Universal mCloud Corp. MCLD-TSXV: $0.33 …...Universal mCloud Corp. – Tear Sheet (MCLD-TSXV, SPEC...

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February 27, 2019

Technology - Small Caps

Gianluca Tucci | 647.794.1926 | [email protected] Rob Goff | 416-933-3351| [email protected]

Universal mCloud Corp.

Enters Oil, Gas & Refining Markets with Targeted 3-Year US$15M Global Licensing Agreement with Fulcrum Automation Technologies

Projected Return: 142%

Event: MCLD announced an agreement. All figures are in C$ unless otherwise noted.

Investment Thesis: We continue to forecast strong shareholder returns as mCloud gains traction and scale, over time, as a global IoT connector of assets onto the AssetCare platform. MCLD had a transformational 2018 with four acquisitions announced (nGrain, Agnity, Ascent and CSA) – we expect the remaining two (CSA and Ascent) to close in short order with the company focused on closing CSA next. The scale of the US$15M contract is significant considered against the enterprise value at $29M before considering the potential additional traction in the oil and gas vertical.

Update: MCLD and Fulcrum signed a three year renewable global services agreement targeted at US$15M to Fulcrum’s oil and gas customers globally. Fulcrum will use AssetCare to expand its developing network of well-established service providers focusing on global, blue-chip oil, gas and refining companies. Fulcrum will retain global exclusivity for AssetCare in the oil, gas, and refining industry – exclusivity is contingent on Fulcrum providing US$5M or more in AssetCare subscriptions every 12 months. Initial technology applications/customers/targets have been identified. We estimate ~850 assets in oil/gas/refining would have to be connected to represent an annual opportunity of ~US$5M and note the MRR of an oil/gas/refining connected asset is multiples greater than that of connected buildings. Gross margins to MCLD in oil/gas/refining should be ~65%. We view this as a firm positive in expanding AssetCare’s reach and addressable opportunity and would expect resulting announcements in 2H19. We expect Q418 results by end of April and look for additional commentary on its conference call.

SCN: As announced on April 3, 2018 (see note here), MCLD is partnering with SCN to bring its Smart Buildings HVAC solutions to China. SCN is one of the top 20 commercial building contractors in China with a well-established reputation for its high-quality design, construction work and innovative building technology. SCN has received multiple prestigious awards in China and holds the highest business ranking in the People's Republic of China. We look for continued developments in China, over time, as MCLD leverages the breadth of its SCN relationship in the region with some of the largest retailers in the country.

Agnity Global: On June 21, 2018, MCLD announced the signing of a binding agreement to acquire 100% ownership of the Agnity Global royalty agreement from Flow Capital (FW-TSXV, NR). Agnity is a developer of LTE/4G/5G mobile IoT applications. Prior to this transaction, MCLD and Agnity maintained a relationship as technology partners – Agnity provided the mobile apps that supported the AssetCare solution. Agnity Global’s partners include marquee names such as Nokia (NOK-HEL, NR), Ericsson (ERIC.B-OME, NR), Tech Mahindra (532755-BO, NR), Ribbon Communications (RBBN-US, NR), and Honeywell (HON-US. NR).

CSA: MCLD signed an LOI to acquire CSA, Inc., a global leader in intelligent 3D and laser scanning software, on January 11, 2018. The acquisition is expected to enhance AssetCare’s offering by adding 3D capabilities with nGrain’s leading-edge AI skillset, in direct support of assets. The 3D expansion will support the use of AI for accurately detecting asset damage, tracking asset health issues, and assisting field services with remote guidance on AssetCare Mobile.

MCLD-TSXV: $0.33

Speculative Buy $0.80 Target

Source: Consensus Data - FactSet, Historicals-

Company Filings, Forecasts/Estimates-

Echelon Wealth Partners estimates.

mailto:[email protected]


https://advisor.echelonpartners.com/research/content/MCLD20180829.pdf

Universal mCloud Corp. (MCLD-TSXV) | February 27, 2019

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Valuation

MCLD is currently trading at a 2019E EV/Sales of 1.4x and EV/EBITDA of 23.2x versus its SCM/SaaS comparables at 5.9x/25.9x and 8.1x/53.3x, respectively.

