Maybe x1 fy18 forecast if growing reliably and no more £5m blunders. About £36m over valued so 7p reduction to shate price needed to correct for this error. Fy17 massive reported loss not priced in by market. Disaster funding round needed to pay for unit price crash/slide and bloated city overheads. If EPO decides to close funding in Oct/Nov, predict share price will rise post funding round. EPO has made substantial commercial progerss so would have no difficulty securing further funding, if desired now or by Spring 2013 when it is needed. There is no upside for investors in these vapour pumps, jut high risk trading.
FX is generic, EPO bought it at x1 turnover and that is what it is worth. A lot of the buys will have been traders betting on the porkies pump, who of course will dump when it changes direction.
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They capitalise implementation costs then don't include its amortisation in operating margin, so it is meaningless. I expect some of this to reverse so fy27 loss could be even worse than fy16 £8.2m. That offsets turnover growth in the period, especially as fy17 had about £18m transaction turnover. And they failed to downgrade when they knew they were falling far short, in breach of Ai M rules.
EPO will fail any trade investor due diligence so can never be trade sold. As a final share price batter-point, Fy16 reported group loss was suppressed by massive unrealised fx gains. Already diluted x6 from 80m to 500m shares 2010-17. If Silk Stag is right again, about £7.5m in 30-6-13, then EPO share price will be substantially above current level. EPO missed its September 2014 fundraising forecast profit (and approx year end cash balances) for fy15 by -£9.2m and is on track to miss fy16 by -£25.6m. It also missed funding forecasts in previous years by absurd amounts.
But EPO also has bloated central london £26m overheads. If a driver leaves keys in the ignition while popping into a shop, the insurer will refuse to payout for theft.
But fy17 the average unit price fell a further 15%. Maybe, just maybe, some businesses could batton down the hatches and ride out the price storm in the hope it improves in a year or two.
More like the 'generic business' x1 it paid for it so £12m. 500m issued shares so 7p per EPO share price correction required. EPO paid £6m up-front for FX when it had £6m turnover. Sept 14, you will lose a high percentage of your cash.