During the online Investors eMeeting about Icecat NV’s 2021 results, we discussed also our outlook for 2023. The board of Icecat, including CEO Martijn Hoogeveen, hosted this well-visited interactive online meeting for its investors in depository receipts (DRs; Dutch: “certificaten”) of Icecat shares via NPEX.
Please find below the presentation, and FAQ during the meeting:
We had advice from a legal consultant. There is a limitation (a certain percentage of liquidity) that you can buy back. Based on a quick calculation from one month last year a buyback of around 100k Euro in shares per year is possible. This is quite limited. In the annual report and AFM reports is stated that iMerge, as a main shareholder, has been buying DRs regularly. We are still considering doing buyback, additionally, and in the meantime keep a close eye on the market. The dividend here is also a new thing.
We talked to the big 6 accountants, as we need one change to a listing at Euronext. To provide more liquidity. The bottleneck is that the top 6 accountants have to make time for you to make this happen, and they are short of staff.
The dividend is incidental. We could distribute more profit, but we look at it in a balanced way. If we can’t reinvest the money in a good way, then we will consider providing further dividends. But the shareholders did not make a decision yet.
Yes, this is definitely an option. But this is something to discuss with NPEX as well if they can handle that.
The most significant development was the sales of Hatch. We already work with many big brands, but we did sign up a couple of brands and are expanding this. In addition, we continuously score new (local) deals and extend this worldwide. There are no dependencies on big clients, as the biggest client is only responsible for a few percent of our revenues.
Bankruptcy is indeed a common reason. We analyzed the churn numbers. Icecat’s annualized churn in 2022 is 6% of revenues, which is (below) average for a SaaS business. Most of the churn is from long-tail clients. It is a trend that the churn is going down. Icecat is becoming more of an enterprise business as the clients in the basket are increasing.
Both. The sales of our venture appears to be very well-timed, and also leads to holding a tiny participation in the buyer (roll-over). We did a bit of buy and build regarding Icecat, like Syndy and Cedemo. But, we also noticed a lot of offers from outside our core business and own SaaS scope. Also, we expect to realize a lot of synergies again with the new investments.
We have 25 years of experience in mergers and acquisitions, and we are training our sales team as they are our eyes on the market. Furthermore, we are not a fan of mixing business, but it is maybe an opportunity-driven thing because of our specialization and our eyes on the SaaS market. It can be interesting.
Tech scale-up and recurring business have our interest. It is a plus if the vertical is interesting, like Virtuagym in health has a mission to fight the “obesity crisis”. The scale-up should already have a certain substance, like 5-10 million euro recurring revenues. Synergies with the Icecat network or its competences are preferable.
As we have colleagues in the United Kingdom, Benelux, France, Spain, Italy, and Germany these countries would be preferable. We only invest in new things that we feel comfortable with. And stay closer to home for the venture strategy related to new verticals, but the take-over strategy can be EU-wide.
Icecat invites you as an investor in depositary receipts of Icecat shares via NPEX to discuss the results from 2021. We hereby invite you to participate in an online meeting about the recently published results and our investment policy. CEO Martijn Hoogeveen will present during the online Icecat Investors eMeeting on Friday, May 27, 2022, from 3:00 PM. As always questions are welcome.
Date: May 27, 2022Time: 15:00 h (GMT+1)Video chat Service: Google Meet
Registration is now open. So, would you like to be part of this? Then please, register now.
Icecat nodigt u als investeerder in certificaten van Icecat-aandelen via NPEX uit voor een terugblik op de resultaten uit 2021. Hierbij nodigen wij u uit om deel te nemen aan een online vergadering over de recent door ons gepubliceerde resultaten en ons investeringsbeleid. CEO Martijn Hoogeveen zal presenteren gedurende de online meeting op vrijdag 27 mei 2022 vanaf 15:00 uur. Zoals altijd zijn vragen welkom.
Datum: 27 mei 2022Tijd: 15:00 uur (GMT + 1)Video- / chatservice: Google Meet
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