Exhibit 1 – Global Supply Chain Management (SCM) and SaaS Comparables

Source: Consensus Data - FactSet, note that TCS is covered by Amr Ezzat.

SUPPLY CHAIN MANAGEMENT LTM Rev EV/Rev EV/EBITDA P/E

Ticker Price Mkt Cap (Local $M) 2018 2019 2020 2018 2019 2020 2018 2019 2020

Descartes Systems Group Inc. DSG-CA 45.53 3,500 344 9.8 8.3 7.5 28.7 23.4 20.7 83.2 61.9 51.2

TECSYS Inc. TCS-CA 13.31 174 71 1.9 1.5 NM 23.7 12.5 NM 57.0 22.4 NM

Kinaxis, Inc. KXS-CA 82.55 2,153 196 9.9 8.3 6.9 35.8 28.9 23.3 66.3 51.0 42.4

BSM Technologies Inc. GPS-CA 0.93 75 60 1.2 1.1 1.1 13.2 13.4 11.0 NM NM NM

Blackline Safety Corp. BLN-CA 5.11 241 17.8 9.1 5.6 3.2 NM NM NM NM NM NM

BeWhere Holdings, Inc. BEW-CA 0.30 19 1.3 NM NM NM NM NM NM NM NM NM

Memex Inc. OEE-CA 0.06 7 2.9 NM NM NM NM NM NM NM NM NM

TrackX Holdings Inc. TKX-CA 0.37 26 5.7 NM NM NM NM NM NM NM NM NM

Manhattan Associates, Inc. MANH 54.33 3,532 559 6.3 6.1 6.0 21.6 27.0 25.9 30.4 37.8 36.7

Wisetech Global Ltd. WTC-AU 18.57 5,591 66 25.3 16.6 12.9 NM 50.8 37.5 NM NM 65.4

SPS Commerce, Inc. SPSC 107.36 1,907 248 6.9 6.2 5.7 33.4 26.9 23.0 NM 51.4 44.2

Echo Global Logistics, Inc ECHO 24.50 682 2,440 0.3 0.3 0.3 8.4 8.4 8.0 13.0 13.4 12.5

Amber Road, Inc. AMBR 9.86 275 85 3.4 3.2 3.0 NM NM NM NM NM NM

AVERAGES: 7.8 5.9 4.9 22.5 25.9 21.4 36.6 38.4 40.2

SOFTWARE-AS-A-SERVICE (SaaS)

Mkt Cap LTM Rev EV/Rev EV/EBITDA P/E

Ticker Price (Local $M) (Local $M) 2018 2019 2020 2018 2019 2020 2018 2019 2020

Descartes Systems Group Inc. DSG-CA 45.53 3,500 344 9.8 8.3 7.5 28.7 23.4 20.7 83.2 61.9 51.2

TECSYS Inc. TCS-CA 13.31 174 71 1.9 1.5 NM 23.7 12.5 NM 57.0 22.4 NM

Nubeva Technologies Ltd. NBVA-CA 0.35 15 0.5 NM NM NM NM NM NM NM NM NM

Universal mCloud Corp. MCLD-CA 0.33 21 5 4.4 1.4 1.1 NM NM 6.7 NM NM NM

kneat.com, Inc. KSI-CA 1.08 37 1 NM 21.0 6.5 NM NM NM NM NM NM

Shopify, Inc. Class A SHOP-CA 244.14 26,850 1,391 12.4 8.9 6.8 348.7 235.7 119.6 484.6 438.0 216.4

