|
There is too much downward pressure. Buyers at .068
look suspicious.
It is unlikely to continue to hold at
.069/.07.
----- Original Message -----
Sent: Friday, April 16, 2004 7:38
AM
Subject: Re: [sharechat] MUL -
UPDATE
What's MUL been up to?
----- Original Message -----
Sent: Tuesday, April 13, 2004 1:16
PM
Subject: Re: [sharechat] MUL -
UPDATE
Have just been alerted to the current issue of
satmagazine.. (Thanks Top Gun)
Copy can be found at:
satmagazine.com/april2004/april2004.pdf
1) 'New Products' section - Multiemedia write
up on page 11
2) 'SES Global "Best Outlook in Years"' -
Feature article worth a read - page 14
----- Original Message -----
Sent: Tuesday, April 06, 2004 10:03
AM
Subject: Re: [sharechat] MUL -
UPDATE
This was posted by John Titor on
Sharescene.com (new name/branding for asxboard.com) - brought it over to
share - full copy available at http://satnews.com
Space Industry to Pass $100 Billion in
2004
Washington, D.C./February 4, 2004/Satnews/ The global space
industry continued to grow in 2003, fueled by a significant increase in
U.S. military contracts and continued growth in its commercial markets.
According to the '2004 State of the Space Industry,' a recently released
publication of the International Space Business Council, the industry
generated $96.9 billion in revenues in 2003 and is expected to reach
$104.6 billion in 2004.
Among its conclusions are that a rebound in
commercial orders for satellites and launch vehicles, combined with an
increasing U.S. Department of Defense budget for space systems, and a rise
in consumer satellite services are driving the industry toward greater
growth.
According to Scott Sacknoff, author of the report, "As we
begin 2004, there is a sense of optimism when it comes to the space and
satellite marketplace. We see that all of its core markets are on the
upswing. Government funding for space is on the rise, commercial orders
for satellites and launch vehicles have rebounded, and the uptake of
consumer services for satellite tv, radio, and broadband are all
increasing. Most importantly for the future, we see a number of new
ventures, entrepreneurs and small businesses entering the
marketplace."
The report cites that for the industry, 2003 was a
mixed year which saw China's first manned launch, new rovers on the moon,
the failure of the Space Shuttle, and the marketplace for commercial
satellites and launchers trying to recover from a recent bottom. The
report also highlights that during the past year the market for
high-resolution satellite imagery stabilized with the receipt of several
high-profile U.S. government contracts for data; the GPS market will see
continued growth as Europe's Galileo navigation system later in the decade
will entice the acquisition of dual-system equipment; and the validation
of the market for digital satellite radio.
From an infrastructure
point-of-view, the key has been an increase in the U.S. military space
budget from $15 billion to more than $20 billion. It is estimated to grow
to $26-28 billion by 2009 as the military replaces most of its existing
space assets.
Financially, during 2003 nine companies saw stock
market gains of 100% or better. In addition, there were 40 mergers and
acquisitions valued at more than $18 billion and 25 debt and bank
transactions that totaled $18 billion.
Published since 1996, the
'State of the Space Industry' has been identified as a key source for
understanding the business and financial issues and trends facing space
and satellite manufactures, suppliers, and service providers. It is
authored by Scott Sacknoff, an authority on the business of the space
industry and its civil, military, and commercial
customers.
Additional details on the 'State of the Space Industry'
can be found at http://www.spacebusiness.com/soi04.htm
----- Original Message -----
Sent: Friday, April 02, 2004 6:58
PM
Subject: Re: [sharechat] MUL -
UPDATE
MUL - UPDATE
MUL Announcement - 2 April -
5.35pm
15,125,000 Options @ 7c - Issued in
accordance with Executive Officer Plan No 2 and approved by shareholders
28/9/01.
