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PowerFleet, Inc.NYSE:MIXT Stock Report

Market Cap US$320.8m
Share Price
n/a
US$15.72
n/aintrinsic discount
1Y77.7%
7D14.6%
Portfolio Value
​
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PowerFleet, Inc.

NYSE:MIXT Stock Report

Market Cap: US$320.8m

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

MiX Telematics (MIXT) Stock Overview

MiX Telematics Limited, together with its subsidiaries, provides fleet and mobile asset management solutions through software-as-a-service (SaaS) delivery model. More details

MIXT fundamental analysis
Snowflake Score
Valuation1/6
Future Growth3/6
Past Performance1/6
Financial Health5/6
Dividends1/6

Rewards

Trading at 7.5% below our estimate of its fair value

Earnings are forecast to grow 46.45% per year

Risk Analysis

Dividend of 1.61% is not well covered by earnings or cash flows


MIXT Community Fair Values

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MiX Telematics Limited Competitors

Price History & Performance

Summary of share price highs, lows and changes for MiX Telematics
Historical stock prices
Current Share PriceR14.55
52 Week HighR14.85
52 Week LowR4.75
Beta0.82
1 Month Change63.48%
3 Month Change77.66%
1 Year Change77.66%
3 Year Change7.46%
5 Year Change-10.95%
Change since IPO-19.70%

Recent News & Updates

Seeking Alpha • Dec 26

MiX Telematics Seeks Merger With PowerFleet Amid Challenged Growth

Summary MiX Telematics Limited plans to merge with U.S.-based PowerFleet, which could lead to potential gains and cost-effective pursuit of larger deals. The global market for automotive telematics is expected to reach nearly $179.5 billion by 2030, driving growth for companies like MiX Telematics. MiX Telematics has shown slow revenue growth and a decline in operating income, but its financial position and free cash flow are stable. Until the merger is completed and new management is able to ignite meaningful revenue growth, I'm Neutral [Hold] on MiX Telematics Limited stock. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha • Dec 26

MiX Telematics Seeks Merger With PowerFleet Amid Challenged Growth

Summary MiX Telematics Limited plans to merge with U.S.-based PowerFleet, which could lead to potential gains and cost-effective pursuit of larger deals. The global market for automotive telematics is expected to reach nearly $179.5 billion by 2030, driving growth for companies like MiX Telematics. MiX Telematics has shown slow revenue growth and a decline in operating income, but its financial position and free cash flow are stable. Until the merger is completed and new management is able to ignite meaningful revenue growth, I'm Neutral [Hold] on MiX Telematics Limited stock. Read the full article on Seeking Alpha
Seeking Alpha • Sep 28

MiX Telematics Contends With Slow Sales Cycles As Macro Headwinds Remain

Summary MiX Telematics Limited provides vehicle and mobile asset tracking and management software globally. Revenue growth is challenged by lengthening sales cycles and a strong U.S. dollar environment. The company is correct to focus on premium fleet prospects, but I remain Neutral [Hold] on MiX Telematics for the near term. Read the full article on Seeking Alpha
Seeking Alpha • Jul 18

MiX Telematics: AI, Low Valuation, Pristine Balance Sheet, Growth, Dividend

Summary MiX Telematics combines profitability, low valuation, pristine balance sheet, growth with dividend. Outlook is bright with more growth on the horizon thanks also to the company's artificial intelligence offerings. MIXT recently increased the dividend, which is a strong indicator that it's confident about its cash flows in the foreseeable future. MIXT has repurchased its shares over the last twelve months at an average price of $8.57 per ADS. I believe that MIXT could outperform in the next twelve months. Read the full article on Seeking Alpha
Seeking Alpha • Jun 23

MiX Telematics Results Flatten As Headwinds Mount

Summary MiX Telematics Limited reported its FQ4 2023 financial results on May 25, 2023. The firm provides an array of fleet tracking and telematics products and services worldwide. MiX Telematics' financial results have been leveling off amid increasingly challenging macroeconomic conditions. I remain Neutral [Hold] on MiX Telematics stock in the near term. Read the full article on Seeking Alpha
Seeking Alpha • Jan 26

