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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$19.3m
Last closeNZ$0.31
High / Low (52 weeks)NZ$0.4 / NZ$0.2
Stock market listingNZ
Forecast net cash (NZ$m)7.1
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual0.0(11.4)3.3
Relative *(2)(14.6)(8.3)

* % 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)
2016A 35.7 1.1 0.7 (0.4) N/A 25.6
2017A 32.0 (0.5) (0.8) (3.0) N/A N/A
2018E 33.5 2.7 2.4 2.8 11.1 10.0
2019E 34.5 2.0 1.7 1.7 18.2 25.3

Last updated on 19/04/2018

Investment summary

SLI Systems delivered its maiden H1 period of profitability, driven by outstanding net revenue retention and substantial cost savings. The company’s imminent shift to a more indirect business model is likely to compress near-term margins and success is crucial to longer-term prospects. Nevertheless, the depressed share price does not demand steep growth assumptions for investors to see a return.

Last updated on 27/04/2018

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 27/04/2018

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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