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Share Name Share Symbol Market Type Share ISIN Share Description
Taptica LSE:TAP London Ordinary Share IL0011320343 ORD NIS0.01 (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  +23.50p +11.96% 220.00p 530,893 16:35:24
Bid Price Offer Price High Price Low Price Open Price
220.00p 225.00p 222.50p 194.00p 194.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 156.16 12.82 16.65 12.4 149.7

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Date Time Title Posts
25/7/201716:02Taptica International Ltd182
04/2/201708:04TAP Oil A re-birth for the man who led Salamander Petroleum-
24/5/201222:35ADVANTAGE PROPERT INCOME TRUST yld15.6%645
25/8/200911:13Commercial property on the rise10

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Taptica Daily Update: Taptica is listed in the Media sector of the London Stock Exchange with ticker TAP. The last closing price for Taptica was 196.50p.
Taptica has a 4 week average price of 172.50p and a 12 week average price of 172.50p.
The 1 year high share price is 515p while the 1 year low share price is currently 172.50p.
There are currently 68,066,497 shares in issue and the average daily traded volume is 648,446 shares. The market capitalisation of Taptica is £149,746,293.40.
michaeljames1: I enjoyed reading that, he is a post grad in finance remember though! It will be interesting to see how much of this buying is coming from TAP and how much is everyone else. If there is demand now, I would rather they waited and bought back at slightly higher prices when there is less demand to support the share price. As cash generation is so high and acquisition prospects are low, until the share price is up to £4-5 I would say buy back are a good option.
s_a_b: Have had a more detailed read through the RNS and for what it's worth here are some thoughts. I may be in a minority (and Mr Market disagrees) but I actually think they are handling matters fairly well: - The CEO issue was already publicly disclosed in the admission document - As soon as the court decision went against him he resigned despite the matter being separate from Taptica - They have moved quickly to assure no impact on trading or outlook, and have reiterated this again today. The share price has fallen to the point where the valuation at 4-5x FY18 earnings would be more appropriate for a declining cyclical business than for a growing and profitable business in a rapidly expanding market. Given that they can't find the right acquisition at the right price (which may have put pressure on the CEO anyway, after placing new shares for this purpose) share buy backs make complete sense at this valuation. If the share price doesn't pick up then the business would be attractive to both trade and PE buyers too. I am certainly not selling my shares based on the above. Appreciate there are risks around the business but a lot of bad news is already priced in IMO. Good luck to all holders!
spmc: For any one that doesn’t have a log in: CEO issue rapidly resolved: Mr Tal’s civil case has no connection with Taptica other than he since joined the company and became CEO. His resignation draws a line under the matter for Taptica and has no further operational or structural impact. We understand his immediate financial liability is limited to funds already in escrow, so no liquidation of his 14% holding is anticipated. Ms Bloch has been with Taptica for almost 6 years, and spent the past year as Division CEO of Performance Marketing. She presented to investors at a CMD earlier this year and seems entirely comfortable both managing the business and navigating the public markets. Changed guidance: The Interims in September highlighted a strengthening of the margins, mainly in Brand Advertising (the acquired Tremor business). We lifted Adj. EBITDA by 10% to $44m while easing sales forecast by 2% to $320m. In actuality, changes in the underlying ecosystem have been driving significant margin improvements across both Performance and Brand marketing operations to such an extent that an earnings upgrade was conceivable. Unfortunately, in the past few weeks some large commissions have slipped on the Performance side, leaving the FY group revenue down by c.13% and removing that potential earnings upgrade. Divisional split: Our original $320m expectation was evenly split between the two businesses; however, we now anticipate a 45/55 split in favour of Brand Marketing. The company does not disclose margins for the two; however, our forecasts are based on substantially stronger margins in Performance as opposed to Branding. Buying opportunity: The loss of the CEO has clearly hit the share price; however, with a line drawn under that issue and the reiteration of the strong earnings performance the shares look exceptionally cheap at under 5x FY1 P/E multiple.