MiX Telematics Non-GAAP EPS of $0.04, revenue of $37.8M

MiX Telematics press release (NYSE:MIXT): Q3 Non-GAAP EPS of $0.04. Revenue of $37.8M (+4.4% Y/Y). Subscription revenue of $32.5 million, up 17% year-over-year (constant currency) Annual recurring revenue (“ARR”) of $131.8 million, up 17% year-over-year (constant currency) Record net quarterly organic subscriber additions of 44,600, bringing the total base to over 959,000 Net income of $2.8 million, up from $0.6 million in the prior year Adjusted EBITDA of $8.4 million, at an Adjusted EBITDA margin of 22.2% (up from $6.0 million, at an Adjusted EBITDA margin of 17.0%, in the prior quarter) Net cash from operating activities of $11.2 million Free cash flow of $5.9 million
Seeking Alpha • Nov 16

MiX Telematics goes ex-dividend tomorrow

MiX Telematics (NYSE:MIXT) had declared $0.041/share quarterly dividend, -31.7% decrease from prior dividend of $0.060. Payable NA; for shareholders of record Nov. 18; ex-div Nov. 17. See MIXT Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Oct 22

MiX Telematics Offers A Solid Risk/Reward Ratio Here

Summary MiX Telematics is a leader in the global fleet and asset telematics sector offering a host of sophisticated services on a SaaS platform generating 60%+ gross margins. The telematics market is a huge market still in the early innings, providing a long runway for the company. The company's solutions produce solid ROIs for customers blunting any recessionary headwinds. While the company is facing some headwinds, most notably in the currency markets, it's still adding 20K subscribers a quarter. We think that the 1x EV/S valuation for this SaaS company generating 60%+ gross margins is cheap. It has been some time since we looked at MiX Telematics (MIXT), a worldwide provider of advanced telematics solutions for fleets and assets with a presence in 120 countries, based on a SaaS subscription business model. Given the number of headwinds the company has been facing, they have actually been doing quite well, but the shares have suffered with the rest of small growth stocks. FinViz Quick introduction Here is a little overview of the types of services the company offers, they are quite a sophisticated telematics player (company IR presentation): MIXT IR presentation The company integrates these in its SaaS platform, a highly attractive business model. These services generate a host of data which is the basis of analytics, solving a host of problems like (10-K): to reduce fuel and other operating costs, improve efficiency, enhance regulatory compliance, enhance driver safety, manage risk and mitigate theft. Our solutions mostly rely on our proprietary, highly scalable technology platforms, which allow us to collect, analyze and deliver information based on data from our customers' vehicles. MIXT IR presentation The company's offerings solve a host of solutions for customers (10-K): For example, for fleet efficiency, we offer vehicle tracking and analysis, fuel consumption and mileage analysis; for regulatory compliance, we offer compliance monitoring, hours of service tracking and fuel tax reporting; for driver improvement, we offer in-vehicle video monitoring and in-cab real-time driver feedback; for risk management, we offer driver scoring and analysis and journey management; and for safety and security, we offer vehicle and asset tracking, crash notifications and vehicle theft recovery. And there is more, like BI (business intelligence), from the 10-K: Our fleet management software is designed to provide our customers with insightful, actionable business intelligence on demand. For example, our premium fleet solution, MiX Fleet Manager, includes data reporting and analysis tools with more than 110 standard reports and the ability for customers to request custom fleet, vehicle and driver reports. We also offer a premium web-based business intelligence engine with enhanced analytics, reporting and data visualization tools for those customers seeking to perform highly granular analyses of large quantities of historical and real-time data and make the data available to customers in the format of their choice. Last year, the company launched MiX Vision AI in order to serve the video telematics market, a relatively new addition to the industry. MIXT IR presentation Management argues that this, in combination with in-vehicle telematics, generates a strong ROI for users: MIXT website They even have their own phone app: MIXT IR presentation This breadth of services generates significant upselling opportunities which are interesting for instance in the OEM deals the company has with a number of car manufacturers: MIXT IR presentation Isuzu was the latest of these, a win in Q1/23 and they will even install the MiX devices on their production lines and as a result, they will pay MiX subscription revenues. From the Q1CC: The agreement will see MiX's fleet and asset tracking technologies installed on their production line on all vehicles in 3 commercial ranges produced in South Africa. Branded locally as Isuzu insights. The solution will be used by Isuzu to provide value-added services to their clients and also presents a significant upsell opportunity for MiX. Headwinds Pandemic Supply issues Inflation Russia Customer slip Currencies FY21 was the only year of subscriber contraction (minus 73.8K) due to the pandemic but the pandemic has generated a host of additional issues like supply chain bottlenecks and rising costs. Supply chain issues at customers keep backlog high and the company has pre-emptively started to buy critical parts in order to deal with supplier price gouging and scarcity. A new customer from South Africa was expected to start generating revenues in Q1 but this now has moved to Q2. There is also a significant currency headwind, especially as most new subscribers (23.2M in Q1) came from South Africa where the rand tumbled 10% against the US dollar and the currency problems are general as the US dollar has strengthened against most world currencies. The currency headwinds alone shaved $10M+ from net income in Q1. Then there is Russia as MiX withdrew from the country which declined ARR by $200K, which is a pity as this was a high ARPU customer. The company is also facing increased costs but long-term contracts prevent immediate cost pass-through (in South Africa, which is a main market for the company, contracts are indexed so they are relatively safe from inflation). There was also a huge flooding in South Africa which totaled 400 cars of a customer, delaying some revenue streams. Growth The company has a huge market opportunity as the telematics industry is still in the early innings: MIXT IR presentation While the company is now over the pandemic dip: YCharts But the company has been doing reasonably well the last couple of quarters with 20K+ subscriber wins in each of the last three quarters. The company had a total of 838.3K subscribers at the end of Q1/21 adding 11% or 23.2K subscribers in Q1 (y/y). Total revenue came in at $35.1M (of which subscription revenues at $31M), representing constant currency increases of 7.3% and 6.3% respectively. ARR was $123.2M, up 1% q/q and 7% y/y on a constant currency basis. There were quite a few new customer wins in Q1: MIXT IR presentation
Seeking Alpha • Aug 31

