EDISON research report!, page-3

We believe that the real opportunity for investors will be as Yowie moves beyond confectionery into other products and licensing. Merchandise and other licensing agreements would likely be structured as royalty revenues to the company, with some level of guarantee. Licensing revenue would likely be highly profitable and drop almost entirely to the operating line, after some level of administrative costs. However, we have not built this into our earnings model for 2016-17 and we have a modest assumption of A$1.0m for 2018.

There is a further opportunity as Yowie renews its existing brand franchise in Australia, New Zealand and Asia, and extends into Europe and the Middle East, none of which we have attempted to value in this note.

This is very interesting. Besides this Edison report I haven't heard much talk about multiple royalty streams but could make this company hugely successful. Books, toys, games, cartoon series, movie, movie merchandise are all things that come to mind.