Ann: 3P Learning Investor Presentation Half Year FY16, page-12

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Icarus

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22/02/16

14:14

Post #: 17082853
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Originally posted by Andy1000 ↑

Hi researchandwin,

Please don't look at Motley Fool as a source of quality research. The chance of 3PL succeeding is very small. By the companies own admission this is a highly competitive industry.

Have you had a chance to go through the report and dot the i's and cross the t's?

Did you notice the big fall in Deferred Revenue? Deferred revenue is revenue that was received by the company in advance of earning it. It is an accrual method used to match the revenue to the actual period it is earned. There was a large fall in deferred revenue, meaning revenue from sales in a previous period is now being included in headline revenue figure for this period. If you look closely, more than 100% of the headline revenue increase was a result of bringing deferred revenue forward to this period. In other words, new sales this period weren't up....they were down...and down by a lot.

As well as this...did you look at the investment in Learnosity? The company paid US 19M for about 23% of the company. This values Learnosity at about US 82.5m. So what did the US 19m yield for 3PL investors? The after tax profit attributable to 3PL shareholders is just over 300K. Investing in cash would almost have been better...with much less risk.

The biggest factor why this company is a basket case is the fact that the long standing CEO has quit, on the spot, with no handover period where they can find a new CEO. He also sold off a large amount of his stock over the last few years. This is a guy who would know the company more intimately than anyone else...especially some hack churning out click bait articles over at Motley Fool...and he's out. He didn't even hang around to explain everything to the new CEO. To me that is enough. If it isn't good enough for him then how can it be good enough for a bunch of retail investors with limited access to information.

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Agree when the captain jumps , not much hope for the ship , pity as its a great product .
They need cash badly and market will punish them till its raised, it looks cheap relative to its highs , but on my calc the histirical P/E is 50 plus and probably alot higher go forward .

3PL Price at posting: $1.31 Sentiment: Sell Disclosure: Not Held
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Ann: 3P Learning Investor Presentation Half Year FY16, page-12

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Ann: 3P Learning Investor Presentation Half Year FY16, page-12

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