Investor Presentation April 2016 George Rossolatos, CEO Avante Logixx Inc.
TSXV: XX OTC:ALXXF
www.avantelogixx.com
FORWARD LOOKING INFORMATION This presentation may contain "forward-looking statements" within the meaning of applicable securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Avante Logixx Inc. (“Avante”) to be materially different from those expressed or implied by such forward-looking statements. Although Avante has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Avante does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
DISCLAIMER This presentation is for information purposes only and is not intended to, and should not be construed to constitute, an offer to sell or the solicitation of an offer to buy, Avante’s securities. This presentation and its contents should not be construed, under any circumstances, as investment, tax or legal advice. Any person viewing or accepting delivery of this presentation acknowledges the need to conduct their own thorough investigation into Avante’s business and its activities before considering any investment in Avante’s securities. Among other things, investors should review Avante’s public filings which are available in Canada at www.sedar.com
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AVANTE LOGIXX OVERVIEW •
Avante Logixx Inc. (“Avante”), is a premium residential and commercial security provider, automation services integrator and locksmith company
•
Headquartered in Toronto with approximately 140 employees Investment Highlights
Profitable business with strong organic growth and acquisition pipeline
Attractive recurring revenue model with negative working capital dynamics
Large and fragmented commercial and residential security market with significant synergy opportunities
Strong balance sheet with minimal debt, high cash conversion & minimal CAPEX requirements
Highly successful and knowledgeable management team with significant operational and acquisition execution experience
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HISTORY & CORPORATE OVERVIEW 1996
2008 - 2014
2014
2015
2016
Today Avante Security Inc.
Avante Logixx Inc.
• Founded by Manny Mounouchos (Current Director)
• Lists on the TSX Venture Exchange via a reverse takeover (Ticker ‘XX’)
• Company vision focused on developing its own technology to distinguish itself from its competition
• Focused on consolidating the fragmented higher end security, fire and lock space in residential and commercial applications in Canada and USA
• Began as ultrapremium security only and expanded its offerings and services to a broader target market
• Revenue CAGR ~13% Mar 08 to Dec14 • Becomes cash flow positive in June 2012 • Completes $5 million bought deal in March 2014 for the purpose of seeking acquisitions
4
INTO Electronics Inc. • Acquired in August 2014
• Founded in 1991, provides consulting in automation services and security solutions for the high-end residential market as well as the commercial and highrise condo segments
INTO Electronics Inc. • Acquired in April 2015 • Founded in 1993, provides security systems to residential and commercial markets also includes home automation and locksmith services
City Wide Locksmiths Inc. (“CWL”) • Acquired in April 2016
• Founded in 1962, CWL is among the largest and most trusted locksmiths, providing a variety of security products and services for residential and commercial clients • Leading Canadian supplier of architectural doors and hardware. Operates Antique Door & Hardware, catering to top designers, architects & builders
SENIOR MANAGEMENT TEAM • Joined Avante Logixx in mid 2010; Responsible for the strategic direction and execution of the business plan • Revenue tripled since joining and turned from cash burn to profitability
George Rossolatos
CEO, Avante Logixx Inc.
• Former partner and co-founder of private equity fund TorQuest Partners ‒ Between 2002 – 2009, helped raise and invest two funds of $180MM and $550MM, respectively ‒ Overall IRR from exited investments was in excess of 60% • Previously worked as an investment professional at Harrowston Inc., a publicly traded private equity fund, and in a management role with Ernst & Young LLP • Recognized in 2007 as one of Canada’s Top 40 under 40 • CPA/CA (Ontario); MBA from the Kellogg School of Management (Marketing) at Northwestern University
Rodney Wechsler
• Involved in automation services and the security industry for over 20 years
President
• Founded INTO Electronics in 1991, initially focusing on automation and later branching out into security systems
INTO-Electronics Inc.
• Educational background in Electrical Engineering from Technion, Cape Town, South Africa • Graduated in electronic engineering from the Army Academy in Israel in 1975 and served in the Israeli Air Force till 1982
Yoram Dushek
• Worked for Hashmira, Israel’s largest security company as Project Manager until 1990, handling several large projects in and outside of Israel
President, Avante / LVS
• Relocated to Canada in 1990 and worked for the National Guardian until 1993 when he founded LVS • Since 1993, has grown LVS by focusing on security and home automation
Raghu Sampath CFO, Avante Logixx Inc.
