This note aims to summarise the information delivered at Amino’s recent
Capital Markets Day (“CMD”), and to analyse the key messages. Our analysis
focuses on three areas: 1) Strong execution of the 2019 transformation
programme is delivering impressive results 2) 2019 acquisition 24i is driving organic software revenue growth and 3) the combined Amino/24i group has competitive advantage in End-to-end (“E2E”) multiscreen TV and video delivery. Overall, in our view the Strategy Day reassures on the group’s ability to achieve its goals. We re-iterate our forecasts following the event but acknowledge that uncertainty on the H2 20E outlook clearly remains.
▪ The 2019 transformation programme is delivering results: In February
2019 Amino announced a three-part business transformation
programme. The key element of the programme was to transition the
business to a software-led business model. Noting that FY 19A results saw
a record contribution from standalone software sales, a 5pp expansion
YoY in gross margin and a 21% improvement in operating cash flow, we
believe that management is executing strongly in transforming the group.
Source: Progressive Equity Reseach
Amino Technologies (LON:AMO) is a trusted partner and global provider of innovative, scalable media and entertainment technology solutions. As an IPTV pioneer, working with over 250 operator customers in 100-plus countries, Amino continuously innovates to help customers deliver modern video experiences.
