SLI Systems (SLI)

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.

Share price chart

Share chart

Stock data

Market cap.NZ$60.5m
Last closeNZ$0.99
High / Low (52 weeks)NZ$1.8 / NZ$0.9
Stock market listingNZ
Forecast net cash (NZ$m)4.9
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(11.6)(2.9)(45.6)
Relative *(10.7)(1.7)(49.7)

* % Relative to local index

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YuuZoo
Y/E Jun Revenue (NZ$m) EBITDA (NZ$m) PBT (NZ$m) EPS (c) P/E (x) P/CF (x)
2013A 19.0 (1.4) (1.6) (2.9) N/A N/A
2014A 22.4 (5.4) (5.4) (8.6) N/A N/A
2015E 28.0 (6.2) (6.5) (10.7) N/A N/A
2016E 33.8 (4.2) (4.6) (7.5) N/A N/A

Last updated on 12/05/2015

Investment summary

SLI’s trading update has indicated that it expects H2 annualised recurring revenue growth to be lower than H1 due to a combination of disruption caused by the new sales team structure and the economic weakness in Brazil slowing uptake. Despite this apparent slowdown, growth expectations remain high, with management giving guidance for 27% operating revenue growth to NZ$28m for the year. We have lowered our revenue estimates to be in line with guidance, but maintain our gross margin, FY16e growth rate and positive long-term outlook.

Last updated on 12/05/2015

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 06/05/2015

Key management

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

Company address

78-106 Manchester Street
Christchurch 8011
New Zealand
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