Kinaxis, Inc. KXS-CA 82.55 2,153 196 9.9 8.3 6.9 35.8 28.9 23.3 66.3 51.0 42.4

People Corporation PEO-CA 7.90 479 138 3.9 3.2 2.8 18.3 14.5 12.4 NM NM 33.8

Benefitfocus, Inc. BNFT 57.80 1,847 259 7.3 6.3 5.4 182.1 89.2 52.1 NM NM NM

salesforce.com, inc. CRM 163.00 124,695 12,530 9.7 8.1 6.8 43.4 34.8 28.0 62.5 59.3 47.4

ServiceNow, Inc. NOW 236.21 42,352 2,609 15.8 12.0 9.4 61.2 44.5 33.2 94.9 76.2 55.4

Workday, Inc. Class A WDAY 195.12 42,536 2,621 15.0 11.9 9.7 90.3 63.7 53.6 153.6 120.4 88.5

Splunk Inc. SPLK 135.97 20,094 1,601 10.8 8.7 7.2 84.6 60.2 41.3 116.5 84.2 63.5

Veeva Systems Inc Class A VEEV 119.72 17,396 781 20.4 17.1 14.5 55.8 46.3 38.8 73.4 62.9 53.8

Ultimate Software Group, Inc. ULTI 331.48 10,365 781 9.0 7.6 6.3 37.2 31.2 25.3 56.2 53.6 44.3

Tableau Software, Inc. Class A DATA 129.98 11,261 1,155 8.4 7.1 6.0 52.2 NM 34.1 83.3 NM 57.4

Aspen Technology, Inc. AZPN 100.78 7,019 781 14.7 13.1 13.1 30.7 25.9 26.0 43.6 28.6 29.3

Box, Inc. Class A BOX 24.33 3,766 781 5.5 4.6 3.9 NM 65.2 37.5 NM NM 110.0

Cornerstone Ondemand, Inc. CSOD 56.37 3,304 538 6.0 5.7 5.0 34.2 25.1 18.8 76.2 57.8 39.5

Upland Software, Inc. UPLD 34.75 751 65 5.7 4.4 4.3 16.0 12.1 11.2 21.7 17.5 17.6

Channeladvisor Corporation ECOM 13.15 360 131 2.4 2.3 2.1 31.8 22.6 17.5 NM 53.3 36.3

AVERAGES: 9.8 8.1 6.9 74.8 53.3 35.8 111.1 91.9 62.4




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Universal mCloud Corp. – Tear Sheet (MCLD-TSXV, SPEC BUY, $0.80 PT)

Source: Consensus Data - FactSet, Historicals- Company Filings, Forecasts/Estimates-Echelon Wealth Partners estimates.

Company Description Consensus Current Return

Rating:

Target: 0.80$ 142%

Median: 0.80 142%

High: 0.80 142%

Low: 0.80 142%

Buy 1

Hold 0

Sel l 0

# of Ratings 1

Financial Summary/Key Metrics 2016 2017 Q118 Q218 Q318 Q418E 2018E 2019E 2020E 2021E Top Inst. Ownership % Held

Total Revenue - 0.8 0.7 0.6 0.7 3.9 5.8 18.8 24.3 29.2 #N/A #N/A

Growth y/y 28% 449% 50% 222% 30% 20%

Consensus

Gross Margin NA 54.3% 83.7% 58.3% 80.5% 66.0% 69.1% 66.5% 67.5% 68.5%

Adj. EBITDA (0.2) (3.9) (1.5) (2.6) (2.1) (0.0) (6.2) 1.1 3.8 6.3

Growth y/y 232.9% 66.5%

Consensus

Diluted EPS (0.03) (0.22) (0.03) (0.05) (0.04) (0.01) (0.09) (0.00) 0.02 0.05

Growth y/y -575.9% 123.5%

Consensus

Net Debt 0.1 0.0 (1.5) (1.8) (0.0) (0.5) (0.5) (0.3) (2.4) (6.6) Key Statistics Value

