Published on: February 9, 2021
Growth in all 5 KPIs, despite COVID-19
Amino’s FY 20A results release (year-ending November 2020) confirms that the business performed strongly against a backdrop of COVID-19 driven challenges. All five of management’s KPIs improved during the year, once again demonstrating both Amino’s resilience and the benefits of the group’s transition to a software-led business model. Management commentary on the outlook is positive, the dividend policy has been re-affirmed and the group’s financial position remains robust. We leave underlying FY 21E estimates unchanged following the announcement while introducing FY 22E forecasts. Overall, we continue to believe that Amino is strongly positioned to capture growth opportunities resulting from structural shifts in the global TV industry, particularly the convergence of PayTV and streaming services.