that the License Fees tied to the growth of Mirada's customers are in addition to the bread & butter revenues. They obviously charge a fee for the initial product then they earn recurrent annual support and maintenance fees. To top it off they earn additional fees for every new function that is developed for their customers.

[swimhat] 26/4/2013 17:25

Axtel's Q1 figures for their new TV service are 15k subscribers for Feb/March, not bad considering it was only launched on the 30th Jan.

[swimhat] 26/4/2013 17:24

Another Mexican city gets Axtel TV .......... That's 3 new rollouts since Feb and all with a decent investment behind them ........... new subscribers equals money in the pot for Mirada

The news put through Google Translate .............

"AXTEL will invest 30 million dollars in next five years
It delivers services through its network of optical fiber to the home or business

Puebla, Pue.; April 25, 2013 - AXTEL S.A.B. de C.V. (BMV: AXTELCPO;) OTC: AXTLY), Mexican telecommunications company, announced that its services of high-speed internet, "AXTEL X-tremo", and of pay-TV, "AXTEL TV", are already available to consumers in the city of Puebla.

The company with the highest growth in the broadband segment stressed that its fiber optic network direct to the home or business (FTTX, for its acronym in English), which offers both services, already covers about 60 thousand homes and businesses of Puebla with the option of hiring services of double or triple play (voice(, internet broadband and pay-TV).

It was also reported that it will invest $ 30 million during the next five years in infrastructure and services for all segments of the market in this city.

Likewise, recalled that his AXTEL TV service, which began offering this year in Mexico, Guadalajara, Monterrey, Queretaro, San Luis Potosí and now in Puebla, integrates unique capabilities in Latin America, such as the options to pause or restart a program already begun, record all the programs that the customer wants at the same time, a wide range of movies and TV on demand series andIn addition, the option of enjoying movies and programs in tablets, smart phones or personal computers."

[ryan83] 22/4/2013 10:21

When are we expecting an update peeps. Bought a few this am.

[davidlloyd] 22/4/2013 10:00

Look here chaps, can we keep this one under the radar a tad longer as am looking to release some more funds to add here and could do with it staying at this level a wee bit longer....
Many thanks :-)
DL

[ryan83] 20/4/2013 14:44

Swim hat thanks!

[callumross] 19/4/2013 22:43

Late 75k buy at 13p, I see. Someone sees value at these levels, at least. Will probably add another 10k Monday.

[swimhat] 19/4/2013 17:54

ryan83,

They are going after as much as they can get.

At the moment they have one in Brazil called GVT which is signing new customers at over 30k per month, which is worth over £1m to Mirada in fees tied to that growth which is on top of the recurrent support and maintenance fees attached to these deals.

They have two in Mexico .......... The first with Cablecom (private company) which went live in August last year and Axtel which went live in Feb this year and in that short space of time they have signed over 16k new customers (which bodes well)

A further two deals were struck in Dec last year and Jan this year, both these deals are at the moment with unnamed companies and both go live this year.

According to the newsletter they are also in advanced negotiations with various other operators that they hope will be finalised this year.

If you haven't seen them take a look at the Proactive write up and the recent video interview .......... Both give a great idea of where Mirada is and where it is going.

[ryan83] 19/4/2013 13:26

what % of teh LatAm market are MIRA targetting / expecting

[swimhat] 19/4/2013 11:23

Huge income stream coming over the next few years .......... Mirada can't get enough of this report on Twitter ............. Another rewriting of the report posted yesterday ........... tick tock, the penny has to drop at some point.

"Penetration to reach almost half the homes across territories including Brazil, Mexico and Argentina with Pay-TV revenues set to hit $26.7 billion by 2018, according to a report."

[swimhat] 18/4/2013 14:32

Mirada are certainly targeting the right region .............. huge market, all those lovely licence fees.

"After a slow start, digital TV penetration is about to rocket in Latin America – from less than a third of homes at end-2012 to nearly 45% by end-2013 and onto 84% by 2018, according to a new report from Digital TV Research. To put it another way, 100 million digital TV households (in the 19 countries covered in the Digital TV Latin America report) will be added between 2011 and 2018 to take the total to 134 million."

Simon Murray, Principal Analyst at Digital TV Research, said: "Much of this growth is being driven by satellite TV, especially lower-cost and prepaid packages. Nearly 19 million pay DTH households will be added between 2012 and 2018, with 5 million more in 2013 alone."

Murray continued: "Cable operators have been slow to react to the benefits of digital TV and bundles – and the immediate threat posed after a DTH platform launches. However, this attitude is changing, with 14 million digital cable subscribers to be added between 2012 and 2018. Conversely, the number of analog cable subscribers will fall by 9 million. Analog cable subscribers will not automatically convert to digital cable. IPTV will climb from fewer than 1 million subscribers in 2012 to nearly 6 million by 2018."

"Satellite TV has also benefitted from the slow roll-out of DTT. The number of primary DTT homes will climb from 10 million at end-2012 to 22 million this year and onto 59 million by 2018. The analog terrestrial total will fall from 79 million at end-2012 to 15 million by 2018.

Brazil, Mexico and Argentina dominate the region. Brazil alone will add 43 million digital TV households between 2012 and 2018, with Mexico contributing an extra 15 million. However, digital TV households will also increase rapidly in the other 16 countries covered in this report – collectively adding 24 million digital homes between 2012 and 2018.

Despite the rapid conversion, digital TV will still have plenty of room for growth for some time to come. There will still be 26 million analog TV homes (16.5% of the total) by end-2018, although this is down by 95 million on the 2008 figure. Analog penetration of TV households will still exceed 50% in Dominican Republic, Guatemala, Paraguay and Peru by 2018. Puerto Rico will be the first to reach complete conversion to digital – in 2015. No other country will have reached complete digital conversion by 2018."