----- Original Message -----
Sent: Friday, April 02, 2004
12:21 PM
Subject: Re: [sharechat] MUL -
MULTIEMEDIA PROFILE UPDATE
ASX Announcement: Friday 2 Apr 04 -
12.02PM - Management Team Secured for Multiemedia
The board of Multiemedia is very pleased
to announce the re-appointment of its current CEO, Mr Adrian
Ballintine for a further 3 years.
Mr Ballintine has managed the Company
since its inception and has been the principal architect of business
strategies and growth.
The recent inclusion of the Company into
the ranks of the S&P/ASX Top 300 is an early-achieved goal and Mr
Ballintine and his team are actively working towards the Company's
elevation to the S&P/ASX Top 200.
The Board is also pleaed to announce the
appointment of Mr Stephen Batten as Chief Financial Office and Company
Secretary. Mr Batton has considerable experience in all facets of
Financial Management having previously been General Manager Finance
& Planning at Mayne Group and Chief Financial Officer of Diners
Club Limited. Mr Batten holds a Master of Business Administration
Degree and is a member of the Institute of Chartered
Accountants.
Before Christmas, Multiemedia secured the
services of Mr William Masson to head up Sales & Marketing and Mr
Michael Eakin as Chief Technical Officer. Their contribution to early
growth is noticeable and with Mr Batten and Mr Ballintine, the
Company's Senior Management Team is complete.
John Walker (Chairman) Multiemedia
Limited
----- Original Message -----
Sent: Wednesday, March 31, 2004
9:54 AM
Subject: [sharechat] MUL -
MULTIEMEDIA PROFILE AS AT MARCH 31, 2004
Good morning to all,
Re: MUL - Multiemedia Profile as at March 31,
2004
I was recently asked for information on MUL.
There was quite a bit of work involved so it makes sense to
share with all.
To-date MUL has been viewed as a
short-term 'trade' rather than an investment, causing
price fluctuations, however; MUL's profile is rapidly evolving
to that of a longer term high growth investment as
time progresses and achievements are consistently notched
up.
In February 2004, MUL announced
plans to acquire IP Access International, then abandoned plans
as their direct relationships with International satellite vendors
were growing stronger and their need for external assistance was
diminishing with employees gaining increased skills - or
in other words, the value equation for this
acquisition tipped to more favourable
outcomes from non-acquisition. Note none of the summary
points below was dependent upon an MUL acquisition and
therefore; has no bearing on the profile as presented.
Also in February 2004, MUL secured sponsorship
from Bank of New York to establish a Level 1 American
Depository Receipt (ADR) Program with the ultimate intention of
trading on the NASNZQ exchange.
In March 2004, Standard & Poors added
Multiemedia to their ASX300 listing, no doubt because
this company is set to do extremely well this year and beyond.
Standard and Poors listings are utilised by Investment Fund
Managers so now is a good time to review MUL's
profile as they begin to attract interest from longer term
holders (which will increasingly stabilize the
SP).
It is no secret that there is some higher
risk associated with MUL's high total share volume but, in
consideration of this; MUL is managing the current market
situation far better than most others with far lower
share volumes, and this is a great omen for its future SP
growth. For a stock with this type of potential, it is not
uncommon for demand to outstrip supply, resulting in a climbing
SP. As a comparative example; Oxiana's issued
share capital is 1,184,509,930. Similar to Oxiana (SP growth >350%
over 2 years); the share capital will be of decreasing
concern as MUL's potential is realised (which in view of their
profile, is likely to occur much faster than with
OXR).
I have extracted info from
Findlay & Co Stockbrokers Limited -
Corporate Research Report - August 2003 which can be viewed in its
entirety on Multiemedia's website. Parts of this report,
eg; sales contracts; have been updated with ASX announcements
to-date, and I have included some of my
own notes*.
I think you will agree,
the report presents compelling reasons to view MUL as a longer
term high growth potential investment.
