Mitek Systems
Mitek Systems, Inc. develops, markets, and sells mobile image capture and identity verification software solutions in the United States, Europe, Latin America, and internationally. The last earnings update was 74 days ago. More info.
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MITK Share Price and Events
7 Day Returns
1 Year Returns
MITK Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Mitek Systems (MITK) | -0.6% | 0.2% | 5.1% | 59.2% | 82.9% | 265.8% |
| US Software | 0.7% | 3.6% | 15.9% | 28.7% | 115.8% | 157.2% |
| US Market | -0.1% | 3.7% | 10.2% | 7.6% | 38.1% | 46.4% |
1 Year Return vs Industry and Market
- MITK outperformed the Software industry which returned 28.7% over the past year.
- MITK outperformed the Market in United States of America which returned 7.6% over the past year.
MITK Value
Is Mitek Systems undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Mitek Systems
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Mitek Systems.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 6 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 9.3% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| Software Unlevered Beta | Simply Wall St/ S&P Global | 1.14 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.141 (1 + (1- 21%) (0.13%)) |
1.095 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.09 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.095 * 5.96%) |
9.26% |
Discounted Cash Flow Calculation for NasdaqCM:MITK using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Mitek Systems is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (USD, Millions) | Source |
Present Value Discounted (@ 9.26%) |
|
|---|---|---|---|
| 2019 | 14.00 | Analyst x1 | 12.81 |
| 2020 | 19.00 | Analyst x1 | 15.92 |
| 2021 | 22.69 | Est @ 19.43% | 17.40 |
| 2022 | 25.97 | Est @ 14.42% | 18.22 |
| 2023 | 28.80 | Est @ 10.92% | 18.50 |
| 2024 | 31.24 | Est @ 8.46% | 18.36 |
| 2025 | 33.34 | Est @ 6.74% | 17.94 |
| 2026 | 35.19 | Est @ 5.54% | 17.33 |
| 2027 | 36.84 | Est @ 4.7% | 16.61 |
| 2028 | 38.35 | Est @ 4.11% | 15.83 |
| Present value of next 10 years cash flows | $168.93 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $38.35 × (1 + 2.73%) ÷ (9.26% – 2.73%) |
$603.74 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $603.74 ÷ (1 + 9.26%)10 |
$249.11 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $168.93 + $249.11 |
$418.04 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $418.04 / 38.73 |
$10.79 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $10.79 |
| Current discount | Discount to share price of
$11.78
= -1 x ($11.78 - $10.79) / $10.79 |
-9.1% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of Mitek Systems is above its future cash flow value.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Mitek Systems's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Mitek Systems's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in USD | $-0.25 |
| NasdaqCM:MITK Share Price ** | NasdaqCM (2019-04-23) in USD | $11.78 |
| United States of America Software Industry PE Ratio | Median Figure of 83 Publicly-Listed Software Companies | 55.4x |
| United States of America Market PE Ratio | Median Figure of 3,080 Publicly-Listed Companies | 18.03x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Mitek Systems.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NasdaqCM:MITK Share Price ÷ EPS (both in USD) = 11.78 ÷ -0.25 |
-46.83x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Mitek Systems is loss making, we can't compare its value to the US Software industry average.
- Mitek Systems is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does
Mitek Systems's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | -46.83x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts |
125%per year |
| United States of America Software Industry PEG Ratio | Median Figure of 66 Publicly-Listed Software Companies | 3.31x |
| United States of America Market PEG Ratio | Median Figure of 2,109 Publicly-Listed Companies | 1.55x |
*Line of best fit is calculated by linear regression .
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Unable to calculate PEG ratio for Mitek Systems, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on
Mitek Systems's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in USD | $2.47 |
| NasdaqCM:MITK Share Price * | NasdaqCM (2019-04-23) in USD | $11.78 |
| United States of America Software Industry PB Ratio | Median Figure of 219 Publicly-Listed Software Companies | 5.67x |
| United States of America Market PB Ratio | Median Figure of 5,185 Publicly-Listed Companies | 1.92x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NasdaqCM:MITK Share Price ÷ Book Value per Share (both in USD) = 11.78 ÷ 2.47 |
4.76x |
* Primary Listing of Mitek Systems.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Mitek Systems is good value based on assets compared to the US Software industry average.