Capex - - 0.4 0.4 0.4 0.0 1.2 0.2 0.2 0.2 52 Wk High 0.63

52 Wk Low 0.28

YTD Chg. 14%

Balance Sheet 2016 2017 Q118 Q218 Q318 Q418E 2018E 2019E 2020E 2021E 1 Yr. Chg. -12%

Cash 0.0 0.1 1.7 1.8 0.1 0.6 0.6 0.4 2.4 6.7 Beta 0.06

Trade & Other Receivables 0.0 0.3 0.5 0.8 1.0 4.9 4.9 6.3 7.8 9.4 Market Cap 22

Total Current Assets 0.0 0.8 2.9 3.0 1.3 5.7 5.7 7.0 10.6 16.4 EV 29

Shares Outstanding (M) 66

Total Assets 0.0 2.8 7.9 8.3 6.9 11.3 11.3 12.7 16.5 22.5 LTM Dividend 0

Dividend Yield 0.0%

Deferred Revenue - - 0.2 0.2 0.1 0.5 0.5 0.7 0.9 1.1

Trade & Other Payables 0.1 2.4 3.0 2.0 2.6 2.1 2.1 2.3 2.4 2.5 Valuation 2018E 2019E

Total Current Liabilities 0.2 4.0 5.0 3.2 3.8 3.7 3.7 4.0 4.3 4.6 EV/Rev 5.0 1.6

Total Liabilities 0.2 4.0 5.1 3.3 3.9 3.8 3.8 4.1 4.4 4.6 EV/EBITDA (4.7) 25.9

Total Liabilities & Shareholders Equity 0.0 2.8 7.9 8.3 6.9 11.3 11.3 12.7 16.5 22.5 P/E (3.6) (69.4)

Comparables

Multiples Analysis 1 Week 1 Month 3 Month YTD 1 Year 2018 2019 2018 2019 2018 2019

MCLD-CA 0.33 0.80 0.0% 0% -12% -3% 14% -12% 1 5 (3) (5) (0.18) (0.07)

TRAK-CA 0.37 0.0% 0% 12% 30% 6% -50% NA NA NA NA NA NA

TKX-CA 0.37 0.0% 22% -1% 9% 4% 35% NA NA NA NA NA NA

OEE-CA 0.06 0.0% 58% 71% 140% 200% -33% 1 4 (3) (4) (0.15) (0.07)

GE 10.66 0.4% 9% 21% 46% 46% -24% 121,615 3 11,942 (3) 0.62 (0.02)

HON 153.92 2.1% 0% 9% 7% 17% 3% 41,802 36,889 8,998 8,729 8.01 7.96

Comparables

Multiples Analysis 2018 2019 2018 2019 2018 2019 2018 2019

MCLD-CA 24 NM NM 35.0 5.0 NM NM NM NM

TRAK-CA 9 NM NM NM NM NM NM NM NM

TKX-CA 20 NM NM NM NM NM NM NM NM

OEE-CA 5 NM NM 3.8 1.2 NM NM NM NM

GE 154,646 0.7% 4.2% 1.3 NM 13.0 NM 17.1 14.8

HON 121,391 5.4% 5.2% 2.9 3.3 13.5 13.9 19.2 19.3

Price

EV

(US$M)

Spec Buy

Consensus Distribution

FCF Yield EV/Rev EV/EBITDA P/E

Return Rev (US$M) EBITDA (US$M) EPS (US$)Div YieldTarget

mCloud is headquartered in Vancouver, BC with technology and operations

centers in San Francisco, CA and Bris tol , PA. mCloud is an IoT connected asset

care cloud solution company uti l i zing connected IoT devices , leading deep

energy analytics , secure mobi le and 3D technologies that ra l ly a l l asset

stakeholders around an Asset-Circle-of-Care™, providing complete real -time

and his torica l data coupled with guidance and advice-based deep analytics

and diagnostics resulting in optimal performance and care of cri tica l

equipment. It's a l l about the asset. The powerful and secure AssetCare™

environment is access ible everywhere, 24/7 through standard mobi le devices ,

ruggedized headsets , and web browsers .0.00

200.00

400.00

600.00

800.00

1,000.00

1,200.00

1,400.00

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19

Vol

ume

(M)

