Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
I don’t disagree ART on Aidan talking the talk. Yes he talks a good game. And yes I think the slow start from August to January is testament to that fact. However.... Sanj really gives me confidence because he’s knows the tech, and the sector. I’m betting on him to deliver progress. I don’t believe for one minute that Sanj is just sat on his hands doing nothing. I do however believe that Aidan has fingers in too many pies and possibly doesn’t have 100% focus to deliver in a timely manner. As for price action. If this dips as low as 2.3p that’s no problem. It it stays above 3p then brilliant. Long term this will be many multiples of what it is today imo.
Nearly there
The other thing that’ll be interesting to see is what the average no. of customers per booking will be. Minimum booking has to be £2 on average. I’d assume most bookings will be bookings for two. Then groups of 3s and 4s. So actually if we a just going by £1 per booking that metric is pretty false. Because it’s definitely not going to be a dinner for 1 on every booking. It’ll be bums on seats not the booking per se that could be key, I believe the most common booking will be for 2 people and so that’ll be a £2 fee minimum. So there’s potential to multiply most of these calculations by 2!
Yes you are right 28 days are missing. These are just rough low end estimates from my part and don’t account for restaurant closures, public holidays, consumer spending trends and other macro economic trends that may effect business.
Yes I'm looking at Q4 2019 for a real first indication of where BigDish is heading.
I remember getting my first Tastecard (maybe 2012/13?). You applied and they sent you a card via the post. Then you had to check which restaurants accepted the deals online via desktop. When you went to the restaurant you'd get a blank look from the waiter when you presented the card. They had no idea what is was or whether they accepted it. Then after a bit of commotion and confusion they'd finally accept and they'd redo the bill with the discount. It took time to establish itself, then it was subject to a £100 million offer in 2015.
Technology has changed. The app is free to download. Its plain and simple and you avoid confusion by submitting the booking beforehand. There'll be some initial teething problems for sure. It'll take time but I'm confident in Sanj to deliver the same seamless experience as Deliveroo and Ubereats; orders are nicely coordinated between the delivery riders and the restaurants and its a smooth experience for the customer.
If anyone remembers when Deliveroo app first arrived. There was hardly anything on the app. Same with Uber. No cars in your vicinity. Then in the space of a few months it just exploded. Deliveroo in my region went from a blank page, to a few restaurants to big chains to endless list of restaurants and pop up kitchens specialties.
JustEat took years to establish itself. It arrived and then after a maybe two years or so it exploded and went mainstream. Was it the advertising partner to BGT or the Xfactor in 2017?
Yield management model has worked elsewhere. No reason it cant work in the UK. If they had BigDish in my city I'd definitely use the app.
If they managed to get 200 restaurants on board with an average across those restaurants totaling 10 visits per day; and say restaurants on average being open 6 days a week.
Then over a month, that would be 200x10x6x4=£48,000x12= £576,000 annually in revenue.
That's with really poor uptake on both the restaurant roll out and diner uptake
Now imagine they reach half the 2019 strategy update target of 3000 restaurants by YE.
Lets assume an average across restaurants from those not as popular getting 1 or 2 bookings a day to those more popular ones getting 20 or 30 bookings a day.
In fact I'll be more conservative in my outlook, lets say on average 5 bookings per day per restaurant on a 6 day working week.
That's 3000 restaurants x 5 bookings per day per restaurant per day x 6 days per week opening hours =£360,000 in monthly revenue. That's £4,320,000 in annual revenue.
That's all calculated at £1 per head. Remember Aidan stated that the charge is per diner not per booking!
Now lets look at a more optimistic scenario;
3000 restaurants x 10 bookings per day x 6 working day week x £2 charge because people dine in groups or as couples.
£360,000 weekly
£1,440,000 monthly
£17,280,000 annually
Thats another thing of note here How many stocks like these would be classed pre revenue. Not generating anything. Never mind breaking even. As we speak BigDish are generating revenue. And with the role out of the app across 16 new territories thats more potential revenue coming in. Not many stocks on AIM can claim that. (I know this is MM listed). £450k per annum potentially already as calculated by others
Updates due soon. Remember both CMEC and GE are both willing and eager and have worked with Ncondezi in a timely manner. Delays both relating to MIREME on tariffs and timelines resolved. Looking good at these levels on RvR.
Jabbers You need to click A-Z for the full list You can change the location at the top right also The font page just list promotional venues or highest ranking restaurants. A feature that will become monetised over time
Moving in right direction The scale of the work to be done at Bibemi and Wapouzi is massive considering the size of the potential mineralised zones. Looking good, more results due this month and further work ongoing at Bibemi to detail the drill prospects News slowly falling into place
This will all look very different by the end of 2019.
BigDish will have 16 new areas on board and a years worth of experience in the UK market, with Sanj's experience from February.
Looking at 1000+ food venues on board and will be revenue generating and as Sanj commented hopefully breaking even.
The whole issue with chains is about the margins they operate at. That'll come at a later stage and would require negotiation and handling at a different level all together. How would that work with franchises also?
So for now to focus on independent retailers makes a lot of sense. They are the ones who would benefit the most at this stage.
Stupidity presents and opportunity. At 5p we have 50% upside at a minimum. 100% if those warrants want to come in. We know the delays were related to dealing with MIREME - firstly the extended talks over the tariffs and secondly approval of timeline. Now they are both resolved. We know both GE and CMEC are and have been willing and eager partners and tied up their commitments to the project in a timely fashion. Followed NCCL now since Feb 2017. This story is coming to a tidy conclusion. Hanno will provide updates on progress in coming weeks on EPC and O&M.