Value checks
We assess Mitek Systems's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Software industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Software industry average (and greater than 0)? (1 check) Mitek Systems has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
MITK Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Mitek Systems's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
- Mitek Systems's earnings growth is expected to exceed the United States of America market average.
- Mitek Systems's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NasdaqCM:MITK Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts | 125% |
| NasdaqCM:MITK Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts | 22.9% |
| United States of America Software Industry Earnings Growth Rate | Market Cap Weighted Average | 15.5% |
| United States of America Software Industry Revenue Growth Rate | Market Cap Weighted Average | 10.9% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.5% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.1% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 6 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2020-09-30 | 104 | 2 | 5 | |
| 2019-09-30 | 85 | -4 | 6 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 69 | 5 | -9 |
| 2018-09-30 | 64 | 6 | -12 |
| 2018-06-30 | 55 | 7 | 3 |
| 2018-03-31 | 51 | 10 | 7 |
| 2017-12-31 | 48 | 14 | 9 |
| 2017-09-30 | 45 | 10 | 14 |
| 2017-06-30 | 42 | 10 | 2 |
| 2017-03-31 | 39 | 7 | 2 |
| 2016-12-31 | 37 | 6 | 2 |
| 2016-09-30 | 35 | 8 | 2 |
| 2016-06-30 | 33 | 7 | 2 |
| 2016-03-31 | 30 | 9 | 2 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 6 Analyst Estimates (S&P Global) | See Below |
All data from Mitek Systems Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2020-09-30 | 0.06 | 0.11 | 0.01 | 3.00 |
| 2019-09-30 | -0.10 | -0.04 | -0.16 | 3.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2018-12-31 | -0.25 |
| 2018-09-30 | -0.33 |
| 2018-06-30 | 0.09 |
| 2018-03-31 | 0.19 |
| 2017-12-31 | 0.27 |
| 2017-09-30 | 0.43 |
| 2017-06-30 | 0.07 |
| 2017-03-31 | 0.07 |
| 2016-12-31 | 0.05 |
| 2016-09-30 | 0.06 |
| 2016-06-30 | 0.06 |
| 2016-03-31 | 0.07 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Unable to establish if Mitek Systems will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
Future performance checks
We assess Mitek Systems's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Mitek Systems has a total score of 5/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
MITK Past Performance
How has Mitek Systems performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Mitek Systems does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
- Unable to compare Mitek Systems's 1-year earnings growth to the 5-year average as it is not currently profitable.
- Unable to compare Mitek Systems's 1-year growth to the US Software industry average as it is not currently profitable.
Earnings and Revenue History
All data from Mitek Systems Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 69.11 | -9.26 | 43.33 | 16.88 |
| 2018-09-30 | 63.56 | -11.81 | 38.77 | 15.67 |
| 2018-06-30 | 55.43 | 3.19 | 32.81 | 13.87 |
| 2018-03-31 | 51.12 | 6.59 | 29.88 | 12.36 |
| 2017-12-31 | 48.26 | 8.96 | 27.21 | 11.26 |
| 2017-09-30 | 45.39 | 14.09 | 24.99 | 10.43 |
| 2017-06-30 | 42.16 | 2.19 | 23.60 | 9.84 |
| 2017-03-31 | 39.46 | 2.31 | 22.67 | 9.13 |
| 2016-12-31 | 36.57 | 1.67 | 21.04 | 8.54 |
| 2016-09-30 | 34.70 | 1.96 | 19.51 | 7.79 |
| 2016-06-30 | 32.90 | 1.95 | 18.34 | 7.14 |
| 2016-03-31 | 30.23 | 2.13 | 16.59 | 6.55 |
| 2015-12-31 | 27.38 | 2.06 | 15.01 | 6.13 |
| 2015-09-30 | 25.37 | 2.53 | 14.06 | 5.58 |
| 2015-06-30 | 23.05 | 1.57 | 14.03 | 5.17 |
| 2015-03-31 | 21.27 | -0.98 | 14.77 | 5.41 |
| 2014-12-31 | 20.08 | -3.68 | 16.15 | 5.65 |
| 2014-09-30 | 19.15 | -5.29 | 16.39 | 6.02 |
| 2014-06-30 | 17.99 | -6.76 | 16.29 | 6.52 |
| 2014-03-31 | 17.22 | -7.18 | 15.67 | 6.91 |
| 2013-12-31 | 15.96 | -7.38 | 14.62 | 6.92 |
| 2013-09-30 | 14.80 | -7.28 | 13.71 | 6.79 |
| 2013-06-30 | 11.64 | -8.82 | 12.31 | 6.66 |
| 2013-03-31 | 10.92 | -8.77 | 11.52 | 6.80 |
| 2012-12-31 | 8.88 | -9.23 | 9.96 | 6.89 |
| 2012-09-30 | 9.09 | -7.84 | 9.05 | 6.66 |
| 2012-06-30 | 10.91 | -5.05 | 8.70 | 6.05 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- It is difficult to establish if Mitek Systems has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
- It is difficult to establish if Mitek Systems has efficiently used its assets last year compared to the US Software industry average (Return on Assets) as it is loss-making.
