New company in client portfolios: Komoona
A new investment has been added to clients' shares' portfolios - Komoona.
Komoona is a global leader in yield optimisation for digital publishers. It uses proprietary technology to assist publishers maximise the price they receive for their digital advertising.
This is a fast growing global industry (global digital media advertising grew 17.2% in 2015 and is expected to surpass TV advertising soon for the first time), and Komoona is a profitable and proven global leader (59% of its FY-15 revenue came from the US).
We expect this business can grow substantially in coming years, and at faster than industry rates. It currently has 450 clients globally, and the addressable target market is estimated at 20,000.
This initial investment is pre-IPO funding, which is escrowed until IPO (expected before December this year). First Samuel intends to participate in the IPO, thereby increasing the current 1.2% portfolio weighting to be more meaningful.
Participating in this initial investment entitles our clients to a price at a 20% discount to that achieved at IPO, with a target IPO P/E range of 12-15x.