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Frost & Sullivan Publishes Update Coverage Report on Vonetize Plc: Growth in Revenues from a quarterly perspective; operational delay in Russia; forecasted revenues have decreased from previous estimate; target price reduced to NIS 1.43

2018-07-11 23:42

Equity Research is published in the framework of the Tel Aviv Stock Exchange (TASE) Analysis Program

TEL AVIV, Israel, July 11, 2018 /PRNewswire/ -- TASE analysis project was launched in 2016 in order to raise the investors' level of knowledge of TASE listed technology and life-science companies and the markets in which the companies operate, thus creating appropriate pricing and increasing the exposure of investors from Israel and abroad. Its goal is to encourage investments in these companies by removing the barrier of lacking understanding in the market.

In order to maintain professional, independent and unbiased analysis, the companies signed an agreement with the TASE to receive the analysis services for an obligatory period of two years. The companies cannot withdraw from the project during this period. The analysis is funded by the companies surveyed with funding from the Chief Scientist and the TASE.

Summary of Highlights

Vonetize released its annual report on 31 May, 2018 detailing the following:

On January 16, 2018, the company signed a distribution agreement with Fuxxum GmbH for the development of Fuxxum's television platform.

An agreement was signed with Roku Ltd., February 3, 2018, for the integration of Vonetize's services into set-top boxes and televisions imbedded with Roku's technology.

On March 16, 2018, the company announced that the conditions required to complete the acquisition of the video advertising activity of Japanese company Takumi, had not been achieved and therefore the transaction was not completed.

Launch of the company's operations in Russia has been delayed due to operational delay. The company estimates that joint operations with a local partner will commence in Russia in Q3-2018.

Desilu Studios Inc. purchased control of Vonetize at a high premium on the share price prior to announcement. For further information see analysis in our Annual Report of 5 May, 2018.

  • The company updated that the acquirer has begun the process for preparing to dually list its shares abroad

In light of the developments described above and mainly in view of the postponement of activity in Russia and the decrease in activity in Israel, we are reducing the value of the Company to NIS 58.0 million / USD 16.1 million (in our previous estimate, the value was NIS 78.1 million / $ 21.6 million). The target price ranges from NIS 1.35 to NIS 1.52 and an average of NIS 1.43.

  • Company revenues for the first quarter of 2018 amounted to approximately $437,000 compared to revenues of $193,000 in the same period in 2017.
  • The company's cash as at March 31, 2018 was approximately $979,000, up from $503,000 at the end of the corresponding period last year.
  • The company's auditors give it a "live business" comment in the financial statements of 2017.

About the company - Vonetize Plc ("Vonetize"), an Israeli-headquartered company, offers Video-on-Demand (VOD), Over-The-Top (OTT) content services, technology platforms as fully-managed services for set-top boxes, smart phones, smart TVs and other Internet-connected devices.  The company offers multi-screen end-to-end video content solutions, including; premium content from Hollywood studios, cloud-based digital video delivery of live VOD content, content management systems, billing, CRM, and marketing/business intelligence (BI) analysis systems.  The company is active in Israel, Latin America, Africa, and the UK. Vonetize has been listed on the Tel Aviv Stock Exchange since July 2016.  It was established and incorporated in Cyprus as Pixelate T.V. Ltd. in April 2011, and rebranded in February 2016.

See full report here.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us:  Start the discussion


Kristi Cekani 
Corporate Communications - Frost & Sullivan, Europe
P: +39.02.4851.6133

Source: Frost & Sullivan
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