jonbirdy: I agree Truemuppet. There seems to be a lot of 2+2=5 going on. A long disclosed risk to Taptica shareholders has turned out unfavourably for the (former) CEO in this court judgement. And that risk was fully known to the Taptica board. The Taptica board and any other AIM board could well act fraudulently. Just look at Patisserie Valerie’s former FD. However, it does not follow that as civil proceedings have gone against Hal that he must have been a corporate crook at Taptica. He might be, but the civil judgement does not mean he is. It’s just emotional speculations. If the judgement had gone the other way for Hal then the share price would presumably not have tanked. But then he would not have resigned. It’s hard to know how much of the share price drop is also due to reduced forecast revenues and a CEO suddenly standing down. Taptica’s fundamentals have not changed so it’s either now very cheap or a basket case.
masurenguy: Just logged on and have seen the RNS. Purely by random chance I sold half of my stake @305p early this afternoon since the shareprice has been in the doldrums for the past 6 months and I wanted to redeploy some of the cash elsewhere. I note Paul Scott's comments which I think constitute a good summary. I'll be interested to see the market reaction tomorrow. I'm certainly holding on to my residual holding and if the price drops by circa 20% I may buy back some of the shares that I sold today. Paul Scott's Comment "He has resigned as CEO of Taptica. His LinkedIn profile indicates that he was CEO of Taptica from Jan 2014 until yesterday. So the problem with Plimus pre-dates his involvement in Taptica by over 3 years. As Monday's RNS states, the legal action against him was disclosed in Taptica's Admission Document. I wonder how many investors actually spotted it though? My opinion - clearly then, this is quite serious for the (now former) CEO. It may not have any direct financial impact on Taptica, but indirectly it reflects very badly. If the CEO has acted in this way, then how can we believe anything else he's since said? Lots of investors (myself included) are suspicious of Israeli tech companies. This type of announcement just reinforces that we're right to be suspicious. The company no doubt will be on damage control duties from now on. Indeed, it has put out a trading update to accompany the bombshell news of its CEO departure, as follows; "Since announcing its interim results in September 2018, the Company has continued to perform well and execute on its strategy to deliver higher-margin revenue. As a result, the Company expects to report EBITDA growth in line with market expectations, demonstrating a higher-than-expected EBITDA margin, and revenue below expectations due to the forgoing of some lower-margin sales. Cash generation within the business is also as expected." There are 2 ways of looking at this. Some investors are likely to want out in the morning, so I expect the share price to drop sharply early on. I expect the PR & broker have probably been ringing round the major shareholders today, to try to reassure them that this is all historic, and no reflection on Taptica. The other way to see it, is that this share is already incredibly cheap, and that any drop on this news could be a buying opportunity, if you believe that there's nothing wrong with Taptica. Recent trading updates have been good, and the broker forecasts have been rising too;"
someuwin: 1. What is happening with the business? We entered 2018 in a stronger position than at the same point in the prior year and are seeing sustained demand for our technology. Our performance-based division continues to grow. This is supported by strong industry trends as the use of apps by consumers shows no sign of abating and global mobile ad spend is growing. Our brand advertising division also continues to grow and gain new clients. As a result, we are confident of delivering solid year-on-year growth for 2018 in line with market expectations. 2. Does the Company know why its share price has gone down so dramatically? Usually when the share price goes down it stems from one of two possible causes, either internal or external. We can safely say that we are not aware of any internal problems that would cause the share price to come down. We are aware of our obligations to the market and would announce anything of a price sensitive nature in line with the AIM Rules. 3. What is the Company going to do to reassure investors? We are focussing on delivering our strategy and growing our business and are confident that each set of results should be sufficiently robust to reassure investors. We will also update the market on progress as and when appropriate/required, and intend to hold a Capital Markets Day in the summer to help investors better understand our business. 4. What is the impact of Facebook and GDPR on the business? We follow events in the segment very closely and feel comfortable about our long-term growth. The issues concerning Facebook do not directly affect our business model. Furthermore, only a small part of our business comes from social media. As mentioned, we are closely monitoring developments in the industry, however, we do not envisage the issues concerning Facebook and GDPR to impact our business model. As an AIM regulated company, if something changes that means we are no longer in line with analysts’ expectations, or if there is an industry change that affects Taptica, we will update the market without delay. For all Q&As see link...
