Mintra delivered strong organic growth to post the highest revenue quarter. Mintra has very good acquisition track record – its past acquisitions played very well. The latest acquisition of Seably announced a month ago together with strong organic growth may cause revenues to almost double in H2 23vs22.
Mintra also announced a capital raise of about 20% of equity fully underwritten by the two largest shareholders placed at 5% above mkt price to finance the acquisition. The two largest shareholders will increase its position to potentially 60%. They currently own 42%. The two shareholders mostly own privately held companies. Both analysts that cover Mintra believe, that Mintra will be taken private by these two shareholders. Only question is when and at what share price premium. The capital increase is another step in that direction.
Mintra Offical Statement Today
Strong organic growth and M&A activities summarise the first six months for Mintra, a leading provider of digital learning and Human Capital Management solutions for the Maritime and Energy industries. The group delivered mNOK 145 in revenue, representing 16 per cent organic growth vs the first half of 2022.
Adjusted EBITDA was MNOK 48, representing a 33 per cent EBITDA margin.
“We are excited about our performance in the first half of 2023. Remaining true to our strategy, Mintra is focused on driving group performance by expanding compliance and accredited/certified materials on our platforms to onboard new customers,” commented Kevin Short, CEO of Mintra.
Growth across the business
In the period, the group secured several multimillion NOK contracts across all business segments, eLearning, HCM software and Consulting, which has resulted in revenue growth across the business. ADNOC, Equinor, International SOS, OKEA and Prudence Marine are among the signed customers.
Strategic progress and new partnerships
Mintra has also strengthened its ecosystem, adding Furuno, Meridian Maritime Training Center LLC and ARuVR to its roster of partners. These partnerships underline Mintra’s continued drive to bring relevant and exciting partners to its customers to provide required and planned learning technology from a one-stop supplier.
Successful acquisition of Seably
Closing out the first half of 2023, Mintra announced the acquisition of Seably, a Swedish SaaS-based marketplace for online maritime training. Seably has demonstrated strong growth in the maritime sector and brings good growth opportunities to Mintra, representing annual revenue of more than mNOK 45. The purchase price of Seably was SEK 79.7 million and the investment is expected, on a short-term basis, to increase Mintra’s net working capital by mNOK 15-20. In the upcoming months, Mintra will drive the integration process to extract synergies.
Kevin Short added: “The terms of the Seably acquisition are favourable and strengthen Mintra’s growth in the maritime market. It also provides existing and new customers with new capabilities to meet the demands of digitalisation and automation in the sector.”
Link to the webcast and presentation:
https://mintra.com/investors/reports-presentations-2
Review the previous blog posts for further ideas.
We are very bullish on Biovica International. They have the first-ever FDA-approved biomarker cancer test. Biomarkers will change the way cancer is treated. Biovica is one of the global leaders. They got Medicare signed up two weeks ago – that covers 50% of US breast cancer patients. Great achievement. Very very cheap. Worth the look. See:
Do look Havila Kystruten – one of the most read posts this quarter
Disclosure:
The goal of the blog is to provide investment ideas for further research. I/we have a beneficial position in the shares discussed above either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. The article does not represent investment advice. Please do your own research before making any investment action.
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