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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.
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.
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.
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