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I went through that whole process with icm re :xxx
Eventually we won but was a multi year and almost $6Mm in legal fees to triumph . Not for the feint hearted or shallow of pocket .
See today’s telegraph , I’m still at it :-)
https://www.telegraph.co.uk/news/2020/01/16/tech-companies-launch-legal-action-force-government-bring-18s/
That’s an interesting read 2crazy - blimey what a web of deceit all over a domain name!!! ICANN don’t come out of that review with any morals - but from what I read that’s common behaviour for that organisation. Who knows .hotel might be back on the market at some point - or maybe some compensation paid to reflect what appears to be a very dodgy process. SB
Interesting that .hotel is still not resolved ICANN drama continues. Fegistry, LLC, Minds + Machines Group, Ltd., Radix Domain Solutions Pte. Ltd., and Domain Ventures Partners PCC Limited (.HOTEL) 16 December 2019 https://www.icann.org/resources/pages/irp-fegistry-et-al-v-icann-hotel-2019-12-20-en
Not that many sellers about Bakky, (only about 40k sterling total sales).
MM's playing games again!
don't forget the one offs like the $1.4M for the review costs. Every little helps.. Cheers SJL, all looking good it seems. Very odd all these sellers about atm..
Bakky ,
Wouldn’t be a calc on revenues , more of a guess( also what are revenues ? Billings ?) If they sell a $3,000 adult block for 10 years in sept 2019 do they take $75 revenue for 2019? Hard one to forecast . As a simple Black Country bloke , I’m more of a cash through door kind of guy together with contracted recurring ... I think new trading cash through the door could well be 18-$20MM but “ reportable revenue as per FRS15?” Not so sure ... I think they “ should “ over achieve the fincapp forecast handily and again , with cash already in the bank , they may sensibly “ feed in “ the accounting revenue so that 2020 numbers show good progression from 2019.....with the extra cost cutting I have heard about and revenues not shrinking , just keep grinding extra cash profits out and wait for the inevitable bid .. make it a clean already trim easy bolt on for one of the PE players and talk the P/E up based on the future cost savings a consolidator would make by folding mmx in . As I have said many times a pro forma post acquisition $13-14MM profit for the buyer translates into a 20p price at the top end ... I will be quite amazed if shared don’t hit double digits before end of March .
''Ongoing channel growth, billings currently trending 15% ahead of Q3 2018 with brokered sales in line with the same period last year.'' and Q4 trading well whatever it means for TH sounds like 5-10%. Imo now they should know if we got a good start of the year. All depends all AdultBlock, .luxe and .law numbers. Hope we will get another positive update with clear path forward.
Correct bakky. H1 2018 was $6.4m, H2 2018 was $9.3m - $15.7m full year less $600k prior years adjustment. H1 2019 to date $8.9m - could we do $10m+ in H2 - let’s hope so!! SB
ah, forgot that Icm had the full year and not just 6 months, so yes nearer your numbers at least.
I haven't checked but I thought revenue was just over $15m last year.
bakky - did you mean $16M? That would equate to a 25% drop from the corresponding period last year. Even with no growth in H2 2019 we would hit $18.2m - which is pretty much where fincapp are. I am hopeful we will be $19m+ revenue, close on $7m ebitda before any write back of the $2.8m .London settlement accounting gain.
Nice to hear from you SJL - oh to be a fly on the wall in seattle.....SB
so SJ, with your best back of fag packet calcs, what is your opinion of y/e results? I am going for around $16m revenue and $6.5m ebitda. All depends how Adultblock has performed though.
I guess that’s where the 32 MM or so if options granted last year come in .
Gives them $1.5MM each on a decent exit .
That’s was the buy off from the non execs I think if u ask me ..
To be fair if a would be aquiror made an approach and weren’t getting too far they would know where to come :-)
thing is, why would TH/MS want to sell? Wouldn't they and others be doing themselves out of a job? I know it's not their call, but surely they would resist for as long as they could?
Bakky,
Wouldn’t we all !
They will sell but imho are playing it wisely : the buyers will come ...
get it up for sale !! I will rip your arm off for 15/16p..lol
Hi chaps,
Been laid a bit low recently with a decent dose of the old “ man flu “ , hence no posts.
From what I understand the BOD are meeting in Seattle yesterday and today and I’m sure they will be reviewing a lot of things and 2020 plans .
I recently had a few calls from the remaining icm staff who have been laid off post migration of the backend to Uniregistry. Assuming that Toby and Michael know what they are doing this is positive cost cutting and in truth of the the $2M plus overhead icm had from what I can see is zero left and COGS have been reduced with back end switch . We were making almost $5M ebitda on circa $7.5MM revenue and some simple bag of fag packet math can indicate that at similarish revenue levels with say adultblock taking up the slack of lack of one off premiums and I would say less than $500k of cogs and OH , you can see what FY contribution the former icm tlds can make . Minimum $6MM, imho perhaps more .
With Afilias likely to now be worried as they will no doubt lose the .org back end and other portfolio providers not looking so stellar , to me it appears that mMX is appearing to be the pick of the litter not perhaps the basket case it may have been viewed a few years ago . On any Pro rata valuation compared to org and / or donuts indicates a circa $180-$200MM valuation all day long on an exit . Imho the company is in an excellent position and the “ gamble “ we made selling to them in a partial stock deal I believe will end up proving to be a good move
no probs SB, lol. Bearing in mind the update is expected to be very decent I did expect a bit of buying up to the month end.If they had bettered expectations materially then I would have expected to have heard by now as they will have had the Rev figures for a while now.
19p - your going to need to update your poster name! And on the subject of SJL - someone registered icmregistry.adult today!! SB
I see icmregistry.adult and Rolex.Luxe just gone through.
thanks for the reassuring shareholder hug bakky.....i'm still hopeful - but it does make you wonder. SB
Just before a time when it seems very probable we should be getting some really good news/results the sp acts to the contrary. pretty much without fail. I have been in business a long time, i guess i know the basics, ( printing business we are now trying to sell) all the key business indicators as regards MMX look very positive other than the fact the whole market has not worked as most of us thought/hoped it might but that was factored in long ago. I really can't see why this sp will not fly ( for all the reasons given on this board inc SJL) bear in mind the sp was at 19p about years, all based on fantasy, sentiment with no figures to back it up other than failed auction monies that would likely keep us afloat - unusual but true. Why the eff would anyone sell now?? you would have to be DDB&Stupid excuse me! Give me 19p now pleease...........
SJL, can we have a view from you please .............................Huckster
well, there does seem to be quite a few that think the update is not going up to be up to much, otherwise why sell now, unless they know the crap that it coming? lol.
just wish the revenue would reflect the increase in reg's, which of course it won't.
There are some freemium domains, but the constant growth tells us that they're either renewing them at a higher fee or just buying alternatives for whatever scheme they're using them for. The real danger with freemiums is that they buy them in huge chunks and don't renew, leaving us with declining domain sales. Whilst I've been disappointed overall by the progress MMX has made over since the initial .London announcement, this years growth in domains has been surprisingly good.
For my figures, I used ntldStats for the group: 1st Jan 2019 - 1.7m to 1st Jan 2020 2.45m
So, a 750k growth, which is 44% of 1.7m.
https://ntldstats.com/registry/group/Minds-Machines-Group-Limited
I know it doesn't include everything, but it's the best easy representation that we can get.