- It is difficult to establish if Mitek Systems improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
Past performance checks
We assess Mitek Systems's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Software industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Mitek Systems has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
MITK Health
How is Mitek Systems's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Mitek Systems's finances.
The net worth of a company is the difference between its assets and liabilities.
- Mitek Systems is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Mitek Systems's cash and other short term assets cover its long term commitments.
Balance sheet
Assets
Liabilities and shares
- Low level of unsold assets.
- Debt is covered by short term assets, assets are 61.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Mitek Systems Company Filings, last reported 3 months ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 95.57 | 0.60 | 19.69 |
| 2018-09-30 | 95.39 | 0.80 | 17.48 |
| 2018-06-30 | 94.22 | 0.00 | 18.01 |
| 2018-03-31 | 73.72 | 0.00 | 44.38 |
| 2017-12-31 | 72.40 | 0.00 | 38.34 |
| 2017-09-30 | 61.41 | 0.00 | 42.57 |
| 2017-06-30 | 46.14 | 0.00 | 38.30 |
| 2017-03-31 | 42.81 | 0.00 | 36.01 |
| 2016-12-31 | 39.94 | 0.00 | 34.53 |
| 2016-09-30 | 39.49 | 0.00 | 33.87 |
| 2016-06-30 | 36.98 | 0.00 | 24.92 |
| 2016-03-31 | 33.65 | 0.00 | 28.16 |
| 2015-12-31 | 31.37 | 0.00 | 25.46 |
| 2015-09-30 | 30.43 | 0.00 | 26.67 |
| 2015-06-30 | 28.16 | 0.00 | 23.95 |
| 2015-03-31 | 26.28 | 0.00 | 25.71 |
| 2014-12-31 | 24.91 | 0.00 | 26.94 |
| 2014-09-30 | 23.94 | 0.00 | 24.04 |
| 2014-06-30 | 23.16 | 0.00 | 24.73 |
| 2014-03-31 | 23.88 | 0.00 | 26.24 |
| 2013-12-31 | 25.13 | 0.00 | 23.36 |
| 2013-09-30 | 25.73 | 0.00 | 29.03 |
| 2013-06-30 | 24.42 | 0.00 | 29.46 |
| 2013-03-31 | 11.91 | 0.00 | 14.89 |
| 2012-12-31 | 12.90 | 0.00 | 14.26 |
| 2012-09-30 | 13.56 | 0.00 | 12.52 |
| 2012-06-30 | 15.84 | 0.00 | 15.04 |
- Mitek Systems's level of debt (0.6%) compared to net worth is satisfactory (less than 40%).
- The level of debt compared to net worth has increased over the past 5 years (0% vs 0.6% today).
CASH RUNWAY ANALYSIS
For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.
- Whilst loss making Mitek Systems has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
- Whilst loss making Mitek Systems has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by % per year.
Financial health checks
We assess Mitek Systems's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Mitek Systems has a total score of 5/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
MITK Dividends
What is Mitek Systems's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
Mitek Systems
shares you are expected to receive
$0
in your first year as a dividend.
Dividend Amount
- Unable to evaluate Mitek Systems's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
- Unable to evaluate Mitek Systems's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 6 Analyst Estimates (S&P Global) | See Below |
| United States of America Software Industry Average Dividend Yield | Market Cap Weighted Average of 23 Stocks | 1.5% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2008 Stocks | 2.4% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.4% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.6% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2020-09-30 | ||
| 2019-09-30 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Unable to perform a dividend volatility check as Mitek Systems has not reported any payouts.
