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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.

Stock data

Market cap.NZ$18.7m
Last closeNZ$0.30
High / Low (52 weeks)NZ$0.4 / NZ$0.2
Stock market listingNZ
Forecast net cash (NZ$m)10.4
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(4.8)0.015.4
Relative *0.63.49.3

* % Relative to local index

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Company news

Y/E Jun Revenue (NZ$m) EBITDA (NZ$m) PBT (NZ$m) EPS (c) P/E (x) P/CF (x)
2017A 32.0 (0.5) (0.8) (1.8) N/A N/A
2018A 34.4 4.5 4.2 6.7 4.5 4.9
2019E 34.2 2.6 2.3 3.2 9.4 11.1
2020E 34.8 1.1 0.8 1.2 25.0 16.7

Last updated on 25/09/2018

Investment summary

SLI’s results reflect the business’s transitional status. Substantial savings were made to sales and marketing expenditure, which underpinned the company’s first year of profitability. We continue to forecast margin compression in the near term as the business begins its transition to an indirect sales model. Successful implementation of this shift remains the critical determinant of the business’s prospects.

Last updated on 28/09/2018

Industry outlook

The global retail e-commerce market is estimated to be $4tn by 2021, up from $2trn in 2015, indicating increasing demand for SLI’s product suite. SLI estimates its global market opportunity at $2.2bn. The competitive landscape is crowded, however, with direct competition, e-commerce platforms and in-house solutions in the competitive mix.

Last updated on 28/09/2018

Key management

Greg Cross, Chairman
Chris Brennan, CEO
Rod Garrett, CFO

Company address

78-106 Manchester Street
Christchurch 8011
New Zealand
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