ramridge: I was a keen follower of TAP throughout 2017 and made decent profits investing and trading these shares. However since the start of 2018 the news coming out of TAP is diametrically opposite to its share price performance. Since the start of 2018, the company's share price peaked at 509p on 5/1 and slightly lower at 495 on 15/1. Since then there has been a persistent slide with the share price reaching a low of 272p on 23/4, a drop of 53% since Jan. So how come TAP is saying everything is OK and performance is above average and yet the share price is over 50% below since start of the year? It requires some explanation. I am a momentum investor but confined to companies with strong fundamentals. TAP has very strong fundamentals. So I am baffled. However I stick with my method, which is sell the shares if the share price drops and breaches the 50 EMA and 100 MA. No ifs , no buts. Just sell. Which is what I did at the start of February taking a loss of 6%, It is not a coincidence that the slide started on 15/1 when the placing was confirmed when two of the major directors/ shareholders pocketed £16m. But there must be other stuff going on which we, the small fries, are not privy to. In this scenario, I invariably sell first and ask questions later.
compnews1: thanks for sharing the Times. I can't figure out why their share price has been down so much when their March 2018 final result look good, Stockpedia mentioned a few months ago that their ROCE & ROE are near 40% and Simply Wall based mainly on cash flow and indicates that TAP share price could be worth £6.48, directors are buying. Any view would be appreciated. Thanks
nocrap: The End Of (Artificial) Stability By David Scott | Monday 12 March, 2018. There are many ways of assessing the value of the stock market. The Shiller PE (price relative to the past decade’s worth of real, average earnings) and Tobin’s Q (the value of companies’ outstanding stock and debt relative to their replacement cost) are possibly the two best. That doesn’t mean those metrics are accurate crash indicators, or that one can use them profitably as trading signals. Expensive stocks can stay expensive or get more expensive, and cheap stocks can stay cheap or get cheaper for inconveniently and expensively long periods of time. But those metrics do have a good record of forecasting future long-term (one decade or more) returns. And that’s important for financial planning and wealth management. Difficult though it is sometimes, everyone must use an estimated return into a formula for retirement savings. Stocks will almost certainly return less than their long-term 10% annualized average for the next decade or two given a starting Shiller PE over 30. The long-term average of the metric, after all, is under 17. Another way of looking at how expensive the market has gotten recently is to look at sales of the S&P 500 constituents and relate it to share price. Companies are always manipulating items on income statements to arrive at an earnings number. Recently, record numbers of companies have supported net income numbers with non-GAAP metrics. That can be legitimate sometimes, but on the whole companies use it to manipulate profits and share prices up. For example, depreciation on real estate is rarely commensurate with reality. But it can also be nefarious, as Vitaliy Katsenelson recently argued in criticizing Jack Welch’s stewardship of General Electric, which Katsenelson characterized as being more interested in beating quarterly earnings estimates rather than in creating long-term wealth. And that’s why sales metrics can be useful. They are less easily manipulated. From the beginning of 2009 through the end of 2016, companies in the S&P 500 index grew profits per share by nearly 4% annualized, a perfectly respectable number for a mature economy. But price per share grew by a whopping 14.5% over that time. Over that 8-year period, sales grew less than 50% cumulatively, while share prices tripled. Anyone invested in stocks should worry how do share prices get so divorced from underlying corporate sales? One likely answer is low interest rates. But there must be other reasons because we’ve had low interest rates and low stock prices before – namely in the 1940s. That was after the Great Depression, and stocks were still likely viewed as suspect investments. Today, by contrast, stocks are not viewed with much suspicion, despite the technology bubble peaking in 2000 and the housing bubble in 2008. Investors still believe in stocks as an asset class. And yet, the decline in rates over the past four decades has been breath-taking, as has Federal Reserve intervention. James Montier of Boston asset manager, Grantham, Mayo, van Otterloo (GMO), has studied stock price movements over the past few decades and found that a significant percentage of upward price movements have occurred on or before Federal Open Market Committee (FOMC) days. Montier estimated that 25% of the market’s return since 1984 has resulted from movements around FOMC days. Moreover, the market has moved higher regardless of what the FOMC decision was. If this is a stock market bubble – and the data shows unusually high prices relative to sales and earnings – it is a strange one. One doesn’t hear the anecdotal evidence of excitement – i.e., cab driver’s talking about their latest stock purchases, etc.