- Unable to verify if Mitek Systems's dividend has been increasing as the company has not reported any payouts.
Income/ dividend checks
We assess Mitek Systems's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Mitek Systems afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Mitek Systems has a total score of 0/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
MITK Management
CEO
| AGE | 55 |
| TENURE AS CEO | 0.4 years |
CEO Bio
Mr. Scipio Maximus Carnecchia, also known as Max, has been Chief Executive Officer and Director of Mitek Systems Inc., since November 06, 2018. Mr. Carnecchia served as the Chief Executive Officer of Illuminate Education, Inc. Prior to Illuminate Education, Mr. Carnecchia served as the Chief Executive Officer of BIOVIA-Dassault Systémes. Mr. Carnecchia served as Chief Executive Officer and President of Accelrys Inc. since June 15, 2009. Mr. Carnecchia served as the Chief Executive Officer and President of Accelrys Software Inc. He served as President of Autonomy Interwoven Inc. since September 2006 and Interim President since March 6, 2006 and served as Senior Vice President of Worldwide Sales from July 2003 to March 6, 2006. He has over 20 years of technology leadership expertise - with a focus on sales, technical support, professional services and the development and delivery of worldwide training programs - to the benefit of First To File’s customers, shareholders and executive team. He joined Interwoven in 2001 as Vice President of Alliances and served as Senior Vice President of Worldwide Sales from July 2003 to March 6, 2003 where he oversaw Interwoven’s sales organizations in the Americas, Asia Pacific (APAC) and Europe, the Middle East and Africa (EMEA). Mr. Carnecchia served as an Interim President at Interwoven Inc., since March 6, 2006 and President since September 2006. He served as Vice President of Global Sales at Xoriant Corporation, Vice President of Worldwide Field Operations of SmartDB Corporation and as Vice President of Sales for Group 1 Software. He has held management positions at IBM, Intel and Group 1 Software. He has been a Director of Accelrys Inc., since June 15, 2009 and Unchained Labs Inc. since October 24, 2017. Mr. Carnecchia has been a Director at DHI Group, Inc. since February 28, 2019. He served as a Member of Advisory Board at First To File, Inc. (alternate name, FTF Technologies Inc.). He served as an Independent Director of Guidance Software, Inc. form May, 2015 to September 14, 2017. He served as a Director of Agilysys Inc. since November 20, 2013 until September 23, 2015. He served as a Director of Accelrys Software Inc. Mr. Carnecchia holds a Bachelor of Engineering in Electrical Engineering and Computer Science from The Stevens Institute of Technology.
CEO Compensation
- Insufficient data for Max to compare compensation growth.
- Insufficient data for Max to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the Mitek Systems management team in years:
- The tenure for the Mitek Systems management team is about average.
Management Team
Jeff Davison
Chief Financial Officer
$626K
53
1.8 yrs
Steve Ritter
Chief Technology Officer
$1M
48
3.2 yrs
Max Carnecchia
CEO & Director
55
0.4 yrs
Todd Kehrli
Investor Contacts
Jason Gray
Chief Legal Officer
$720K
47
3.1 yrs
Board of Directors Tenure
Average tenure and age of the Mitek Systems board of directors in years:
- The tenure for the Mitek Systems board of directors is about average.
