appScatter (APPS)

Business description

appScatter is a B2B mobile app distribution, management and intelligence company; its cloud-based platform helps customers distribute to and monitor over 50 app stores globally. It is building one of the largest repositories of app store data and aims to launch a marketplace to support third-party app integrations in 2018.

Stock data

Market cap.£55m
Last close87.00p
High / Low (52 weeks)87.0p / 44.0p
Stock market listingLN
Forecast net cash (£m)1.7
Forecast gearing ratio (%)N/A

Price performance

Relative *44.696.4N/A

* % Relative to local index

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Investment summary

appScatter is an early-stage business commercialising its cloud-based platform that allows app developers to distribute, manage and gather intelligence across multiple app stores globally. The recent public launch of the platform is expected to significantly boost licensed users and with a developed pipeline of registered interest, we forecast revenues to increase rapidly, bringing the group to EBITDA break-even during H119. Visibility on key variables should improve during 2018 and evidence of a successful launch could result in an upward rating of the shares; delivery to forecasts implies 4.1x EV/sales in FY18, falling to 2.0x in FY19 – less than half the rating of SaaS peers. At this early stage, customer numbers and ARR levels are the most relevant metrics to track to determine the group’s prospects.

Last updated on 02/03/2018

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 0.0 (2.1) (2.1) N/A N/A N/A
2016A 0.0 (3.5) (3.6) N/A N/A N/A
2017E 2.1 (5.3) (5.6) (10.2) N/A N/A
2018E 6.8 (2.9) (3.2) (5.1) N/A N/A

Last updated on 21/02/2018

Latest research

Latest video

Executive Interview - appScatter

Industry outlook

Google Play and the Apple App Store dominate the app store market in western geographies, accounting for 85% and 69% of all downloads in the US and UK. However, the scale of the remaining app store market is also vast, particularly in geographies such as China. Within this ‘other’ market, appScatter benefits from first-mover advantage, already distributing apps to, and monitoring their performance across, multiple app stores globally including the majors.

Last updated on 02/03/2018

Key management

Clive Carver, Chairman
Philip Marcella, CEO
Manish Kotecha, FD
Jason Hill, Sales Director
James Eggleston, Chief Technology Officer

Company address

Salisbury House
London Wall
United Kingdom
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