GBC AG: Mexedia S.p.A. | Rating: Buy
Original-Research: Mexedia S.p.A. - von GBC AG
Einstufung von GBC AG zu Mexedia S.p.A.
Unternehmen: Mexedia S.p.A.
ISIN: IT0005450819
Anlass der Studie: Research Report (Initial Coverage)
Empfehlung: Buy
Kursziel: 46.50 EUR
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung:
Analyst: Matthias Greiffenberger, Marcel Schaffer
From Telecom to Tech - Driving Innovation with Customer eXperience Platform
as a Service (CXPaaS). Significant boost in sales and profits anticipated.
Mexedia S.p.A. – Società Benefit (Mexedia) is a technology company that
started in the telecom business. Mexedia serves as an intermediary for
wholesale SMS and Voice traffic, facilitating interconnections between
carriers. In the telecommunications industry, international phone calls and
SMS messages are treated as tradeable commodities that are exchanged
wholesale between telcos. Voice traffic pertains to international calls
while A2P SMS traffic refers to messages received through apps. Mexedia
also offers fixed and cost-effective real-time liquidity to its partners
for voice and SMS services trading. This liquidity is secured against the
receivables of insured debtors of its partners. To accomplish this, Mexedia
conducts auctions of insured receivables from debtors to investors in
asset-backed securities and liquidity providers through Mexedia Exchange.
This activity generates an arbitrage margin for Mexedia by capitalizing on
the spread gained from advancing money in real-time against the auction of
its receivables.
Mexedia's telecom business has exhibited strong growth and profitability,
and is currently in the process of transitioning into a tech company with a
focus on offering advanced technological services and a complete customer
experience to its clients. To achieve this, Mexedia has developed a
Customer eXperience Platform as a Service (CXPaaS) that provides
cloud-based services and APIs to companies. Mexedia has a vertical
structure and offers a range of innovative technologies and tools that are
integrated into a technological ecosystem, facilitating all
consumer-oriented communications.
In 2022, the company experienced a 6.9% increase in revenue, reaching €
140.9m (PY: € 131.8m) due to new and better deals in voice and SMS traffic.
The majority of revenue was generated by the Irish subsidiary using a
classic business model. Despite an increase in expenses, the EBITDA showed
a significant improvement with an 18.7% increase to € 8.37m (€ 7.05m). The
net result increased by 49.8% to € 4.43m (PY: € 2.96m).
An important cornerstone of the growth strategy will be the new Mexedia ON
platform, which is the Customer Experience Platform as a Service (CXPaaS)
designed for businesses, especially those in the Telephone industry, to
improve customer engagement and provide a seamless and consistent
experience. The platform offers various features, including virtual agents
and assistants, omnichannel communication, automation, data analysis, and
innovative channels like Metaverse and Smart Voice Assistance. It also
includes an open app store that allows developers and market players to
create and sell a wide range of applications for Mexedia ON, such as
Sentiment Analysis, Voice Biometrics, Speech Analytics, RPA, VR & AR
Experience, Voice Smart Assistants, OTP & 2FA Authentication, and more. The
app store also offers services for SMS marketing, lead generation, content
marketing, and number masking, among others. Mexedia ON aims to be the most
varied and powerful ecosystem of CXPaaS solutions for brands.
We expect Mexedia to generate € 324.11m revenue in 2023, increasing to €
361.22m in 2024 and € 397.29m in 2025. The company has expanded to the USA,
strengthened its position in existing markets, and diversified its client
base. It recently acquired Matchcom Telecommunications Inc. and Phonetime
Inc. in the US, which are alone expected to bring in an additional € 190m
in revenue and € 6m in EBITDA in 2023.
We expect that Mexedia Ltd, the Irish subsidiary, will remain the key
earnings driver for the company, with an estimated EBITDA of € 6.3m in
2023. This figure is projected to increase to € 8m by 2025, reflecting a
strong and sustained growth trajectory. We forecast the net result to be €
5.53m in 2023, € 10.48m in 2024, and € 14.49m in 2025.
Based on our DCF-model we have determined a target price of € 46.50 and due
to the high upside potential, we issue a Buy rating.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26967.pdf
Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
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Date and time of completion of the research report: 10.05.2023 (14:15)
Date and time of the first disclosure of the research report: 11.05.2023 (10:00)
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