Original-Research: Mexedia S.p.A. (von GBC AG): 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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