BLT - Blis Technologies

[pierre]

Good support; has someone a sniff of the contents of the research report?

Maybe you could just get the crystal ball into action again Pat and tell us what the report says? It would save us all a lot of anguish waiting for the good news to be revealed.

[patrick]

The bank not open till the morning.

[patrick]

pierre,
Not much luck, starts with Bonjourno but very cloudy after that. The light in the vault was not that great.
The report is about 13 pages but the only words, part words i could see were, in order
.oto bu..o: brutto: .llev... (might be alleviate): nicenca: bene res..iane: ore.ch.:
Looks like Italian, could be some experts over there perhaps?
The fee was in Euro but all i could work out was that it was a 4 figure amount, so not spending heaps.

[winner69]

Andrew's 31 page report out

Think it says BLT worth around 9 cents now

Bug numbers on his S-curve

https://www.nzx.com/files/attachments/241758.pdf

Good guy that Andrew and pretty clued up

[simla]

Winner, I don't believe it. You've become a total convert, I do believe!

Anyway, that report should set the cat amongst the pigeons. Depends if anyone sees it, I suppose.

[Bjauck]

Andrew's 31 page report out

Think it says BLT worth around 9 cents now

Bug numbers on his S-curve

https://www.nzx.com/files/attachments/241758.pdf

Good guy that Andrew and pretty clued up

Bliss announces the report as an "Independent Research Report". It may well be, however they have paid for it and the report itself is titled "Backing The Good Guys".

[fungus pudding]

Winner, I don't believe it. You've become a total convert, I do believe!

Anyway, that report should set the cat amongst the pigeons. Depends if anyone sees it, I suppose.

Also depends if anyone believes it.


BLT
22/08/2016 08:53
RESEARCH
PRICE SENSITIVE
REL: 0853 HRS BLIS Technologies Limited

RESEARCH: BLT: Independent Research Report

22nd August 2016

NZX - For Immediate Release

At the Annual Shareholders' Meeting on 29 July we advised that, in the light
of our recent achievements and the increased activity on the share register,
in order to better inform existing and potential shareholders Blis
Technologies Limited ("Blis") is commissioning an independent research report
that will be released to the market.

We attach herewith that report prepared by Andrew Mortimer of Eastbourne
Advisory Limited ("EAL"). The opinions contained in the report including any
forward looking statements and forecasts are those of EAL at the time of
publication.

Although commissioned by Blis Technologies Limited the report has been
prepared and issued by EAL for publication. All information used in the
publication of the report has been compiled by EAL from publicly available
sources that are believed to be reliable. However, neither Blis nor EAL
guarantee the accuracy or completeness of the report.
Brian Watson
Chief Executive Officer
End CA:00287583 For:BLT Type:RESEARCH Time:2016-08-22 08:53:53

[simla]

An excellent report which I enjoyed reading.

That report had a whole lot of detail that I have been keen to see for a while. For instance, finally the news that functional food is not a priority following being burnt trying the ice cream (presumably the push for profit comes first?). Also much discussion on a market by market basis. Also news that the problem in the US was triggered by the tiny point of the labelling for an import being "dietary supplement" instead of "ingredients for a dietary supplement". Wow!

That report predicts revenue of 12m in 2018 and 18m in 2019. And $100m by 2025. p21. All very hard to predict obviously, as he says himself, and so I'm not sure that there is a lot of point in presuming those figures are more likely than others, although he creditably and helpfully explained his reasoning in depth, which I enjoyed reading. I'm hoping for more growth myself in the shorter term, but again that is just a guess. He is predicting a 1m cash gain over the current year. p22.

He paints a company that (as I read it) essentially could be described as (a) sitting in a pretty good position, but (b) subject to considerable uncertainty. Well, that would be fair comment surely. I didn't really feel he actually tried terribly definitely to value it, more describe the considerable range of considerations in play. I see why you say he valued it at 9 cents, but I'm not sure that I would exactly put it that way myself.

I would perhaps mention the possible discussion points: Blis has other trade secret products of which we know nothing; Blis is hoping to profit from marketing expertise rather than straight scientific efficacy, which may have a range of possible outcomes in market share; nobody knows how big the oral probiotic market may eventually be (comparing it to the existing yoghurt-dominated market is helpful but not necessarily correct, and he makes that very point himself.)

Anyway, an excellent report and I have enjoyed reading it. A very solid contribution indeed to the consideration of BLT as a share. I thought he really understood the company very well indeed, and also expressed his ideas very clearly. What will the market do, I wonder?

[simla]

Am I correct in this understanding: there are many bodies that cannot buy Blis shares unless there is an analysis report (such as this one) and so the point of such a report is not to try and drag in the punters but rather to open the door to a lot of investors who are now free to buy BLT? Or have I just imagined that somehow?

[Balance]

Am I correct in this understanding: there are many bodies that cannot buy Blis shares unless there is an analysis report (such as this one) and so the point of such a report is not to try and drag in the punters but rather to open the door to a lot of investors who are now free to buy BLT? Or have I just imagined that somehow?

Most fund managers cannot invest in a company until certain criteria are met - this may or may not include a research report. More critical to them are factors like integrity of management and board (#1), quality and growth potential of business, risk profile etc. A research report can help address these issues.

Then there are some (like Milford and Harbour) who actually prefer no research for small caps as they have their own analysts and can invest well ahead of the pack when they see a good opportunity.

Bliss has been around a long long time and have had quite a number of analysts from the likes of Milford look closely at them.

Check the register and if you see the likes of Milford in there, that is usually a very good sign.