Megaport (ASX: MP1) – Network as a service
ABOUT COMPANY
Megaport (MP1) (https://www.megaport.com/) is a leading provider of Network as a Service (NaaS) solutions. It offers agile networking capabilities that reduce operating costs and increase speed to market compared to traditional networking solutions.
CAPITAL STRUCTURE
| ASX Code | Share Price | Shares | Option (In) | Market Cap | Cash/Asset ($m) |
| MP1 | 14.63 | 159422955 | 2332357831.65 | 39/93.7 |
| Holders No | Top 20 (Cur) | Top 20 (Pre) | Director Hold | Performance Right | Note |
| 20521 | 70.28% | 73.01% | 5.12% |
Bevan Slattery, the founder, sold 4m shares in FY22.
BUSINESS
Below is the company’s past five years performance:
| MP1 | 2023 | 2022 | 2021 | 2020 | 2019 |
| Operation Revenue | 153083 | 109731 | 78281 | ||
| Cost of Sale | -49158 | -41472 | -36213 | ||
| Gross Revenue | 103925 | 68259 | 42068 | 0 | 0 |
| Gross Margin | 0.6789 | 0.6221 | 0.5374 | 0 | 0 |
| Overheads | -87150 | -84768 | -65583 | ||
| Fixed Overheads | |||||
| Variable Overheads | |||||
| Total Operation Expense | -87150 | -84768 | -65583 | 0 | 0 |
| Operation Profit | 16775 | -16509 | -23515 | 0 | 0 |
| Other Revenue | 11315 | 10055 | -13478 | ||
| Interest Expense | -1721 | -1761 | -1188 | ||
| D&A | -36301 | -29969 | -23464 | ||
| Income Tax | 158 | -10320 | 6645 | ||
| Net Profit | -9774 | -48504 | -55000 | 0 | 0 |
| NOTES | $3.5m share payment | $4.4m share payment | $9.8m share payment |
$14m capitalised labor cost in FY23, the growth came more from price increase than the number of new customers.
SUMMARY
The company will need some $150m in revenue to see a profit.