• Experienced finance professional with over 15 years in diverse service industries, including staffing, oilfield services and public accounting • Formerly, VP Finance at Randstad Canada, Corporate Controller at MB Group (Hungary and Oman), and Audit Senior at KPMG Oman • M. Acct. from Virginia Tech; and CA designation from India
Danny Shearer President, CWL
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• Involved in the locksmith business for over 35 years • Worked his way up this family owned business founded by his father; grew what was initially a mobile locksmithing business to its present status as one of Canada’s most trusted locksmiths and premier supplier of architectural doors and hardware
BOARD OF DIRECTORS George Rossolatos is also a member of the Board of Directors, the other members of which are:
Leland Verner Chair of the Board
• President of Illyria Inc., an independent firm since 1982 • Previously Chairman & CEO of Invesprint Corporation and Chairman of Vincor International Inc.
• Graduate in Business from Ryerson University • Involved in the security industry for over 20 years
Manny Mounouchos
• Founded Avante in 1996 with a vision to apply technology to distinguish Avante from its competition
Director
• Developed the first prototype SmartBoxx over 10 years ago • Educational background in electronics from Ryerson
Wesley De Shane Director & Chair of Audit Committee Bruce Bronfman, Director & Chair of Governance Committee
• A finance executive with experience in treasury, international tax planning, controllership, acquisitions and investor relations • Previously, Chief Financial Officer of Invesprint Corporation, ZENON Environmental Inc., Canada Malting Co. Ltd. and Emco Limited, all Toronto Stock Exchange listed companies • Graduate of the University of Western Ontario and a Chartered Accountant from the Ontario Institute of Chartered Accountants • President of Mida Investments Ltd., a private investment and consulting company • Previously, a consultant to Bayfield Realty Advisors; also was Co-Founder and Director of Rosedale Health • Previously, a director / officer of several public companies such as Edper Group Limited, Brascan Limited, Hees International Bancorp Inc., Carena Developments Limited • The current National Treasurer of the Canadian Associates of Ben-Gurion University of the Negev
Joseph Leeder
• A finance executive, with extensive background in the areas of mergers, acquisitions, financings and financial consulting
Director & Chair of Compensation Committee
• Previously, CEO and CFO of Envoy Capital Group Inc. and a Partner of the financial advisory services group at KPMG
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• A commerce graduate of Concordia University and a Chartered Accountant from the Ontario Institute of Chartered Accountants
SHARE PRICE PERFORMANCE & SHAREHOLDERS Share Price Performance $0.50
4,500
$0.45
Jun.2012 – Turns cash flow positive
B
Feb.2014 – Completes $5mm private placement
C
Jul/Aug.2014 – Acquisition of INTO Electronics Inc.
D
Mar/Apr.2015 – Acquisition of LVS Inc.
E
Oct 1/15 – Feb 25/16 – While the stock price went down by 10%, revenues grew 32%
4,000
D
B
3,500
C
$0.35
3,000
$0.30
2,500
$0.25
E
$0.20
2,000
Volume (000s)
$0.40
1,500
$0.15
1,000
$0.10
$0.05
A
500
A
$0.00 Jun-12
0 Nov-12
Mar-13
Jul-13
Nov-13
Mar-14
Jul-14
Nov-14
Apr-15
Aug-15
Dec-15
Apr 1/16 – Acquisition of 70% interest in CWL
Shareholders Share Count Basic Shares Outstanding Options Outstanding (vested)
19% Manny Mounouchos
Fully Diluted Shares Outstanding
Shares (M) 81.4
Mkt Cap (M) $18.30
1.0 82.4
George Rossolatos 8%
Yoram Dushek Leland Verner
4%
59%
3% 4% 3%
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Rod Wechsler Other insiders All Other Shareholders
Shares (M) 15.8 6.8 3.2 2.4 3 2.8
% of Total 19.30% 8.40% 4.00% 2.90% 3.60% 3.40%
% of Total (incl. unvested) 18.00% 12.30% 3.75% 2.70% 3.50% 3.25%
Total insiders All Other Shareholders
34.0 48.4
41.60% 58.40%
43.50% 56.50%
Fully Diluted Shares Outstanding
82.4
100.00%
100.00%
Shareholder Manny Mounouchos George Rossolatos Yoram Dushek Leland Verner Rod Wechsler Other insiders
THE SECURITY LANDSCAPE •
Estimated market size of the security industry is USD 350 billion in the USA, which includes USD 282 billion of private sector spending. Of this, non-IT security spending is estimated at USD 202 billion. Canadian market is about a tenth of the US market ‒ Industry is highly fragmented with many small operators with limited services, typically generating less than CAD 10 million in revenues annually Fully integrated service offering
Quality of Service
Limited service offering
“Mom & Pop” operations
Pricing 8
AVANTE GROUP - OPERATING UNITS Residential
Commercial
Description Executive protection, elite rapid alarm response, intelligent perimeter protection video analytics, enhanced security systems, home automation services integration etc.
