Love the idea of these guys- later stage investing. But I don't know if dropping out another presentation with little informatino about performance and numbers cuts it anymore
Its time to deliver. Also thought I would look at some numbers
120m shares
$1.18 NTA
$141m portfolio valuation
$117m market cap
$24m dormant value
10 companies
SiteMinder = $41m for 29% of portfolio
Viostream $29m for 20%
Total revenue from 10 companies - $125m
Total CY16 revenue growth 37%
This is what I gathered from a few NTAs. I am sure if I dug deeper I could reconstruct more
If everyone I can see has tremendous revenue growth, but the portfolio only has 37% revenue growth overall, then the 2 big ones must have modest revenue growth
This presentation shows SiteMinder revenue growth, but can't see what %- no scale on the chart. Using the bars as scale, it looks like CY16 YoY of around that 37%. In line with the 29% increase in valuation they made in Dec 2016
My observation is that there must be very little revenue growth for Viastream. We saw a few months ago there was a change of name and logo to reflect its revised core offering (something like that) which doesn't auger well for that.
If that one picks up it could get an upward reval so there could be 10-20c to make on this, or, just as easily, it could be written down come December. One to watch and keep a close eye on, maybe even give them a ring and ask how its going
Better still, ring Viastream and ask them!
BTI Price at posting:
97.0¢ Sentiment: None Disclosure: Not Held
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