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  • #12794
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    @admin no worries. I found the contents on public forum. So I thought it is okay to share.

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    Here is a presentation that Brightcom submitted to the exchanges on 21 October 2021

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    14th November is a Sunday

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    BM is on Saturday the 13th of November

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    One of the most awaited results in BCG history i guess. I believe in BCG.

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    Yes true. Will BCG meet the guidance or will beat the earlier provided guidance.

    My thinking is if management wants share price to move up they will try to beat the earlier provided guidance. Rest it all depends on business conditions and external factors.

    Keeping finger crossed.

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    This is watershed moment for BCG wherein the company is expected to show industry leading growth numbers (based on what they had given as projection in Aug 2021). Given that BCG has given revenue projections for the first time and hence giving them an allowance for unforeseen developments, if they manage to meet 75-80% of projected Q2 revenue, EBITDA & PAT numbers, it would be great.

    Looking at the AGM timelines, update on Acquisition is due by end of this month and exchange approval for preferential allotment (again by end of this month), that would give the company one more window before the AGM voting to go in for QIB for 1500 crore as indicated earlier. So, expecting Mid November to end of December with lot of actions around this..

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    My guess is the revenue and PAT would either meet or beat the guidance. Given that the guidance came after 2 months in the quarter, the company would have had clear visibility of the sales. If I were SKR, I would downplay and surprise the market.

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    Good positive points made by @vgsatwork in #12818.
    I would submit though, that it’s not good enough to meet 75 to 80% of the guidance given, considering it was given well into the 2nd quarter.
    They would have to meet it or beat it. Cannot afford to disappoint the market on that front.
    As far as the approval from the exchanges for the Preferential allotment is concerned, the timing thereof is not in the management’s hands. The shareholders’ approval was only at the end of the 3rd week of October.
    The exchanges may well take their own sweet time if some clarifications are sought and disposed of at a pace not to our liking.
    Fingers crossed.

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    Thank you @Logan for providing the latest on market movement of the other well known players in the ad-tech field.
    Would I be correct in assuming that the current market capitalisation of most, based on multiples of earnings per share or revenue, is still very substantial, and well beyond what BCG commands today?
    You did mention supply chain issues for Magnite, but I presume those would get resolved going forward. In the interim, would not the competition exploit that opportunity if the demand is still intact or growing?
    Or is that too simplistic an assumption?
    Valuation and market price, unless at absurd levels, would tend to follow the business and growth, and the revenue and earnings, as you have pointed out many times earlier.
    Closer to home, Affle continues to show growth ( albeit with a different business model and market ) and commands a relatively very high valuation.
    BCG management has, for the first time ever, given a guidance that is very impressive in terms of growth in revenue and earnings, which would be keenly tracked. Bearing in mind the experience and expertise and knowledge of the business domain that Mr Reddy and his team operate in, it would indicate that opportunities in the ad-tech field ,through varied mediums, abound and will continue to expand as traditional and new businesses adopt and adapt to the digital world.
    Would be very grateful for your thoughts and I apologise for my lack of expertise in the ad-tech domain.

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    Great news for Brightcom – it has been included in the new ‘MSCI India Domestic Small Cap Indexes List” effective from 1st December 2021. MSCI stands for ‘Morgan Stanley Capital International’, and their indexes are the benchmarks on which Foreign Investors base their investing decisions on. Most of them invest only in Companies that are included in MSCI indexes. So this is a big deal for BCG and may be todays breakout volumes in BCG trade in NSE and BSE could have been the result of FPI (Foreign Portfolio Investment).

    This is the link to the new MSCI India Domestic Small Cap Indexes List:

    This is the link to know what MSCI is:

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    What a massive show by BCG. This has been a roller coaster ride, but loving every bit of it!!!
    Congratulations everyone..!

