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New Initiation: Provision Holding, Inc. (OTCQB: PVHO)
SeeThruEquity Initiates Coverage on Provision Holding, Inc. with a Price Target of $0.60
June 2, 2016
The report describes that Provision is an intriguing speculative company in the technology sector that specializes in 3D holographic media. Provision has developed a portfolio of 3D holographic digital signage, which is deployed in hundreds of kiosks in retail stores throughout major markets in the US - including many deployments at one of the nation's largest retailers, Rite Aid. Provision management gave a presentation at SeeThruEquity's Innovations Conference on February 22, co-hosted with the Brewer Group in Miami, FL, with CEO Curt Thornton describing the impressive turnaround Provision has made over the last year and outlining the remarkable growth in deployments being experienced by Provision with its largest retail outlet. Thornton highlighted the rapid growth Provision is experiencing in its kiosk deployments, with over 450 kiosks deployed so far in FY16, and expectations that total kiosks shipped will more than double to reach 1,000 by the end of FY16.
Highlights from the report are as follows:
Deployments accelerating in retail with large potential pipeline
In the last several quarters, however, Provision appears to have gained momentum in the retail market, with 200 kiosk installations and $3.4mn in revenues reported in the first two quarters of FY16, versus $0.6mn in revenue in FY15. Provision confirmed it has already completed another 250 installations, bringing the total to 450 kiosks as of February 2016. In our view, the company's rising revenues and installations could be a sign that Provision and the 3D hologram market may have finally arrived. Indeed, while we still expect Provision to require new capital beyond the recently announced $4mn convertible debt raise, we see several catalysts ahead for the company. Management has outlined a steady growth trajectory to 1,000 fully functioning kiosk deployments in FY16 and has also stated that it sees potential for an additional 3,500 kiosk installations. We also expect the company to receive increased notoriety from the recent endorsement of its 3D kiosks by Intel, and longer term growth from new retail locations and penetration into new markets such as video gaming, home entertainment, automotive, education, telecommunications and medical imaging, which management has estimated represents a multi-billion dollar opportunity for the company.
Technology appears to be received favorably in early deployments
Provision's 3D holographic technology platform is integrated with in-store kiosks to project floating 3D holographic images in the air - detached from the screen without the assistance of any mist or requiring 3D glasses. Provision's current kiosk platform uses 3D holograms at the top, with a 2D touchscreen at the bottom - enabling customers access to special rewards that can be added to their loyalty accounts in real time for use. Our initial take is that Provision's technology appears to be being received favorably, based on follow-on installations in Rite Aid and comments by Intel in a recent whitepaper, entitled Tomorrow's Digital Signage Today with 3D Holographic Kiosks, which stated that Provision's 3D holographic technology in combination with Intel business intelligence solutions is "forever changing how retailers and brands target and engage their customers."
Initiate coverage with a price target of $0.60
Our analysis indicates a fair value estimate of $0.60 per share (detailed on pages 9-10) for Provision. We see Provision as a promising speculative growth story in technology, offering a nice combination of easy-to-understand technology with apparently strong near-term demand from retail kiosk shipments. If achieved, the price target of $0.60 represents potential upside of 233% from the recent price of $0.18.
Click here for the entire press release: PVHO Press Release
Click here for the initiation report: PVHO Initiation Report
New Initiation: Apivio Systems, Inc. (TSXV: APV)
SeeThruEquity Initiates Coverage on Apivio Systems, Inc. with a Price Target of CAD$1.25
June 2, 2016
Based in Vancouver, Canada, with a wholly-owned operating subsidiary in South Korea, Apivio provides innovative communications equipment and solutions for commercial VoIP markets. Led by its new Monet Series UT880 smart office handset and related premium cloud-based apps, Apivio's solutions target the convergence of Android, Wi-Fi and VoIP technologies. Through its wholly-owned subsidiary, Moimstone Korea ("Apivio MK"), Apivio is already an emerging leader in the VoIP phone space - selling over 1 million units last year in one of the world's leading enterprise telephony markets, while amassing an impressive tier one customer list that includes KT, LG U+, and SK Telecom, among others. In our view, Apivio represents a compelling opportunity in the tech / telecom space. The company has a defensible margin of safety from the cash flow of its Korean subsidiary which generated CAD $5.5mn of adjusted EBITDA in 2015 (adding back costs related to the North American business) - while also offering an attractive growth profile as a pure play in the large and growing global VoIP market.
Click here for the entire press release: APV.V Press Release
Click here for the initiation report: APV.V Initiation Report
New Update: TapImmune, Inc. (OTCQB: TPIV)
SeeThruEquity Issues Company Update on TapImmune Highlighting New Phase 2 Clinical Study with AstraZeneca to Begin at Memorial Sloan Kettering
June 2, 2016
"We note that TPIV and the Mayo Clinic announced positive Phase 1 clinical data from the Folate Receptor Alpha trial in triple negative breast and ovarian cancer in 2H15, which demonstrated the experimental therapy was safe, well-tolerated and provided a robust immune response in 19 out of 20 patients. With three Phase 2 trials / studies commencing in 2016, we expect continued updates from the company over the next 12-24 months, including an updated on additional IND applications to the FDA, which could serve as possible catalysts for the company or the company's potential partnership discussions," stated Ajay Tandon, Chief Executive Officer of SeeThruEquity.
Click here for the entire press release: TPIV Press Release
Click here for the initiation report: TPIV Update Note
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SeeThruEquity is an equity research and corporate access firm focused on companies with less than $1 billion in market capitalization. The research is not paid for and is unbiased. The company does not conduct any investment banking or commission based business. SeeThruEquity is approved to contribute its research to Thomson One Analytics (First Call), Capital IQ, FactSet, Zacks, and distribute its research to its database of opt-in investors. The company also contributes its estimates to Thomson Estimates, the leading estimates platform on Wall Street.
For more information visit www.seethruequity.com.
Contact:
Ajay Tandon
SeeThruEquity
info@seethruequity.com
DISCLOSURE
See www.seethruequity.com for important disclosures.
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