George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
WHI View: After two fair value estimate uplifts in April, we are placing our fair value estimate of 49.8p for i3 Energy under review for a material increase to reflect the increased production and cash flow that we expect to result from the more than doubling of the company’s 2022 capex guidance, announced today. We believe that the company’s operational results are robust and believe that it is highly encouraging that its newly producing wells are all producing at or in excess of their pre-drill expectations.
Increase in capital budget and 2022 NOIs upgraded to $241m!
Huge increase!
And now looking at 24kbopd!
'The revised capital budget is forecast to provide peak production above 24,000 boepd.'
What an opportunity to top up.
Think some people don't understand the RNS. It's just a large holder taking some profits and selling some of thier shares to other shareholders. It's nothing to do with the company. It's not a placing.
That would be huge news if true MB10. Would double LVCG's take of the largest revenue stream!
Girdz,
I've read the report. There is no issue from the auditors. This is their conclusion:
'As a result of our procedures we conclude that the group’s revenue is stated accurately in all material aspects.'
Cenkos have a 30% gross margin this year and a 34% gross margin next year.
Margins are increasing.
£25m revenue at 34% gross margin in 2023 give £8.6m gross profit.
Also the new SAAS revenue is forecast to be around a 75% gross margin.
Girdz,
At some point the business will see huge scale. That's why we've all been here for the past few years. It's taken longer that expected but it's now starting to happen.
If ever there was a time to consider turning back to being bullish it's now.
They may need a bit more cash to get them there. But it shouldn't be much and there should be a lot of good news for the rest of the year.
As I said, they should need very little extra cash now, if any. They may also have other funding options. From today's Cenkos note:
'Funding
On 2 July 2021 Bidstack completed an equity funding round with investors to issue a further
543.2m shares at 2p, raising a gross £10.9m before costs and leaving the balance sheet well
capitalised.
We previously estimated that this funding round would sufficiently finance the business through
FY21E and FY22E and possibly through the profitability inflection point, depending on the pace
of revenue growth and gross margin achieved. We believe this remains possible despite the cash
looking tight by the end of FY23E
Into FY23E, if Bidstack remains on course to achieve or better current forecasts, we believe there
would be various funding options open to the company should additional financial headroom
be required as the company moves towards profitability and internal cash generation.'
The new forecasts are fantastic news.
They were always going to need the fundraise wording as part of the going concern disclosure.
Great thing is, it looks like they will need very little cash and it will be the last time.
In fact Cenkos show them still having a small bit of cash at the end of 2023 without a raise.
I'd expect maybe a very small raise at the start of next year. Possibly a loan though - they now have the Azerion contracted revenue which they can use as security.
Great to see 2023 revenue forecast at £25m by Cenkos.
Based on that the are forecasting a loss before tax of just £1.4m. And due to a corporate tax R&D rebate they are forecasting cash out of just £0.6m for the year.
Virtually break-even for 2023!
https://twitter.com/thesageinvestor/status/1517393909181304834
Lots of chatter about Microsoft opening up to in-game advertising. Huge shift for the industry.
From the Xaxis announcement last month we know that additional supply for console is coming in the next few months.
All coming together.
https://www.investegate.co.uk/bidstack-group-plc--bids-/rns/bidstack-partners-with-groupm-s-xaxis/202203090700121144E/
'The inventory is available across mobile, PC, cloud gaming and VR formats, with additional supply for console being added in the coming months.'
This is huge!
Miniclip has over 4bn downloads. One of the world's largest mobile publishers.
Soccer Stars has over 50m downloads on android alone.
https://twitter.com/HenrySundayHere/status/1512394475963879425
https://twitter.com/HenrySundayHere/status/1512394475963879425
Last week we saw that Bidstack are listed as an Ad Partner in Miniclip’s privacy policy. The only in-game ad company listed. Miniclip are one of the world’s largest mobile developers with over 4bn downloads
Now it’s been spotted that Bidstack are listed as an Ad Partner in Playgendary’s privacy policy. The only in-game ad company listed.
https://playgendary.com/en/third-party-service-providers-ltd/
Playgendary are a top 10 mobile game developer. They are huge. Over 2bn downloads and over 250m monthly active users.
https://playgendary.com/en/about
Bidstack are tying up some serious gaming real estate now. They are building a monster.
Unbelievable find.
I don't think it's cryptic at all. Bidstack are clearly shown as an Advertising Partner.
Miniclip are huge. Over 4bn downloads! Top of the mobile charts globally for mobile sports games.
I think it's clear Bidstack are working with them. In the recent presentation Miniclip were listed as a publisher that Bidstack were working with:
https://www.youtube.com/watch?v=MFb3FWneeIM&t=206s
Bidstack are building something huge.
How good are these ads.
https://twitter.com/thesageinvestor/status/1508333048382857216
Amazing stuff. Huge brands, games with huge player numbers, great looking ads, huge revenue
Fill rates for adverts, especially in the US, are very high. Far higher than I've ever seen them.
I just opened up 10 Bidstack mobile games with a US vpn and got served an ad in 9 out of 10 of them in my first game. Almost all Samsung.
Far higher revenue than we've seen before.
I’m very encouraged by the first month with the Azerion partnership.
I’ve never seen so many ads being served in Bidstack games. Coca-Cola in lots of games in the UK and Samsung in the US. Plus a number of other brands. Also seeing ads in countries across Europe.
Bidstack will have done about £2m in revenue in H2 last year (£4m annualised) and really only had 1-2 months where we saw a lot of ads (but less than we are seeing now). Since then a number of extra games have been added and we’re now seeing far more ads than ever. We’ve also now got the in-menu ads contributing and rewarded video ads.
Most importantly we’ve got the AAA games to come online.
The £9m revenue target for 2022 looks like it could be smashed.
Loads of Samsung ads now showing up in the US.
https://twitter.com/thesageinvestor/status/1506259735389122575
https://twitter.com/thesageinvestor/status/1506259740137070601
Revenue must be really ramping up now.