Total Revenue ~$11.5mm
Recurring Revenue ~$4.7mm
Security Camera Systems
•
Int’l Security Travel Advisory
•
Patrol & Rapid Response
•
Home Automation & Theatre
•
Total Revenue ~$2.8mm
Offerings
•
•
High-end security and automation services integration; specialized skillset in commercial and high rise security integration
Total Revenue ~$5.0 mm
Offerings
•
Description
Description Highest quality of security, locksmith services to homes and businesses; 24/7 emergency services and antique doors and hardware
Residential
Offerings Commercial
•
Lock repairs, Pick & Stuck key service
•
All of the residential offerings
•
High security locks
•
Security, sprinkler, Life Safety Systems
Keyless entry and card-swipe locks
•
Auto key & lock
•
•
Private Investigations
•
Access Control Systems / 24 Hour Monitoring
•
Locksmith Services
•
Iron works and gates
•
Security Consulting
•
Safe & vault
Intelligent perimeter Protection
•
Corporate Security Concierge
•
24/7 emergency services
Recurring Revenue ~$0.9mm
•
Access Control Systems/24 Hour Monitoring Electronic Building Management
•
Camera Systems
•
Security, Sprinkler & Life Safety Systems
•
Intercom Systems
Labour Tracking Systems
- Avante services approximately 3,000 monitored accounts, half of which are high-end, while INTO services approximately 2,300 accounts, two thirds of which are commercial accounts, and - Avante Security and INTO Electronics are within close proximity of one another, with a 24/7 Control Centre which has the ability to monitor and respond to hundreds more new clients
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AVANTE GROUP - LINES OF BUSINESS Through Avante Security, INTO Electronics and City Wide, the Avante Group provides: • Caters to all security needs of businesses Patrol & Rapid Response
• Regular patrols at client sites • 6-minute in-area response time
Locksmith Services
• Antique Doors & Hardware • 24/7 Rapid Response, average 20 mins • Safe & vault services
• Multi-channel technology-based video patrols Monitoring
• 24/7, 365 Avante Control Centre and dispatch • Dual monitoring (wired & wireless)
Intelligent Perimeter Protection
• Intrusion Detection and Video Analytics
Secure Transport
• Highly trained security focused drivers
• Uses a combination of algorithms to study the environment the camera is focused on
• Counter-surveillance / first aid trained
• Client location tracking International Security Travel Advisory
• Travel risk and threat reports • Secured Transport • For travel in unfamiliar / med- to high-risk countries • Two way voice emergency systems
Personal Emergency Systems
Labour Tracking Systems
• Pendant and Console activated systems • Off-site monitoring in INTO’s ULC listed Response Centre and 24/7 Concierge Centre • Time and attendance reporting for payroll; remote monitoring of on-site hardware while ensuring 24/7 System Data Integrity • Bodyguard protection
Electronic Building Management
• 24/7 monitoring and off-site management of all aspects of security
Other Services:
• Private investigations • Travel alerts • Intercom systems using a variety of technologies
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AVANTE SECURITY INC. (CORPORATE SECURITY SERVICES) Avante personnel at an AGM of a public company and at an event featuring Former Secretary of State Mr. Colin Powell
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AVANTE SECURITY INC. (CORPORATE SECURITY SERVICES) Avante personnel at an event featuring comedian and actor, Mr. Chris Rock
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AVANTE SECURITY INC. (CORPORATE SECURITY SERVICES) Avante personnel at an event featuring comedian and actor, Mr. Seinfeld
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PRICE RANGE Installations •
With residential security installations, the Company caters to basic installation of $1K and goes up to $300K on high-end homes
•
Commercial installations - range between $15K and $1 million
Monitoring •
Digital monitoring - $28 per month (before tax)
•
Wireless / GSM backup / SmartBoxx monitoring - $50 per month (before tax)
Video Analytics – uses software algorithms to detect potential burglars when they approach the property •
Video Analytics Monitoring – ranges from $200 to $500 per month (before tax)
Rapid Alarm Response – ranges from $100 per month to $750 per month (before tax) Locksmith Services – prices vary depending on the nature of products / services ordered by customers
