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.

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Stock data

Market cap.NZ$65.2m
Last closeNZ$1.07
High / Low (52 weeks)NZ$2.8 / NZ$1.1
Stock market listingNZ
Forecast net cash (NZ$m)6.7
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(9.3)(19.6)(44.3)
Relative *(14.5)(23.7)(49.1)

* % Relative to local index

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Y/E Jun Revenue (NZ$m) EBITDA (NZ$m) PBT (NZ$m) EPS (fd) (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 30.1 (4.0) (4.4) (7.3) N/A N/A
2016E 40.0 (1.5) (1.9) (3.1) N/A N/A

Last updated on 31/10/2014

Investment summary

SLI Systems is in its growth phase, which continues apace with UK annual recurring revenue (ARR) growing by 45% over the year to June. Some recent notable client wins include Jigsaw, French Connection, Fabergé and Harrods Estates. The value proposition of increasing client revenues, combined with the high retention rate and high-margin revenue stream, should generate substantial shareholder value once profitable scale has been reached. The quality of the product has also been recognised in the industry, with SLI Systems winning Best Product at the 2014 eCommerce Awards for Excellence in London.

Last updated on 03/11/2014

Industry outlook

E-commerce site search is a growth market, thanks to the overall growth in e-commerce and the importance of effective search in converting website visits to sales. SLI Systems' cloud-based product minimises the initial set-up costs for its customers, resulting in a high ROI in a short time frame. Global e-commerce sales are expected to grow by 20.2% in FY14.

Last updated on 03/11/2014

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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