…. This is perhaps a kind of dour bubble, where asset ownership at any price seems prudent in an economy that is becoming less and less hospitable to ordinary workers. Or, as Montier wrote in a more recent paper, this may be a “cynical”; bubble where investors know that shares are overpriced but think they can be the first ones out when the inevitable decline begins. Most valuation parameters are either the richest ever or among the highest in history. In the past, levels like these were followed by downturns. Thus, a decision to invest today must rely on the belief that ‘it’s different this time.’ I’m convinced the easy money has been made.” Most of corrections and crashes follow initial warning signals. Very often, market tops are followed by a few setbacks, followed by new highs, until the ultimate correction occurs. The 2000 dot-com collapse is a perfect example. The initial correction started on March 11, 2000, but the index didn’t bottom until October 2002 after losing 78% of its pre-crash value. Similarly, the Financial Crisis of 2008 and the collapse of Lehman Brothers were preceded by the 90% share price drop and subsequent bankruptcy of New Century Financial in March and April of 2007.The market peaked on October 9, 2007—a full six months after the initial shock. Then another five months later, Bear Stearns crumbled, followed by IndyMac in July 2008. The Question You Should Ask Yourself The question investors should ask themselves is: Which part of the cycle are we in today? Are we closer to a top or to a bottom? If we are closer to a top and we start seeing early signs of a correction, it’s important to adopt a defensive investment strategy before a more serious crash occurs. The market may still reach new highs, but the risks are mounting. Personally, I’d rather sacrifice a bit of performance to protect the downside. The reasons why we want downturn insurance in place now are: Stocks still have rich valuations today, especially the FAANGs. P/Es are high compared to historical averages. Over the last several years, corporations have used leverage for financial engineering rather than boosting productivity. US corporate debt levels are at an all-time high (above $6 trillion or about 31% of GDP). This excess leverage is fine when interest rates are low, but it can be deadly in a recession. In addition, stock repurchases don’t have the same impact on profits than capital investments. Interest rates are expected to increase because of the Fed’s tightening policies. Treasury issuances will likely increase over the next few years. Unfortunately, this may coincide with lower demand for US debt from both international and domestic buyers. Higher interest rates will put pressure on demand for consumer goods and real estate. These are two critical drivers of economic activity in the US. Many asset categories are currently in bubble territory and prone to downward adjustments: growth stocks, bonds, real estate in many markets, arts, collectibles, and luxury goods, and cryptocurrencies. Geopolitical risks are not insignificant (North Korea, Iran). Political gridlock in the US could lead to paralysis after the mid-term elections. Heightened risks of protectionism and trade wars. There are some positive indicators that could prolong the current expansion—such as high employment rates and robust economic activity in all the developed economies. The Trump administration’;s tax reform could also boost the economy, although most of the benefits are likely to be delayed. As far as I am concerned the risks when valuations are so full are simply not worth taking. A branch of journalism that might be called, “don’t worry, be happy, because this time is different” tends to pop up at the peak of cycles when imbalances that caused past crashes start to reemerge. Eager to keep the gravy train going, business publications send reporters out to interview industry experts (who are making fortunes from the ongoing expansion) on why this batch of imbalances is no problem at all. And sure, enough they find all kinds of plausible-sounding rationalizations. In the 1990s dot-com bubble, for instance, stratospheric P/E ratios didn’t matter because for New Age tech companies earnings were “optional.R21; In the 2000s housing bubble record mortgage debt didn’t matter because home prices would always rise faster than the associated borrowing, keeping homeowners above water and banks ever-solvent. Subsequent events proved this to be nothing more than insiders trying to keep the deals flowing. Now, with pretty much every major indicator