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CUSTOMERS •
On the residential side, targeted growth (net of attrition) ranges between 5% and 10%
•
In the commercial space, revenues tend to be lumpier than residential, but we target a growth rate of 5% to 10% Commercial Customers - Testimonials
“Recently DHL Express Canada Ltd. challenged me to find a product that could satisfy our unique IT requirements for our Host/LAN rooms. The challenge was to find a product that could monitor the rooms’ temperature levels and send out multiple alerts via email and text once certain thresholds were crossed….. While researching this request I came across your companies “Smartboxx” technology. While other companies were able to just simply monitor the temperature and send out a single alert, yours was the only product to fully meet our requirements. I am happy to say that not only is our IT department impressed with the product, our engineering department is now looking at other ways to utilize this fantastic product. Simply put Avante Security and the Smartboxx were the only company and product that meet our challenge and for that we are thankful for your teams support in helping us.”
Mike Soberal – Loss Prevention Manager
“We have had Avante Security protect our family for the past 10 years and their service is outstanding. Their staff is extremely accessible, polite and professional whenever we have had a need to contact them. They stand by their commitment and we rest easy a night knowing that Avante Security is monitoring our home and they are always here in mere minutes when we need them.”
“On behalf of Blackberry Corporate Risk and Security, we would like to express our heartfelt thanks; you have been instrumental in our success and more importantly the safety of our personnel. In particular, thank you for your support over the past two months with the launch of the Blackberry 10. Your professionalism and dedication to duty have been a critical component to the success of our various events overseas.”
“I am writing to convey my appreciation for the prompt, courteous and professional service which you and your staff provide the ROM while assiting us in maintaining our security and CCTV systems” Frank Petersen, Head of Security, Royal Ontario Museum
Patrick Morrrissey – Blackberry’s Director, Investigation and Protection Operations
Residential Customers - Testimonials “There is nothing that Avante Security cannot do, we have had special security requests that no other firm in Toronto could do. But after contacting Avante their experts went to great lengths to accommodate us and offer our family the ultimate level of protection” Mike – Rosedale
“Avante Security helped us beyond imagination when our house flooded during our African safari. They took control, managed the remediation and repair and we didn’t have to cut our trip of a lifetime short. We will not forget the lengths the Avante team went to help us in our time of need. We will always be loyal customers of Avante!” Eric – Forest Hill
Melissa – Bridle Path
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FINANCIAL SUMMARY •
Recurring revenue base with high margins ‒ Growth driven through new customer outreach, cross-selling and development of a corporate customer base
‒ Significant growth in recurring revenue • Revenue run rate of ~$20.0 MM including INTO and City Wide Ltd. • Low asset base with minimal capex requirements • Balance sheet has grown more robust without any incremental working capital requirements (negative working capital business) • Debt-free, except for minimal debt inherited while acquiring INTO • Net Cash balance NTD: ~$3.2M at February 25, 2016
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P&L Highlights FYs ending 03/31; C$000s
Revenue Growth Rate (%)
Recurring Revenue Growth Rate (%)
Gross Profit Gross Margin (%)
FY 2013 6,746
FY 2014 8,938
FY 2015 10,026
*LTM 13,589
21.8%
32.5%
12.2%
35.5%
2,831
3,168
4,108
5,568
7.8%
11.9%
29.7%
35.5%
2,342
3,578
3,880
5,097
34.7%
40.0%
38.7%
37.5%
EBITDA1
452
1,484
1,219
1,671
EBITDA Margin (%)
6.7%
16.6%
12.2%
12.3%
371
2,779
508
368
5.5%
31.1%
5.1%
2.7%
55.9
71.7
75.7
81.4
Adjusted
Net Income 2 Net Income Margin (%) S/O (Millions) 3
1. Adjusted EBITDA excludes stock-based compensation 2. Net income is after corporate reorganization expenses of $622K 3. Shares outstanding as at January 21, 2016 – 81.4 mm