MiX Telematics wins a 5-year contract in Australia

MiX Telematics (NYSE:MIXT) announced that MiX Telematics Australasia has won a contract for power provider, Horizon Power, in Western Australia. The company will provide a solution to improve driver behaviour with sophisticated video telematics and driver engagement tools. Horizon Power's 130-strong fleet of vehicles will be fitted with a range of safety and efficiency promoting solutions from MiX, all of which will work synergistically to provide cutting-edge actionable intelligence to develop and improve key metrics across the company. "We're very pleased that such a reputable power provider is entrusting MiX to deliver actionable information to improve driver safety, efficiency, and compliance. We look forward to working with Horizon Power well into the future to help make their fleet and drivers safer," remarks Managing Director for MiX Telematics Australasia, Brodie von Berg.
Seeking Alpha • Aug 25

MiX Telematics to acquire Trimble's field service management business

MiX Telematics (NYSE:MIXT) has signed a deal to acquire Trimble's (NASDAQ:TRMB) Field Service Management business, announced the fleet management solution company on Thursday. Financial terms of the deal were not disclosed. The acquisition will be immediately accretive to MiX (MIXT) and bring over 40,000 members to its subscriber base. Trimble's FSM business has been reported as part of the Trimble Transportation segment. The sale will not have a material financial impact on the segment or Trimble's overall financial results. Commenting on the deal, MiX Telematics CEO Stefan Joselowitz said, "The MiX and Trimble Field Service Management teams are working very closely together to ensure a seamless transition. The combination adds significant scale to our North American telematics subscriber base while diversifying that business into additional industry verticals. North America is a strategic priority for MiX, and we are well positioned to pursue M&A opportunities to bolster our regional organic growth investment."
Seeking Alpha • Aug 17

MiX Telematics goes ex dividend tomorrow

MiX Telematics (NYSE:MIXT) declares $0.06/share quarterly dividend, -3.2% decrease from prior dividend of $0.06. Forward yield 2.95% Payable Sept. 1; for shareholders of record Aug. 19; ex-div Aug. 18. See MIXT Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Jul 28

MiX Telematics GAAP EPS of $0.00 misses by $0.08, revenue of $35.1M misses by $0.91M