Board of Directors
Bruce Hansen
Chairman of the Board
$1M
58
Max Carnecchia
CEO & Director
55
Pete Hart
Independent Director
$155K
78
Jim Hale
Independent Director
$165K
66
Bill Aulet
Director
$155K
60
John Major
Member of Advisory Board
72
10.3 yrs
Jane Thompson
Director
$55K
66
Victor Nichols
Member of Advisory Board
61
4.5 yrs
Ken Denman
Director
$155K
59
Donna Wells
Member of Advisory Board
56
1.5 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 13. Feb 19 | Sell | Stephen Ritter | Individual | 12. Feb 19 | 12. Feb 19 | -11,377 | $11.17 | $-127,081 | ||
| 08. Jan 19 | Sell | James DeBello | Individual | 03. Jan 19 | 03. Jan 19 | -29,550 | $11.12 | $-328,596 | ||
| 20. Nov 18 | Sell | Kalle Marsal | Individual | 16. Nov 18 | 19. Nov 18 | -10,639 | $9.41 | $-100,097 | ||
| 20. Nov 18 | Sell | James DeBello | Individual | 16. Nov 18 | 19. Nov 18 | -42,308 | $9.41 | $-398,071 | ||
| 20. Nov 18 | Sell | Stephen Ritter | Individual | 16. Nov 18 | 19. Nov 18 | -12,198 | $9.41 | $-114,752 | ||
| 20. Nov 18 | Sell | Michael Diamond | Individual | 16. Nov 18 | 19. Nov 18 | -12,102 | $9.41 | $-113,866 | ||
| 20. Nov 18 | Sell | Jason Gray | Individual | 16. Nov 18 | 19. Nov 18 | -2,925 | $9.41 | $-27,509 | ||
| 20. Nov 18 | Sell | Jeffrey Davison | Individual | 16. Nov 18 | 16. Nov 18 | -611 | $9.40 | $-5,743 | ||
| 05. Sep 18 | Buy | James Hale | Individual | 31. Aug 18 | 31. Aug 18 | 20,000 | $7.17 | $143,482 | ||
| 25. Jun 18 | Sell | Jeffrey Davison | Individual | 22. Jun 18 | 22. Jun 18 | -13,094 | $9.30 | $-121,774 | ||
| 11. Jun 18 | Sell | Stephen Ritter | Individual | 08. Jun 18 | 08. Jun 18 | -8,977 | $8.83 | $-79,222 | ||
| 02. May 18 | Sell | Sarah Clark | Individual | 01. May 18 | 01. May 18 | -2,411 | $7.75 | $-18,685 | ||
| 01. May 18 | Sell | Jason Gray | Individual | 27. Apr 18 | 27. Apr 18 | -7,452 | $7.90 | $-58,871 | ||
Management checks
We assess Mitek Systems's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Mitek Systems has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
MITK News
Simply Wall St News
Why Mitek Systems Inc (NASDAQ:MITK) May Not Be As Efficient As Its Industry
This analysis is intended to introduce important early concepts to people who are starting to invest. … and want to start learning about core concepts of fundamental analysis on practical examples from today's market. … See our latest analysis for Mitek Systems
Simply Wall St - – Full articleShould You Be Concerned About Mitek Systems Inc's (NASDAQ:MITK) Earnings Growth?
Investors with a long-term horizong may find it valuable to assess Mitek Systems Inc's (NASDAQ:MITK) earnings trend over time and against its industry benchmark as opposed to simply looking at a sincle earnings announcement at one point in time. … Below is my commentary, albiet very simple and high-level, on how Mitek Systems is currently performing. … View our latest analysis for Mitek Systems?
Simply Wall St - – Full articleWhat Does Mitek Systems Inc's (NASDAQ:MITK) Ownership Structure Look Like?
In this analysis, my focus will be on developing a perspective on Mitek Systems Inc’s (NASDAQ:MITK) latest ownership structure, a less discussed, but important factor. … The effect of an active institutional investor with a similar ownership as a passive pension-fund can be vastly different on a company's corporate governance and accountability to shareholders. … View our latest analysis for Mitek Systems
Simply Wall St - – Full articleShould You Buy Mitek Systems Inc (NASDAQ:MITK) Now?
As a stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … However, could the stock still be trading at a relatively cheap price. … Today I will analyse the most recent data on Mitek Systems’s outlook and valuation to see if the opportunity still exists
Simply Wall St - – Full articleWhat Makes Mitek Systems Inc (NASDAQ:MITK) An Attractive Investment?
Attractive stocks have exceptional fundamentals. … In the case of Mitek Systems Inc (NASDAQ:MITK), there's. … Below is a brief commentary on these key aspects.
Simply Wall St - – Full articleWhy Mitek Systems Inc (NASDAQ:MITK) Delivered An Inferior ROE Compared To The Industry
Check out our latest analysis for Mitek Systems What you must know about ROE Firstly, Return on Equity, or ROE, is simply the percentage of last years’ earning against the book value of shareholders’ equity. … Currently, Mitek Systems has no debt which means its returns are driven purely by equity capital. … Although, its appropriate level of leverage means investors can be more confident in the sustainability of Mitek Systems’s return with a possible increase should the company decide to increase its debt levels.
