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Creator and manager of services for digital tv, Mirada plc (MIRA) last week announced the commercial launch of “the first of the cable network deployments agreed as part of the announcement dated May 19th 2014”.
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Comments
Steve
I’ve got a large holding in Mirada and I expect it to do very well. The article is not quite accurate when it says it is with Cablevisión Monterrey – it is actually with Televisa and Cablevisión Monterrey is one of their 5 regional networks and Mirada’s product will be rolled out across all 5 networks. In total Televisa have in excess of 4 million cable providers in Mexico averaging in excess of 1.5 boxes per subscriber. Mirada get paid $3-5 per box depending on the spec and it is likely the roll out will be done in 3 years.
This is a minimum of $18million at the lowest number of box estimates and bottom pricing and ignores new subscribers which is in excess of 5% per year. In reality this contract should deliver revenues of $25million in the next 3 years – around £17million, pushing Mirada into substantial profit.
On top of this there is the supplementary OTT contract with Televisa that on conservative estimates will deliver $5million but if OTT take up rates are similar to the UK will be near $8million.
Total debt currently stands around £2.2million (net debt around £1.2million) – this should be repaid within the next 18 months (if not 12 months), further improving the P&L and then Mirada will start to build a healthy cash position.
Just with this single contract Mirada looks substantially undervalued and barring any unforeseen issue will have a healthy balance sheet – any further contract wins of even half this size add further incremental profits.