MiX Telematics press release (NYSE:MIXT): Q1 GAAP EPS of $0.00 misses by $0.08. Revenue of $35.1M (+0.6% Y/Y) misses by $0.91M. Subscription Revenues: Subscription revenues were $31.0 million, compared to $31.1 million for the first quarter of fiscal year 2022. Income From Operations: Income from operations was $2.4 million, compared to $4.3 million for the first quarter of fiscal year 2022. Operating income margin was 6.9%, compared to 12.4% for the first quarter of fiscal year 2022. Operating expenses of $19.3 million increased by $0.8 million, or 4.3%, compared to the first quarter of fiscal year 2022.
Seeking Alpha • May 10

MiX Telematics: Dividend May Come Under Pressure Shortly

Shares seem to undergo a descending triangle (bearish). Earnings Estimates continue to come in significantly. The stock's high payout ratio means the company needs growth and fast.
Seeking Alpha • Aug 12

MiX Telematics Showing Continued Strength Of Their Solutions

Despite a slowdown from COVID, MiX's track record of growth coupled with their growing bundled solution suggest reasonable upside ahead. Given their cash flow dynamics, management's demonstrated competence at capital allocation, and the contractual nature of demand, the downside is seemingly protected at these levels. With high incremental margins on top of HSD%+ expected top-line growth, MiX's current valuation of under 8x EBITDA ($14.3/share) provides a favorable risk/reward with 3-year upside of $20+ per share.

Shareholder Returns

MIXTUS SoftwareUS Market
7D14.6%1.5%2.6%
1Y77.7%-9.2%26.2%

Return vs Industry: MIXT exceeded the US Software industry which returned 50.8% over the past year.

Return vs Market: MIXT exceeded the US Market which returned 29.8% over the past year.

Price Volatility

Is MIXT's price volatile compared to industry and market?
MIXT volatility
MIXT Average Weekly Movement7.5%
Software Industry Average Movement9.6%
Market Average Movement7.2%
10% most volatile stocks in US Market16.1%
10% least volatile stocks in US Market3.2%

Stable Share Price: MIXT's share price has been volatile over the past 3 months.

Volatility Over Time: MIXT's weekly volatility (7%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19961,077Joss Joselowitzwww.mixtelematics.com

MiX Telematics Limited, together with its subsidiaries, provides fleet and mobile asset management solutions through software-as-a-service (SaaS) delivery model. It offers MiX Fleet Manager, a commercial fleet management solution comprising MyMiX, an innovative driver engagement platform; MiX Vision, an on-road and in-vehicle video recording solution; MiX Rovi, an in-vehicle display and communications system; MiX RIBAS and DriveMate, an in-cab driving aid solution; MiX Hours of Service, which allows real-time monitoring and compliance; MiX Journey Management, an easy-to-use electronic alternative to paper-based systems; and MiX OEM Connect allows customer instant, direct integration to relevant, and powerful telematics data. The company provides MiX Asset Manager, asset tracking products including generators, light towers, storage tanks and pumps, and asset management solution for visibility of corporate assets; and Matrix, a suite of mobile asset management solutions for entry-level fleets and consumers, which offers real-time and historical vehicle tracking, and positioning, unauthorized vehicle use alerts, panic emergency response, crash alerts, driver behavior alerts, fuel tax logbooks, and vehicle maintenance notifications.

MiX Telematics Limited Fundamentals Summary

How do MiX Telematics's earnings and revenue compare to its market cap?
MIXT fundamental statistics
Market capUS$320.80m
Earnings (TTM)US$5.58m
Revenue (TTM)US$150.06m
57.5x
P/E Ratio
2.1x
P/S Ratio

Is MIXT overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
MIXT income statement (TTM)
RevenueUS$150.06m
Cost of RevenueUS$57.49m
Gross ProfitUS$92.57m
Other ExpensesUS$86.99m
EarningsUS$5.58m

Last Reported Earnings

Dec 31, 2023

Next Earnings Date

n/a

Earnings per share (EPS)0.01
Gross Margin61.69%
Net Profit Margin3.72%
Debt/Equity Ratio19.6%

How did MIXT perform over the long term?

See historical performance and comparison

Dividends

1.6%
Current Dividend Yield
96%
Payout Ratio

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/03/26 06:37
End of Day Share Price 2024/03/26 00:00
Earnings2023/12/31
Annual Earnings2023/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

PowerFleet, Inc. is covered by 4 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Thomas WalkleyCanaccord Genuity
Brian SchwartzOppenheimer & Co. Inc.
Brian PetersonRaymond James & Associates