WHERE WE ARE TODAY •
Avante’s revenues have grown (organically and through acquisitions) over the last 4 years with a focus on growing highly valuable recurring revenue
•
Gross Margin and EBITDA Margins have also increased during the same period: – Management is confident that it can continue to grow margin dollars significantly in the coming 8 quarters – Avante is now consistently cash flow positive and continues to accumulate cash
Revenue, Gross Margin & EBITDA Margin(1) $12.6
Revenue (C$ M)
12.0
8.0
$8.9 $6.7 34.7%
6.0
4.0 2.0
80%
$10.0
10.0
100%
60%
40.0%
38.7%
38.8%
40% 16.6%
12.2%
6.7%
$2.8
$3.2
$4.1
F2013
F2014
F2015
12.5%
20%
$5.2
0%
0.0
-20% LTM
Period Recurring Revenue
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Revenue
(1) Includes INTO since Aug 22, 2014 and LVS since April 1, 2015, annual revenue run rate is ~ $14.5 MM
Gross Margin
EBITDA Margin
Margin (%)
14.0
EXCELLENT CASH FLOW DYNAMICS •
Cash flow generative
•
Minimal debt inherited from the INTO acquisition; low interest expense
•
Capex light dynamic - very little capital expenditure required; the relocation of LVS to the ASI premises has required incurrence of leasehold improvements and equipment expenditure
•
Recurring revenue has negative working capital dynamic – collect first, then provide service •
Result is extremely high EBITDA to Cash conversion EBITDA-To-Free Cash Flow Conversion 94.9%
91.3%
85.0%
1,484 1,500
100.0% 1584 77.4%
1,219
C$ (000)
1,000 500
50.0% 452
25.0%
0
0.0% -23
-500
-129
-183
-359
-25.0%
-1,000
-50.0%
-1,500
-75.0%
-2,000
-100.0%
F2013 Adjusted EBITDA
18
75.0%
F2014
F2015 Capex
LTM
EBITDA to FCF Conversion Ratio (%)
% of EBITDA converted to FCF
2,000
RECURRING REVENUE GROWTH IS A FOCUS Both Recurring Monitoring & Response and Other Security & Transport have been trending upward – Recurring revenue is important to track as it is very highly valued in the security space. It becomes valued even higher depending on the quality of the clients. The recently concluded acquisition of ADT by private equity firm Apollo Global Management was based on a value of 44 * RMR multiple. – Increased at a CAGR of 36.9% rate during the last 8 quarters – Other Security & Transport revenue has increased at a CAGR of 28.2% during the same period
– Q3-16 non recurring revenue was higher than Q3-15 due to growth in domestic and international secure transport, and the inclusion of revenues from INTO Electronics and LVS Inc. Revenue Composition – Last 8 Quarters 4,500 4,000 3,500
Revenue (C$ M)
•
3,000 2,500 1,823
2,000 1,500
1,372
1,170
829
856
Q4-14
Q1-15
2,026
1,447
1,469
1,497
Q1-16
Q2-16
Q3-16
1,684
1,242
1,000 500
2,402
1,908
972
1,156
1,123
0 Q2-15
Q3-15
Q4-15
Period Recurring Monitoring & Response
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Other Security & Transport
STRATEGY AND OUTLOOK Strategy Going Forward
Organic Growth
Organic Growth
Core Services to Markets
New Offerings & Markets
• Strong recognized brand in high end security markets
• New marketing initiatives (i.e. www.6minuteresponse.com) • Expedient deployment and growth in new geographies • Recently introduced offerings include: Intelligent Perimeter Protection, International Travel Service, third party analytics monitoring
• Pursue growth in core markets • Pursue cross-selling opportunities between operating divisions • Accelerate organic growth via referral base from sector expertise
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Acquisition Growth
• Deep management expertise in M&A • Large, fragmented market in security and ‘trusted monitoring’ space • Strong and developed deal pipeline • Infrastructure (i.e. 24/7/365 Avante Control Centre) offers opportunities for synergies and significant accretion
ACQUISITION CASE STUDY Completed Acquisitions
INTO Electronics was acquired on August 22, 2014 for $2.4 mm of cash and 3,157,896 common shares @ $0.38 per share
LVS Inc. acquired on April 1, 2015 for $2.7 mm of cash & 3,157,896 common shares @ $0.38 per share
Pipeline
City Wide Locksmiths Ltd. – 70% acquired on April 1, 2016 for ~$2.6 mm of cash; remaining 30% held by family of the vendors
Value generally determined by quantum of monthly recurring revenues and other intangibles which include Tech Services infrastructure, order pipeline, cross-selling opportunities within the group etc.