1) Forecast Earnings &
Yield 2004-2006
a) NPAT
A$m
2003 - $1.3m - yield o%
2004 - $34.0m - yield 13.3%
2005 - $82.0m - yield 32.2%
2006 - $139.0m - yield 54.5%
b) Multiemedia
commenced commercial satellite operations on October 1, 2003 with a
5-year contract to increase from 1 to 3 transponders. Each
transponder generates A$100m in revenues at current prices. In
FY2004 the rapid deal flow from Multiemedia’s superiority is
expected to generate operating revenues of A$100m including 70% from
space & end user equipment.
c) We
value Multiemedia @ 10-15x FY2004 earnings forecast at A$34m
implying a valuation of A$340-510m representing 37-56c per share
using current issued capital of 910m securities. We have assumed a
dividend payout ratio of 25% if the business plan is
realized.
d) Multiemedia achieved pre-launch letters of intent
revenues of A$22m after 45 days in FY2004 implying an annual revenue
achievement in FY2004 of A$183m.
e) We forecast a transponder would take 1 year to
sell such that by FY2006, Multiemedia could have fully sold its 3
transponders of capacity.
f)
*Initially, costs incurred in establishment of infrastructure for
this type of service are very high, however; costs will decline and
profit margins will continually
improve.
g)
Additional Revenue Sources: MS SPLA Licensing Program, Tracstar
Antennaes
h) MUL -
Multiemedia - Overview of Half Year Report to 31 Dec - released to
market Friday, 27Feb,
2004
Negatives:
- Revenue $8,202,000 (down from same 6mth period
Jul-Dec 2002 - $14,505,000)
- Net Loss $4,558,000 (up from same 6mth period
Jul-Dec 2002 - $518,000) - Loss in in line with the Board's
expectation of loss for this period Jul-Dec 2003.
- Cash burn rate - associated with sales and
development work in progress
Positives:
- Current Assets UP since June'03: $14,923,000
($4,101,000 - June 2003) ------------ *NB Revenue Genrating
- Non-current Assets UP since June'03: $3,651,000
($2,026,000 - June 2003)
- Curent Liabilities DOWN since June'03:
$3,833,000 ($6,893,000 - June 2003)
- Non-current Liabilities DOWN since June'03:
$296,000 ($369,000 - 2002)
- Board is confident work in progress will see a
substantial turnaround by June 30th. (NB Refer positive
announcements since 31 December.)
- 1,376% increase in assets over liabilities.
- Cash at bank (as at Dec03) - $11,000,000
- Disposal of non-core businesses has been
finalized.
Supporting Info:
- Businesses: Both of the
following synergistic businesses have been branded for
global recognition in conunction with independent marketing and
advertising agencies.:
High speed satellite broadband: NEWSAT -
Newcastle based teleport being developed into a world class
facility with the capacity to initially provide hi-speed broadband
connectivity to 60% of the world's population. Customers secured
in Aust, PNG, Timor, Iraq, Iran, Bahrain, Saudi Arabia, Lebanon
to-date.
Technology Distribution: MTD - For the
Jul-Dec'03 period, this segment contributed the majority
of revenue.
h) Sales Contracts and Licensing
Fees:
$ Transcom ISP in UK for A$15m over 3 years for 1,000
sites
$
SP Telecom in Australia (not
disclosed)
$ Australian Private Networks for
A$1m
$ Microsoft SPLA Licence worldwide with sales potential of
A$150-$200M on a 2-3 year time horizon
$ People Telecom in Australia (not disclosed) with 16,000
customers
$ US
Military - US Agency for International Development - A$5M (to
possible A$40M)
$ WaveCall, the world's leading provider of Maritime
Satellite Voice and Data Services selected Multimedia's NewSat
services to exclusively deliver broadband to ships at sea within
Aust coastal waters utilizing SeaTel's state of the art antenna
system. Service available during first quarter
2004
$ Airworks
- significant contract signed with Airworks on behalf of major
Airworks client, Woolworths - based on satellite broadband to 700
Woolies stores - includes additional hardware sales
opportunites
$
MS Licensing - $ unknown - a typical 1st Tier MS distributor in
Aust records sales of A$150-A$200m in annual revenues and can be
sub-licensed to resellers ..... NB MUL's SPLA licence is
worldwide.
