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Mirada Plc: THE INVESTMENT CASE

Mirada boss Vázquez upbeat on 'significant' order from US-listed TV giant

“We are not expecting to stop here,” he told Proactive Investors. “The order pipeline is looking great. When I say great, I mean great.”
Mirada boss Vázquez upbeat on 'significant' order from US-listed TV giant
INVESTMENT OVERVIEW: MIRA The Big Picture
TV on demand: Mirada's technology is well regarded by the industry

An upbeat José Luis Vázquez predicted more deals would follow after his company, Mirada Plc (LON:MIRA), landed a “significant and sizeable” order from US-listed digital TV group, ATN International.

“We are not expecting to stop here,” he told Proactive Investors. “The order pipeline is looking great. When I say great, I mean great.”

WATCH: Mirada PLC makes move into Caribbean with big new ATN International contract

Mirada, which develops and sells the software used to power digital TV, will provide its Iris multi-screen technology to ATNi-owned operators in the US Virgin Islands, Bermuda, the Cayman Islands and French Guyana.

This will be the most extensive launch of Iris since the commercial debut for izzi Telecom, part of the Televisa Group of Mexico.

Vázquez said the major contract was the direct result of the company’s increased focus on sales and marketing which put it on the radar screen of a host of potential buyers of its services.

It helped that Mirada had a blue-chip reference customer in the form of Televisa, that the product was good and that Vázquez’s team was able to be “flexible” commercially to meet the customer’s needs.

READ: The news in detail 

Revenues are expected to be recurring, including subscriber-based licence fees based on a software-as-a-service (SaaS) model.

Lower upfront payments mean the company is putting in place a financing facility to provide the initial working capital for the contract. Discussions in this regard are advanced.

“I was asked whether I preferred debt or equity – and I said I preferred debt,” said Vázquez.

It is worth pointing out it is more than two years since Mirada last came to the market for financial support.

Work is happening now

Vázquez told Proactive that the income from the tie-up would start to be seen this fiscal year.

“In terms of set-up fees that’s how we see it. Work is actually happening now,” he added.

The share price has been knocked of late as investors have focused on, if not become obsessed with, the potential pitfalls of the Televisa deal.

Why? Well, Mirada’s main customer is Mexican and we have seen the peso weaken against all major currencies following Trump’s accession to the US presidency.

Yet the market appears to be ignoring change in the local business climate, while overlooking the positives of deals like today’s. 

Return to normal 

Vázquez said: “The Trump effect in Mexico is starting to abate and investment is starting to return to normal and that includes our customers.

“The biggest concern after that the market had is our ability to land new customers. I think we have proven we can do that.”

He added: “We are probably not in good shape in terms of market perception.

“But if you take a step back, and see what this company has done, you’ll see we have a good reputation [with potential users] and we’re landing significant customers.”

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“We are not expecting to stop here,” he told Proactive Investors. “The order pipeline is looking great. When I say great, I mean great.”

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