signalling a peak for the latest cycle, “don’t worry, be happy” is once again a popular journalistic beat. As the world watches to see if Trump will follow through with his threat to put on steel and aluminium import tariffs, Europe continues to quietly ratchet up its own trade war with China. On Tuesday, as China was trying to define its future trade relations with the US, it was delivered a broadside from the European Commission after Brussels announced it had renewed tariffs on Chinese steel imports, some as high as 71.9%, saying producers in France, Spain and Sweden face a continued risk of imports from China at unfairly low prices. Ironically, that's the same thing that Trump is saying. The original measures, imposed last April, saw Europe setting anti-dumping duties on imports of hot-rolled flat steel products from China at a higher rate than the preliminary tariffs already in place. The European Commission explained it had set final duties of between 18.1% and 35.9% for five years for producers including Bengang Steel Plates, Handan Iron & Steel and Hesteel. This compared with lower provisional rates in place of 13.2 to 22.6%, following a complaint by EU producers ArcelorMittal, Tata Steel and ThyssenKrupp. Last week Bloomberg reported that the European Commission reimposed for another five years the duties, which punish Chinese exporters including Huadi Steel for allegedly dumping pipes and tubes in Europe; the levies range from 48.3% to 71.9%, depending on the Chinese exporter. “The repeal of the measures would in all likelihood result in a significant increase of Chinese dumped imports at prices undercutting the union industry prices," the commission - the 28-nation EU’s executive arm in Brussels - said in the Official Journal; the five-year renewal will take effect on Wednesday. And even though China’s share of the EU market for stainless steel seamless pipes and tubes has been negligible, and hovering at around 2% since 2013, Brussels had no problem with pursuing what it thought was fair remedies. The financial crisis, global recession and a long, slow recovery have dented public faith in central banks and it’s going to be a hard slog to win it back, according to the Bank of England’s chief economist. In a speech on Tuesday, Andy Haldane said credibility and trust are the “secret sauce of central banking” and there is no quick fix to regain them. That’s partly because of resentment among people about slow wage growth, faster inflation and the perception that whatever spoils the economy offers haven’t been shared equally. Over the past several years the largest buyer of U.S. treasury debt was the Federal Reserve through fiat money creation. That is printed money to buy the date of the government. Now, the Fed has tapered quantitative easing and is dumping their balance sheet at a rate faster than anyone expected. The Fed is pulling the plug on its artificial support of the economy. The next largest buyers are major foreign central banks in countries like China, Japan and to some extent the supranational EU. If the debt buyers of last resort are now the very same countries Trump is seeking to enact tariffs over, this is unlikely to end well. They will dump U.S. treasury bonds pushing up yields and interest rates and perhaps even dump the dollar the world reserve currency. The Fed under Jerome Powell has made it crystal clear that they will be raising interest rates and cutting the Fed balance sheet, perhaps more than their dot plots had indicated in the past. Without low rates and a steadily rising balance sheet we have already seen the results. Stocks have gone crazy compared to the past few years, dumping nearly 10% one week, spiking about half that the next week. It is no coincidence that the first two times the Fed reduced its balance sheet the Dow plunged over 1,000 points. The latest dump of $23 billion at the end of February resulted in a drop of around 1,500 points. It is too early in this process to know what the trend will be, but it seems to me that stocks are being steam valve down every month. With a marked decline just after a balance sheet dump, followed by a less impressive dead cat bounce the week after. One thing is certain, the supposedly endless bull market induced by the Fed years ago is now over. Investors are yet to wake up to this new reality and for most they will do so, too late and significantly worse off. Remember in 2006, everyone (please exclude me from this) from Ben Bernanke to Goldman Sachs thought 2008 was going to be a great year and we all know how that turned out! posted today on sahre prophets, what do i take from this, simply if interest rates got higher and higher, then their is no incentive to own stocks, the risk is too much and safer gains by bank deposit accounts, but needs to be around 10% plus, and buffett also said that. plus maybe the time is to own low, p/e stocks like tap, and get away from the over priced, world famous US tech stocks.