Simply Wall St - – Full articleCalculating The Intrinsic Value Of Mitek Systems Inc (NASDAQ:MITK)
In this article I am going to calculate the intrinsic value of Mitek Systems Inc (NASDAQ:MITK) by taking the expected future cash flows and discounting them to today's value. … The sum of these cash flows is then discounted to today's value. … NasdaqCM:MITK Intrinsic Value Apr 12th 18 Important assumptions I'd like to point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows.
Simply Wall St - – Full articleWhy Mitek Systems Inc (NASDAQ:MITK) Has Zero-Debt On Its Balance Sheet
Zero-debt can alleviate some risk associated with the company meeting debt obligations, but this doesn’t automatically mean MITK has outstanding financial strength. … See our latest analysis for Mitek Systems Is MITK growing fast enough to value financial flexibility over lower cost of capital? … MITK’s absence of debt on its balance sheet may be due to lack of access to cheaper capital, or it may simply believe low cost is not worth sacrificing financial flexibility.
Simply Wall St - – Full articleIs Mitek Systems Inc (MITK) Worth $8.75 Based On Its Intrinsic Value?
5-year cash flow estimate 2017 2018 2019 2020 2021 Levered FCF (USD, Millions) $10.00 $12.00 $14.16 $16.57 $19.22 Source Analyst x1 Analyst x1 Extrapolated @ (18%, capped from 29.91%) Extrapolated @ (17%, capped from 29.91%) Extrapolated @ (16%, capped from 29.91%) Present Value Discounted @ 9.63% $9.12 $9.98 $10.75 $11.47 $12.13 Present Value of 5-year Cash Flow (PVCF)= $53 After calculating the present value of future cash flows in the intial 5-year period we need to calculate the Terminal Value, which accounts for all the future cash flows beyond the first stage. … Terminal Value (TV) = FCF2021 × (1 + g) ÷ (r – g) = $19 × (1 + 2.5%) ÷ (9.6% – 2.5%) = $275 Present Value of Terminal Value (PVTV) = TV / (1 + r)5 = $275 / ( 1 + 9.6%)5 = $174 The total value is the sum of cash flows for the next five years and the discounted terminal value, which results in the Total Equity Value, which in this case is $227. … NasdaqCM:MITK Intrinsic Value Nov 8th 17 The assumptions I'd like to point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows.
Simply Wall St - – Full articleMITK Company Info
Description
Mitek Systems, Inc. develops, markets, and sells mobile image capture and identity verification software solutions in the United States, Europe, Latin America, and internationally. The company’s solutions are embedded in native mobile apps and mobile optimized Websites to enhance mobile user experiences, fraud detection and reduction, and compliant transactions. It offers Mobile Deposit that allows individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; and Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile Websites, and desktop applications to verify people’s identities at the point of onboarding through Web or mobile device. The company also provides Mobile Fill, a mobile identity capture solution to pre-fill forms with personal data by snapping a picture of the consumer’s driver license, credit card, or other similar identity documents; Mobile Docs, a mobile document scanning solution; and MiSnap, a touch-free automated capture technology. In addition, it offers A2iA CheckReader that enables financial institutions to automatically extract data from checks; A2iA DocumentReader, a document classification and data extraction tool; A2iA TextReader that enables text transcription for printed and cursive handwritten text recognition; and ID_CLOUD, an automated identity verification solution that is integrated into a customers’ application to read and validate identity documents. The company sells its solutions primarily to banks, credit unions, lenders, payments processers, card issuers, fintech companies, etc. through direct sales teams and channel partners. Mitek Systems, Inc. was founded in 1983 and is based in San Diego, California.
Details
| Name: | Mitek Systems, Inc. |
| MITK | |
| Exchange: | NasdaqCM |
| Founded: | 1983 |
| $456,221,034 | |
| 38,728,441 | |
| Website: | http://www.miteksystems.com |
| Address: |
Mitek Systems, Inc. 600 B Street, Suite 100, San Diego, California, 92101, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NasdaqCM | MITK | Common Stock | Nasdaq Capital Market | US | USD | 16. Nov 1987 | |
| LSE | 0K1W | Common Stock | London Stock Exchange | GB | USD | 16. Nov 1987 |
Number of employees
Current staff
Industry
| Application Software | |
| Software |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/04/23 23:40 |
| End of day share price update: | 2019/04/23 00:00 |
| Last estimates confirmation: | 2019/03/29 |
| Last earnings filing: | 2019/02/08 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/09/30 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
