Member Info for stt1

Thoth,
"STD still has a chance to double his money here, as he will need it for the looming placing I think at TLY due to poor cashflow management."

Did you get a chance to read the April TU. Previously, on 2nd Apr you suggested the sp would double within a week, ie 10th April double to 14p.
I thought the TU was disappointing as they missed their expectations. The sp has fallen back from their highs of around 7p to about 1/2 your suggested target.
I'm curious as to why you stopped posting here after 2nd Apr and didn't comment on the TU.

What's you view on BYOT's April TU?

Btw, TLY announced a great TU and didn't have a placing as you suggested.

Tricky,

Following on from my previous comment..
"the way inventory payments work is a headwind. I think it's a major headwind for small players like Trmr..."

According to this article, there are concerns regarding Inventory Payments, consequences from Sizmek filing for Chapter 11, as expected.

SSPs Are Taking Extra Steps to Assure Publishers They’ll Get Paid.
Media owners want to avoid the impact of another sudden DSP bust, just as ad spend is plummeting

"SSPs have already been scrutinizing their demand-side partners over fears that current financial constraints will spur another high-profile DSP collapse. Now, SSPs are going a step further to ensure payment to publishers."

"Publishers are already facing a dip in CPMs and fill rates as the buy-side pares down ad budgets during the pandemic. That drop in ad spend has put added pressure on demand-side tech companies, forcing the sell-side to brace for another Sizmek-like event where publishers are ultimately left unpaid."

https://www.adweek.com/programmatic/ssps-are-taking-extra-steps-to-assure-publishers-theyll-get-paid/

Interesting to see products protecting surfaces for 90days. I think they are more useful in school, gyms, cruises etc than products which protect for only 1 day.

So a huge ad company says there's a significant risk to their financial health. Ad demand continues to drop and Covid19 poses a significant risk to its financial health.
If they are saying this then what about the smaller players?

"Despite a decent first-quarter performance, Facebook says the health crisis poses a significant risk to its financial health."

"Over the last three weeks of the first quarter, Facebook said it experienced a “significant reduction in the demand for advertising, as well as a related decline in the pricing of our ads.”"

https://www.mediapost.com/publications/article/350796/facebook-q1-revs-up-17-but-ad-demand-drops.html

Tricky
"Even in difficult times Tremor have cash enough to mount more buybacks and able to make further takeovers when the opportunity presents itself."

They also had enough cash last year for their buy backs. It didn't stop the deeply discounted placing a year ago, it didn't stop the profit warning and it didn't stop the sp from sliding - Their buy backs last year were around 190p.

The cash announced in their results was up to end Dec 2019. This cash balance includes contributions from several rthm operations which have been closed, rthm's DMP, Perk etc. The cash balance also included cash transferred from rthm when they merged in Apr last year.

These discontinued operations will no longer contribute to this financial year, so cash will be lower.

They didn't publish a cash balance as of 31st March, which would have provided clarity as to how they have performed with the continuing operations and inventory payments.
Rthm also had $75m in fy2017, yet at end of 2018, they had only a fraction remaining.

Ajithoth,
"So any positive news and the herd will push to up as we have seen in AIM on many a occasion"

The herd. Did SAR spike based on a presentation???

Sar and many of the Covid19 shares remind me of the dotcom days when any company remotely associated with .com instantly became worth £100m's only for reality to sink in when you look at fundamentals and prospects. Like so many times in the past, the .com bubble also burst.

PIs always look for 'get rich' schemes. Herds of PIs tend to lead to pump/dump situations.
Read the company newsflow.
Twitter is not an official route for publishing company news.

Frac
" “Selling all they can make “ Still!"

They don't quantify it though. They could be making £1k worth and still selling all they can make.
They provide visibility for Q1, which ends next month.

"We entered the new financial year with a strong order book exceeding £2m and expect to generate record sales from products (i.e. excluding licenses, royalties and technical development deals) in the first quarter of the year."
"There are also many additional orders STILL being assessed for deliverability
against the supply chain constraints being experienced across our whole industry sector."

https://byotrolplc.com/wp-content/uploads/2020/04/2020-04-24-TU-FINAL-pdf.pdf

Safi
"Would you sell when there is an active buyback?"

The buy back a year ago started when the sp was around 190p mark..

the webcast from last year, which was also very positive yet a few months later, H1 in Sept, they failed to backup those bullish comments, as expected..
They missed expectations by a huge amount..

Listen to last year's webcast. read Finncap's reports from Apr 2nd 2019 and compare to the actual in their latest report - massive miss of expectations.

https://www.piworld.co.uk/2019/04/12/taptica-tap-investor-presentation-april-2019/

Also last year, despite the buy back, there was a secondary deeply discounted placing at 140p.

Therefore, the fact there is currently a buy back, doesn't mean anything.