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Targets include: • Several high potential targets, similar to the INTO acquisition - small / medium sized companies in Canada and the U.S. • Full service security providers in residential & commercial security • Plan to make further acquisitions, with existing cash, debt capacity and deferred structuring mechanisms
TRADING COMPARABLES •
It is challenging to find true comparables given Avante’s uniqueness and quality of recurring revenue but the peer group below trades at higher valuations, regardless of whether Avante is compared to security companies or surveillance technology companies (using latest released results) Trading Comparables
As at February 12, 2016
Market Cap
TEV
Share Price
(M, Local Currency)
(M, Local Currency)
(Local Currency)
S/O
Run-Rate (LQA)
(M)
P / Revenue
EV / EBITDA
P/E
Security Companies AlarmForce Industries Inc.
115.1
106.9
C$9.95
12
2.0x
11.0x
20.8x
Command Security Corp.
22.5
28.2
$2.30
10
0.2x
NMF
NMF
G4S plc
3,091.9
4,791.9
£2.00
1545
0.5x
11.1x
NMF
The ADT Corporation
4,441.9
9,767.9
$26.87
165
1.2x
5.3x
17.4x
Tyco International Ltd.
14,233.2
16,205.2
$33.52
425
1.5x
10.3x
46.8x
1.1x
9.4x
28.3x
Average Security Technology & Surveillance Comparable Companies AlarmForce Industries Inc.
115.1
106.9
C$9.95
12
2.0x
11.0x
20.8x
Avigilon Corporation
512.3
526.9
C$11.85
43
1.3x
8.0x
14.0x
Control4 Corporation
170.6
104.2
$7.28
23
1.0x
15.4x
NMF
FLIR Systems, Inc.
4,047.3
3,933.0
$29.30
138
2.3x
9.2x
14.4x
Verint Systems Inc.
1,910.6
2,297.7
$30.69
62
1.7x
13.8x
NMF
1.7x
12.2x
16.4x
1.3x
9.7x
19.7x
Average
Avante Logixx Inc.
22
18.7
16.7
C$0.23
Note: AlarmForce appears on both lists as it amounts both to a traditional security firm and a surveillance company; all multiples based on Last Quarter Annualized
81.4
AVANTE LOGIXX KEY TAKEAWAYS
Underfollowed Canadian based (TSX-V: XX) security and technology company that has gone through a recent turnaround around and now transitioning from a inward cost reduction focus to an outward focused organic growth and acquisition strategy Profitable with strong organic growth story with current and new offerings Very large yet fragmented market with acquisition opportunities and expertise to execute, with significant synergy opportunities. Track record of two successful deals
In Avante Security, INTO Electronics and LVS, the Group companies are within close proximity of one another, with a 24/7 Control Centre which has the ability to monitor and respond as the Company scales up
Attractive recurring revenue focused with negative working capital dynamic
Strong balance sheet with no debt and cash accumulating each quarter
Extremely high cash conversion with little capex requirements
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Investor Presentation April 2016 George Rossolatos, CEO Avante Logixx Inc.
TSXV: XX OTC:ALXXF
www.avantelogixx.com