Mitek Systems Stock Fair Value – MITEK SYSTEMS Reports Second Quarter Earnings Results for FY2023 on September 14 2023
September 20, 2023
🌥️Earnings Overview
On September 14 2023, MITEK SYSTEMS ($NASDAQ:MITK) announced their earnings results for the second quarter of FY2023, which ended on March 31 2023. This quarter saw a significant rise in revenue, with a 30.5% increase to USD 45.3 million from the same period the previous year. Additionally, their reported net income rose to USD 4.4 million from the USD 1.0 million from the prior year.
Market Price
The company’s stock opened at $12.7 and closed at $13.0, up by 2.0% from its prior closing price of 12.7. This marked the ninth consecutive quarter of double-digit year-over-year revenue growth for the company. The results were driven by strong international demand for the company’s digital identity verification and mobile capture solutions, as well as a focus on developing new products and services. MITEK SYSTEMS also saw an increase in activity in the automotive industry which helped drive growth in the quarter.
Overall, the results provided a strong indication of the continued positive momentum for MITEK SYSTEMS. Going forward, the company is confident in its ability to continue to deliver strong returns for shareholders. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Mitek Systems. More…
| Total Revenues | Net Income | Net Margin |
| 167.77 | 8.07 | 6.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Mitek Systems. More…
| Operations | Investing | Financing |
| 29.36 | -3.53 | -21.14 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Mitek Systems. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 400.96 | 198.66 | 4.47 |
Key Ratios Snapshot
Some of the financial key ratios for Mitek Systems are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 22.1% | 57.2% | 11.8% |
| FCF Margin | ROE | ROA |
| 16.9% | 6.3% | 3.1% |
Analysis – Mitek Systems Stock Fair Value
At GoodWhale, we have performed an analysis of MITEK SYSTEMS‘s fundamentals. The result shows that the fair value of MITEK SYSTEMS share is around $15.8, which is calculated by our proprietary Valuation Line. Currently, MITEK SYSTEMS stock is traded at $13.0, which is a fair price that is undervalued by 17.9%. This makes MITEK SYSTEMS an ideal stock to invest in for those looking for a good bargain. More…
Peers
It faces tough competition from other companies such as AppLovin Corp, Mobivity Holdings Corp and Artificial Life Inc, all of which are trying to gain a foothold in this rapidly growing industry. Mitek Systems Inc must remain agile and innovate in order to stay ahead of the competition and maintain its leading position.
– AppLovin Corp ($NASDAQ:APP)
AppLovin Corp is a mobile marketing company that provides technology and services to help app developers maximize their user acquisition, monetization, and analytics capabilities. The company’s market cap of 3.91B as of 2023 indicates it is performing well in the industry and is a viable investment choice. AppLovin Corp’s Return on Equity (ROE) of 1.22% reflects its ability to generate profits from equity investments and is indicative of the company’s strong financial performance.
– Mobivity Holdings Corp ($OTCPK:MFON)
Mobivity Holdings Corp, a publicly traded company, is a technology and marketing company that helps brands grow their customer relationships, increase customer engagement, and drive revenue with their innovative mobile marketing solutions. The company has a market cap of 85.22M as of 2023, making it a mid-cap company. Its Return on Equity (ROE) of 114.54% indicates that the company is effective at using its equity to generate profits. The strong ROE is a sign of the company’s healthy financial position and ability to generate profits from its investments.
– Artificial Life Inc ($OTCPK:ALIF)
Artificial Life Inc is a leading provider of artificial intelligence and machine learning solutions. The company helps businesses, government agencies, and other organizations to develop and implement AI-driven technologies. As of 2023, Artificial Life Inc has a market cap of 4.14M, which indicates that the company has a strong presence in the market and is well-positioned for future growth. Additionally, Artificial Life Inc has a Return on Equity of 6.65%, which reflects the company’s ability to generate profits from its shareholders’ equity. This provides further evidence that Artificial Life Inc is an attractive investment opportunity.
Summary
Investor sentiment towards MITEK SYSTEMS has been largely positive following its second quarter of FY2023 earnings report. The company saw a 30.5% year-on-year increase in total revenue to USD 45.3 million and a net income of USD 4.4 million, up from USD 1.0 million the same period the previous year. This has been seen as a strong indication of the company’s continued success in the market, as its revenue growth continues to beat expectations and its net income reaches new highs.
Furthermore, investors have been encouraged by the company’s commitment to its growth strategy, which is reflected in its recent acquisitions and investments. With the company’s continued financial success, investors are optimistic about its future prospects and long-term outlook.
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