nocrap: I leave the more puzzling questions about where should a company target new sales, its competitors, etc, thats the job for the ceo.!!! and their big wages. i look for industries that are growing, stock with a low p/e, a low peg ratio, a good ROE, a growing share price, low volatile stocks, little debt.increasing earnings per share, undiscovered stocks heres a post from stockopedia last summer. However, whereas much of XLMedia’s profit comes from the gaming sector, Taptica works with some of the biggest consumer brands in the world. Here’s a snapshot of a few of the companies featured on its website: 5937c95b415e2T2.png Source: Taptica operates in more than 15 countries with over 600 apps and brands. The company’s user database handles more than 22bn requests each day and contains 220m user profiles with more than 100 data points for each user! It seems to me that Taptica must be becoming a significant player in this sector, providing tailored marketing for big brands, mainly through targeted mobile advertising. Do the numbers stack up? Taptica’s sales have risen from $20.3m in 2011 to $125.9m in 2016, giving a compound average annual growth rate of 44%. Net profit growth has broadly matched this, rising by a CAGR of 42% over the same period (although the figures for 2011-2013 are pro forma, as Taptica only floated in London in 2014). The firm’s 2016 results were certainly impressive, as Paul Scott commented at the time. Revenue rose by 66% to $125.9m, while gross profit rose by 118% to $46m, thanks to an improvement in gross margin from 27.8% to 36.5%. Taptica ended last year with net cash of $21.5m, despite spending a total of $16.5m on acquisitions, share buybacks and dividends. This is clearly a cash generative business and I’d expect this to continue. In my view, the group’s data-driven marketing approach is likely to become more effective and efficient at larger scale. Scope for re-rating? The market appears to remain sceptical about Taptica, probably because it’s an overseas company listed on AIM. The only time Taptica’s share price climbs is following a broker upgrade and/or a strong set of results. To highlight this I’ve placed the chart for the last year above the broker forecast trend for the same period: 5937c99579acdT3.png Despite this, the shares have enjoyed a significant re-rating over the last year. The consensus earnings forecast for 2017 has risen by 110% since June 2016, from 12.7 pence to 26.7 pence per share. Over the same period, the share price has risen by about 280%. So we can see that Taptica’s 2017 forecast P/E ratio has risen from 6.2 to 11.3 over the last year. As Taptica reports in US dollars, the precise level of re-rating may have been affected by the depreciation of the pound. But the trend is unmistakeable. Affordable growth? With a StockRank of 96 and a StockRank Style of Super Stock, the omens are good. However, Taptica’s strong growth last year means that the ValueRank, which uses trailing figures, is a relatively weak 53. That’s not necessarily a problem, as the group’s trailing valuation figures are still relatively appealing: 5937c9aa0ff43T4.png The highlights for me are Taptica’s trailing price/free cash flow ratio of 12.5 and its earnings yield (EBIT/EV) of 9.2%. These two figures alone suggest decent value to me. After all, inverting the P/FCF ratio gives a free cash flow yield of 8%. That represents money which can safely be returned to shareholders or used to invest in growth. Taptica’s high price/book ratio doesn’t concern me, as this is a business built on people and intellectual property. Its value lies in the earning power of the complete package. Overall, I’ve no concerns about Taptica’s value scores, given its current growth rate. Top quality Taptica’s QualityRank of 99 suggest a near-perfect set of figures. The reality certainly looks promising: 5937c9b743460T5.png I think it’s worth noting that the six-year average return on capital employed (ROCE) is probably being skewed by the presence of pre-IPO figures in the Stockopedia data: 5937c9c253b23T6.png Did Taptica really generate a ROCE of 1,215% in 2013? It seems unlikely. However, the group’s post-IPO average ROCE of 20.9% is far more credible and still very high. All the other figures in the QualityRank calculation seem fine to me. One particular attraction is the Piotroski F-Score of 9/9, which confirms the wholesale improvement in the company’s performance seen in 2016: 5937c9cc7bdd2T8.png The F-Score is a great way to get a snapshot of a company’s financial health and recent performance, in my opinion. It’s also heavily weighted in the QualityRank calculation, so high quality stocks usually have high F-Scores. Does Taptica still have momentum? Taptica’s habit of only making gains after a positive update hasn’t prevented the stock from earning a MomentumRank of 91. Price momentum factors are particularly strong, as the screenshot below shows: 5937c9daf3381T9.png Looking ahead, earnings per share are expected to rise by 30% to $0.34 this year, putting the stock on a fairly undemanding forecast P/E of 11.3. The dividend payout is expected to rise by 65% to 7.1 cents or 5.5p. This should give a more attractive 1.8% yield, while still maintaining dividend cover of about 4.8x. Although stingy, this payout ratio should mean that Taptica will still have the firepower needed to make acquisitions or buyback shares without using debt. My verdict: I can’t see any obstacles to further growth for Taptica. The valuation looks reasonable and the firm’s financial performance seems excellent. I’m going to add Taptica to the SIF portfolio this week. I’ll also buy for my own portfolio after this article has been published.
Taptica share price data is direct from the London Stock Exchange
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