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    Outstanding result, beaten projection, happy investing .. please share your views

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    Congratulations to all BCGians

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    @Logan, ego does not permit naysayers to acknowledge their deficiencies in objective appreciation of reality even when it stares them in the face.
    A glass half-full will always remain so for petty minded people irrespective of the increase in the size of the vessel.
    The remarkable performance by Mr Reddy and his team needs to be applauded by all and sundry, and all of us who have kept our faith in the company and the management over these many years need a quiet moment to reflect and celebrate this vindication of our conviction.
    You have played a major role in the maintenance of the faith of the members on this forum by providing such in-depth data and analysis and logical viewpoints, and I am convinced that all my fellow members will join me in expressing my(our) appreciation of your immense contribution to the deeper understanding and belief in this grossly underestimated and unrecognised new age enterprise, and the very smart people behind it.

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    Should be read as ‘A glass half-empty rather than half-full’. Apologies. Muddled expression at this time of the night😊

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    Logan, hope you are not serious in your last post!! It is a spectacular result ! Two things, which I liked a lot in the information submitted to exchanges are about the FCF and the declaration that EY is the auditor for OMS! Although SRK had mentioned it numerous times in concall about EY, guess it is the first time submitted to exchanges officially, if I’m not wrong!!

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    First Post here.
    Invested since 2014, when there was a big rally and fall.

    I would like to thank Board Seniors, for freely sharing their knowledge, This proved critical this year, especially when share price started crossing my purchase price, and started hitting upper circuits for breakfast at 9.15 am. Did not sell my quantity.

    Coming to the result discussion, I found 3 aspects in management commentary.
    1.” *Brightcom Media, the brand operating under our Israeli subsidiary OMS (Online Media Solutions), has been the epicentre of improvement in traffic management, contributing hugely to improving the company’s profitability. (EY is the statutory auditor of OMS). (This entity contributes over 40% of our overall business)”
    Loved the small referance to EY in this line. Nice punch to trollers, who think all foreign income is imagination. I always used to wonder if foreign income is day dream, there was no reason for company to show slow growth over last 3-5 years.

    2.I find it rare for management (in general) to set goals in quarterly management updates (normally they are self-congratulatory – to influence shareholder opinion)
    “Our focus is singularly on creating significant shareholder value, by constantly improving Free Cash generation, and increasing Return on Equity (RoE). We remain deeply committed to the highest & improving standards of governance, accounting and transparency in our operations, for the benefit of all stakeholders. ”

    3. Setting target on FCF
    “Based on the revenues and profits growth, the company is targeting a Free Cash Flow ( FCF) of about Rs 250 crores by the end of March 2022. And looking at an additional 250 crores by the end of June 2022. ”

    A couple of my other thoughts.
    1. This quarterly result is perhaps devoid of any impact of any acquired/ to be acquired companie(s). So, if/when consolidated, in future, the future results may be even more stunning.
    2.One of the key reasons for market to distrust Brightcom in past was low/neglible dividends(Show me the Cash!). Perhaps after acquisition of Indian company, the dividend payout might be increased. This may also signal better corporate governance (management sharing gains with shareholders).

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    Finally the business turnaround is visible in results and the organic, industry leading growth is shown by BCG and I am quite thrilled with the numbers, especially because the company met the higher end of it’s projections. That is what separtes men from boys. Also, the intent and tone of the messaging in terms of the cash flow, Return on Equity, delivering value to the shareholders are very comforting and is a welcome one.

    BCG, from now onwards in the big league and it has to match that expectation when it comes to sharing updates/communicating with the investors to show that they are now a more matured and investor friendly company.

    I feel BCG still has to improve a lot on that front. I know it is hardly 2 weeks or so since Manohar Mollama had resigned, but I was expecting an announcement w.r.t new Company secretary (Since he is the face of the company to all investors), which was missing. Also, I was expecting the management to emphasize the projection numbers given in late august w.r.t Q3/Q4 anf FY 22 full year projection numbers (Either confirming the same number or giving a more revised projection). Again, there was no mention of the projection numbers for Q3/Q4, which would have done a world of good, if announced along with the results. Especially when the company indicated about the free cash flow and Return on Equity. Also, another update that would have been apt to include, but was given a complete miss is about the proposed india acquisition. Given that the company had conveyed to the market about the LOI that it had signed with the indian company back in June and now it is mid november, good 3+ months since that announcement and hence an update on the same is something that should be provided to the investors. Any kind of update around that would have been helpful. I am not sure why the company chose to keep quiet on the same. I hope that the acquisition plan is still ON.

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