2) Key Points - Market, Market Share,
Forecast Growth & Earnings:
a) Data
& Internet Solutions in Australia including ISDN have an
estimated market of A$6 billion.
b) The
bandwidth capacity in Australia provided by cable and satellite
combined is estimated to have increased by +655% to 2,100 Gbits/s
during 2000-2003.
c) Revenue
forecasts for the period 2004-2006 for Multiemedia
reflect market shares of 2% - 8% with 1 satellite transponder in
2004 rising to 3 transponders in
2006.
d)
Additional Market Growth Factors: Sadly, terrorism is good for MUL's
business and there is a definite 'pull market' factor as evidenced
by the US Military deal in Iraq (see Item 3g
below)
e) Related
Products: MS Licensing - The SPLA program of Microsoft is a new
application software licensing agreement allowing the licenceholder
to licence Microsoft's products on a monthly subscription basis to
end users. The end customer may choose to allow the SPLA Program
licenceholder (Multiemedia) to become the licensee of the MS
software by acquiring licences through the Program. (In
2003 Microsoft won a 6-year US$471m software supply contract for the
US Army's 494,000 PCs involving software reseller Softmart, a key
endorsement for its efforts to improve the security of its software.
The US Government are upgrading IT systems throughout the security
services as part of its 'war against terrorism' and the increased
focus on national security.)
f) Related
Products: Tracstar Systems partnership (America's leading developer
of auto self-deploying antennaes) to rebrand (rebranded to NewSat)
and sell its products in the 60 countries covered by the
NSS6 beam. Mobile broadband is an emerging giant worldwide and
Tracstar technology is deployed in organisations such as US Dept of
Defence, CBS, Homeland Security and EMS Services. Tracstar's
antennaes are utilised in Broadcast, Emergency Services,
Security, Defence, and Telemedicine industries. NewSat customers
will have the ability to deliver internet, VoIP (voice over IP), and
other broadband related services into regions which until
recently were unable to utilise these communication
mediums. Mobile broadband will be possible in any area capable of
sustaining a 4WD vehicle, eg; medical emergency in jungles of
Indonesia, filming in remote locations, etc. NewSat technology will
therefore be capable of delivering instant communications via
notebook to any country in the world.
3)
Operational/Competitive Advantages:
a)
Comparative Downlink speeds:
Multiemedia - 60,000 kbps (100%
coverage)
Optus - C1 - 35,000 kbps (100%
coverage)
iPStar 1 - 8,000 kbps (70%
coverage)
ADSL - 256 kbps (70%
coverage)
Cable 256-2000 kbps (30%
coverage)
ISDN - 1,920 kbps (96%
coverage)
Videoconferencing
requires up to 784 kbps.
ADSL
only within 3.5 kms of telephone exchange.
b) Technology: Multiemedia claim
a superior VSAT terminal infrastructure for 2-way communication
using PCMA (paired carrier multiple access) reducing bandwidth by
50% on the downlink space segment cost for the service. (The
satellite hub & terminal equipment infrastructure will be
provided by USA-based ViaSat to Multiemedia. ViaSat are up to 5x
faster @ 1,650 kbps compared with competitors Hughes @ 250 kbps and
Gilat @ 300 kbps.)
c) Technology: The characteristics of NSS6 provide Multiemedia with a
competitive advantage over all other satellite broadband service
providers because Optus, Telstra, Telecom NZ all use Optus’
satellites with access to only one spot beam for 2-way
uplink/downlink bandwidth speed - compared with
6 by New Skies’ Inc’s (Multiemedia’s)
satellite NSS6.
d) Technology: For Optus, Telstra,
Telecom NZ to compete with Multiemedia’s satellite broadband hub and
infrastructure equipment will need to be upgraded at the service
providers’ cost.
