SLI Systems (SLIZ)

Business description

SLI Systems' core products are e-commerce site search and navigation tools that learn from customer behaviours to improve the relevance of search results and therefore increase sales conversion.

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Stock data

Market cap.NZ$48m
Last closeNZ$0.78
High / Low (52 weeks)NZ$1.3 / NZ$0.7
Stock market listingNZ
Forecast net cash (NZ$m)3.4
Forecast gearing ratio (%)N/A

Price performance

Relative *(12.4)(6.4)(35.3)

* % Relative to local index

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Y/E Jun Revenue (NZ$m) EBITDA (NZ$m) PBT (NZ$m) EPS (c) P/E (x) P/CF (x)
2014A 22.4 (5.4) (5.4) (8.6) N/A N/A
2015A 28.6 (6.5) (6.7) (10.8) N/A N/A
2016E 38.0 (1.2) (1.5) (2.5) N/A N/A
2017E 45.9 2.8 2.4 4.0 19.5 45.0

Last updated on 02/10/2015

Investment summary

SLI Systems is a fast-growing SaaS company operating in the hot field of e-commerce, but seemingly priced at EV/Sales multiples closer to those of mature industrials. It is currently in the investment phase and therefore pre-profit, but its revenue base is sustainable, high-margin and recurring, and should therefore generate substantial returns provided it can reach profitable scale. The company has recruited a new CEO, Silicon Valley executive Chris Brennan, who brings a consistent track record of growing early-stage companies. Founding CEO Dr Shaun Ryan will move to the new role of chief innovation officer and remains an executive director with his interests aligned with the company.

Last updated on 01/10/2015

Industry outlook

Personalisation and effective mobile search are becoming key industry themes and growth drivers for SLI systems. e-Retailers are increasingly becoming aware that effective search and merchandising can have a significant impact on revenue and profitability and therefore deserve specialised focus. Mobile search is particularly difficult and it is the appreciation of this fact by retailers that should lead to a growth in the independent site search industry.

Last updated on 29/09/2015

Key management

Greg Cross, Chairman
Rod Garrett, CFO
Dr Shaun Ryan , CEO and Founder

Company address

78-106 Manchester Street
Christchurch 8011
New Zealand
View website

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