Frac,
"Going for an Easter break"

Have you read the TU? It's just you haven't commented on them.
Do you think 'the smart money' are still on their Easter Break?

I think Byot need to provide visibility beyond Q1.

Investopian.
"I still stand by my earlier comments around the increase in short term costs to ramp up production."

Their cash balances have been reducing for years, nothing to do with Covid19.

Cash balances:

fy2018 £3.85m
fy2019 £2.8m
H12020 £2.01m
fy2020 £1.7m

They missed expectations despite the huge increase in orders due to Covid19.

Period, expectations excluding Covid19, actuals including covid19

Revenue £6m, £6m
Adj EBITDA £0.4m £0.25m
Cash £2.6m, £1.7m

https://byotrolplc.com/wp-content/uploads/2020/04/2020-04-24-TU-FINAL-pdf.pdf

Cash balances:

fy2018 £3.85m
fy2019 £2.8m
H12020 £2.01m
fy2020 £1.7m published today

Actuals v Expectations:

Actuals INCLUDING Covid19 - Expectations pre-Covid19:
Revenue: actual £6m, expected £6m EXCLUDING Covid19

Adj EBITDA: £0.25m including sales due to Covid19 & fy contribution from Mediamark
Expected £0.4m excluding Covid19

Expected net Cash: £2.6m, actual cash £1.7m

Missed revenue, Adj EBITDA and Cash expectations

Finncap - free to register:
Expectations from Int report - 19th Dec 2019 (5months ago)
Actuals Fy report - 27th April 2020

https:finncap.com

Investopian
"Isn't it probable that they've had to spend significant cash to fund the increased demand on production? "

That doesn't explain the fact the revenues were only £6m, which was the expectation, EXCLUDING covid-19 sales.
Given they claim they are seeing record orders and they working flat out, it's very disappointing that they managed only £6m revenues.

The TU was as expected, disappointing. The sp rise had already factored in the spike in in sales, as expected.

Given the huge demand for sanitiser and cleaning products and the fact we're in the worst Pandemic for a century, the TU was poor.

They only managed £6m revenue and adj EBITDA of £250k against PRE-COVID expectations of £6m and £400k.

That is a huge miss on their expectations.

They have been seeking US partners for months and are still talking about.

What's happened to Target Trial?

£25m for a company with only £6m revenues and £250k adj EBITDA.. really!!!

Poor TU, given the huge increase in sales that were expected..

This year, Trmr were supposed to benefit from the Olympics and the US Presidential Elections. The Olympics have been postponed and the US Presidential Elections are hardly front page headlines at the moment.

How much of the expectations for this year included contribution from the Olympics and the US Presidential Elections?

Tricky,
"These headwinds include cancellation of ad-spend and even more delays of payments to DSP's"

Good to see you agree, finally, that the way inventory payments work is a headwind. I think it's a major headwind for small players like Trmr...

Trmr's cash position may sound impressive but it's not a huge amount. Look at Sizmek, the largest 3rd party ad server provider.. they still ended up filing for Chapter 11 bankruptcy protection...

Apart from inventory payments, there are still GDPR & CCPA challenges to hit ad tech this year.

Sonnets

"New accountants/auditors were engaged for the accounts/audit"

That won't affect publishing a TU...

However, it may affect the final accounts.
Last year, instead of getting their accounts qualified, they CHANGED AUDITORS.

I think that's a very questionable move.

The shares were suspended last Sept.

"The Directors have made every effort to resolve this matter to our auditor's satisfaction, without success. Whilst it may have been possible eventually to obtain a suitable response, the length of time this may have required was indeterminate, and the Board took the decision that the interests of shareholders were best served by publishing the accounts with the consequential qualified audit opinion but resulting in the lifting in the suspension from trading on AIM. Since the year end we have transferred over £86,000 of the aggregate amount from the bank concerned to another commercial bank and intend to transfer the balance shortly"

https://byotrolplc.com/wp-content/uploads/2019/10/2019-10-11-Posting-of-accounts-and-restoration-B-3.6.pdf

"and increasingly now in commodity chemicals as the crisis accelerates."

The update states that the manufacturers are facing commodity chemical supply problems.. as in NOW, as of the March 23rd update.

From yesterday's TU:
EBITDA ahead of expectations of £3.4m, so maybe £3.5m-£4m
Revenue below expectations of £120m, so maybe £100m-£120m
Cash: £8.9m

https://www.morningstar.co.uk/uk/news/AN_1587389989891623900/totally-expects-annual-earnings-ahead-of-expectations.aspx

Allenby expectations
revenue £120m
ebitda 3.4m
pbt 1.3m
divi 0.5p

http://www.allenbycapital.com/research/research-tot_18_4122046844.pdf

Revenue: £100m-£120m
EBITDA of £3.5m-£4m
Cash: £8.9m

Divi for yr: 0.5p if retained.

Mcap £23m!!!