e) *Footprint: Footprint is a term
used to describe satellite area coverage. Multiemedia's
'footprint' through NSS6 covers the Asia region with
connectivity to Europe & USA. 15 transponders have been
allocated to each market; MIddle East, Indian sub-continent, S-E
Asia, Australia, China, N-E Asia. 6 spot uplink beams, per
transponder (each covering 650 klms) target metropolitan cities
in coverage areas:
China: Bejing, Tianjin, Hong Kong,
Shanghai, Wuhan
Japan: Tokyo, Osaka
Korea: Korean Peninsula
Taiwan: Taiwan
Australia: Sydney, Melbourne,
Adelaide
India: Delhi, Mumbai, Chennai,
Bangalore
*Now that's a footprint!!!
Satellite broadband is also
well-suited to Australia's (indeed the world's) vast regional areas
where cable and ADSL are either not available or too slow. Consider
in terms of the percentage of regional businesses (mining, etc),
public services (schools, medical, etc), that have been
underserviced and overlooked for far too long. (For example; SP
Telecom has already established a hub and terminal agreement
with MUL to service customers seeking high speed broadband internet
in regional NSW.) Then of course there is the
potential for worldwide applications, such as MUL's
deal with the United States Agency for International
Development - initially worth $5 million to Multiemedia,
it could be worth up to $40 million as the group intends
to roll out additional sites across Iraq as part of its post-war
enforcement and governance program.
f) Technology: C and Ku band frequencies
are relatively congested providing Ka band with an advantage of
bandwidth and speed. Ka band offers smallers terminals than Ku band.
Importantly for Optus' newest satellite, C1 launched in 2003, Loral
have entered Chapter 11 in the USA for financial restructuring, and
for AsiaSat's satellites 3 & 4 launched in 1999 ad 2003 Boeing
have decided to withdraw from the manufacture of commercial
satellites to focus on military applications. This implies New Skies
have the youngest fleet with the best technology and configurations
for the future with the satellite industry analogous to the airline
industry from a fleet perspective.
g) Market: Re US
Military multi-million dollar deal - Tuesday, 11 November 2003 - While
the deal is initially worth $5 million to Multiemedia, it could be
worth up to $40 million as the United States Agency for
International Development intends to roll out additional sites
across Iraq as part of its post-war enforcement and governance
program. Multiemedia Chief Executive Adrian
Ballintine said the wireless two-satellite service would allow the
US military to communicate from anywhere in the Middle East.
“There is only one service provider in the
region providing any form of satellite service, and that is quite
old. The US military will now be able to set up sites across Iraq
and simply, by pointing their dish in the right direction, will have
Internet and communication service equivalent to anywhere in the
world,’’ he said. ... ' + more promising news - view complete media
release on website. ' ... Mr
Ballintine said Multiemedia had not planned to activate the
satellite beam over the Middle East/Africa until next year because
of the cost involved. “However, with the US military and other
customers we signed in Dubai, we have brought it forward 12 months
earlier than anticipated.’’ ... ' The
significance of this statement is in the 'pull market' factor (as
opposed to a 'push market' factor), that is; this scenario is
indicative of a large untapped market demand that caused
Multiemedia to bring forward plans by 12 months. A 'pull market' factor
is extremely rare and therefore; highly
significant.
h) Product: The Tracstar partnership
(antennaes) was prompted by an influx of enquiries from end-uers -
CFA, Police Departments, Ambulance Services, local news
broadcasters, and numerous other internationally based
support services. This NewSat initiative is the first commercial
<$30K, immediately available mobile solution.
i) Product: Through the addition of
products/services, eg; MS SPLA Program, Tracstar; Multiemedia
has added another dimension to their business and appear to
be progressing toward a 'full service' business, or if you
like, a 'one stop shop'.
h) And finally, MUL have new staff
on board with skills to drive both businesses.
|
