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Cheers BGW - agree 24% doesn't look too shabby and looks like what FM was bringing in mostly. Highlights for me that the accounting for revenue policy is an interesting choice! - using the DSPs cost figure as your own revenue figure, and not usually allowed under GAAP with an agency relationship. This though does make hitting that £6m target much easier - £1.5m sales should do the trick! Maybe this is why JDs not too worried!? Agree though scalibility is the key, which has not been shown to date but there are tentative signs about. Impossible to know at present as data is so limited and everything on lockdown.
Nice post Am I Rich Yet. I looked at the RNS to check your figures. Good to see a post based on a RNS. Isn't another way to interpret it that Bidstack keep 24p of every pound they receive and the other 76p goes to say the game developer? So £1m revenue is in fact just £240,000 income for BIDS ? Still not bad at all.
Lots of people are stressed now especially those who paid more than the current share price but the thing to remember is that 2019 is all about scalebility. In 2020 Bidstack needs to scale up so that it takes its 24% of many millions. GLA.
Evening bidsters - talk about this £300k of sales for year ending 31/12/2018 got me thinking so I've been doing some digging on the figures. Here's my take:
Ok so for:
Year ending 31/12/2018 we have £316,906 sales, £240,849 cost of sales (note 93% of sales to one customer only here).
6 month period ending 30/06/2019 we have £26,692 sales, £20,286 cost of sales.
A few interesting things from the above:
The gross profit margin for both periods exactly the same at 24% (good to know).
But this throws an issue for me: Why should there even be a 'cost of sales' figure for an advertising business? With an agency you would not expect cost of sales. Can only lead to 2 conclusions in my view:
1. Bidstack NOT acting as an agent but buying advertising space from the games pub. (say in bulk) and selling on to demand side clients. Bidstack thus taking the financial risk/reward of matching the two sides to generate max profit.
2. Bidstack IS actually an agent between the Demand Side and Supply Side and the accounting not quite done to standard shall we say – and follows that actual sales should have been reported as £76k in 2018 and £6k first half of 2019.
Problem for me here is that a 24% constant gross profit margin points to an agency relationship and to no. 2 as the most likely candidate.
Any thoughts welcome on this but at least I think the margin figure has been extrapolated as many questions have asked on this in the past.
I get your point and understand. Let's just see what JD has to say...when it comes.
Helx I am of the opinion companies going forward won't want or need to name us, to be fair I would be happy with a triple aaa game has signed an agreement with bidstack. No names so their players don't misinterpret what the ads consist of.
I'm invested here in the mid 20s and was very keen on bidstack's future swervington....and still could be IF the kind of news JD has implied is actually delivered. I'm just incredibly suspicious now as JD will have seen the share price drop nearly 50% and has done nothing to reinsure investor's confidence. I suspect we won't be getting the kind of news he's been suggesting....or anywhere near. I continue to hold just in case I'm totally wrong....as i obviously hope i am. I see codemasters was tipped in this week's The week magazine...but no mention of bidstack...surprisingly enough.
I spent an hour this morning re reading the annuals. I would highly recommend this (presuming you have all read them before).
Reading them not gives me such a different view to when I read them when I first invested. You can see exactly what JD wanted to achieve and exactly what he has.
I am now a very happy very comfortable investor
This has been my thinking for a while, that 300k spend was not only 5 billboards but jla much much smaller inventory with a much smaller audience. Now with dsp and stadia, dirt rally ect, it's not unthinkable to think to make 10-15x that 300k in a short time. This is really the only information we have now but it's not as dire as many are making out. Either way nobody knows, we shall see.
Give JD the rope to hang himself i say
But like bob I'm a believer
So you are a non believer helx
Helx who's getting carried away I was purely providing Rns backed revenue kindly filled out bty HTT to see what the burnt rate to earnings was/could be.
Before we all get too carried away,let's see if JD is credible or just a dreamer.
Wilson we’ve obviously been here too long.
The £300k was test revenue for football manager at the end of 2018, this was a month and a half using only 6 out of 12 bill boards. We now have 11 out of 12.
We also didn’t have any dsps when that revenue was generated.
The £26k was the first 6 months of 2019, disappointing but explained.
So the point is, if we can get £300k for a month and a half for only 6 billboards, with no dsps. What can we get for a full year, I.e. 2020?
https://www.lse.co.uk/rns/BIDS/bidstack-group-plc-final-results-mqhcmioiyctifh4.html
Hi people I obviously didn't explain myself properly or I've been here longer than I think my 300k figure was correct and as evidence I present an Rns.
https://www.lse.co.uk/rns/BIDS/bidstack-group-plc-year-end-trading-update--7qu9s6n5b47aosl.html