Pric

e (C

$)




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Important Information and Legal Disclaimers

Echelon Wealth Partners Inc. is a member of IIROC and CIPF. The documents on this website have been prepared for the viewer only as an example of strategy consistent with our recommendations; it is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular investing strategy. Any opinions or recommendations expressed herein do not necessarily reflect those of Echelon Wealth Partners Inc. Echelon Wealth Partners Inc. cannot accept any trading instructions via e-mail as the timely receipt of e-mail messages, or their integrity over the Internet, cannot be guaranteed. Dividend yields change as stock prices change, and companies may change or cancel dividend payments in the future. All securities involve varying amounts of risk, and their values will fluctuate, and the fluctuation of foreign currency exchange rates will also impact your investment returns if measured in Canadian Dollars. Past performance does not guarantee future returns, investments may increase or decrease in value and you may lose money. Data from various sources were used in the preparation of these documents; the information is believed but in no way warranted to be reliable, accurate and appropriate. Echelon Wealth Partners Inc. employees may buy and sell shares of the companies that are recommended for their own accounts and for the accounts of other clients.

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U.S. Disclosures: This research report was prepared by Echelon Wealth Partners Inc., a member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund. This report does not constitute an offer to sell or the solicitation of an offer to buy any of the securities discussed herein. Echelon Wealth Partners Inc. is not registered as a broker-dealer in the United States and is not be subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. Any resulting transactions should be effected through a U.S. broker-dealer.

U.K. Disclosures: This research report was prepared by Echelon Wealth Partners Inc., a member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund. ECHELON WEALTH PARTNERS INC. IS NOT SUBJECT TO U.K. RULES WITH REGARD TO THE PREPARATION OF RESEARCH REPORTS AND THE INDEPENDENCE OF ANALYSTS. The contents hereof are intended solely for the use of, and may only be issued or passed onto persons described in part VI of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001. This report does not constitute an offer to sell or the solicitation of an offer to buy any of the securities discussed herein.

Copyright: This report may not be reproduced in whole or in part, or further distributed or published or referred to in any manner whatsoever, nor may the information, opinions or conclusions contained in it be referred to without in each case the prior express written consent of Echelon Wealth Partners.

ANALYST CERTIFICATION

Company: Universal mCloud Corp. | MCLD:TSXV I, Gianluca Tucci, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that I have not, am not, and will not receive, directly or indirectly, compensation in exchange for expressing the specific recommendations or views in this report. I, Rob Goff, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that I have not, am not, and will not receive, directly or indirectly, compensation in exchange for expressing the specific recommendations or views in this report. IMPORTANT DISCLOSURES

Is this an issuer related or industry related publication? Issuer

Does the Analyst or any member of the Analyst’s household have a financial interest in the securities of the subject issuer? If Yes: 1) Is it a long or short position? No position; and, 2) What type of security is it? None.

No

Does the Analyst or household member serve as a Director or Officer or Advisory Board Member of the issuer? No

Does Echelon Wealth Partners Inc. or the Analyst have any actual material conflicts of interest with the issuer? No

Does Echelon Wealth Partners Inc. and/or one or more entities affiliated with Echelon Wealth Partners Inc. beneficially own common shares (or any other class of common equity securities) of this issuer which constitutes more than 1% of the presently issued and outstanding shares of the issuer?

No

During the last 12 months, has Echelon Wealth Partners Inc. provided financial advice to and/or, either on its own or as a syndicate member, participated in a public offering, or private placement of securities of this issuer?

Yes

During the last 12 months, has Echelon Wealth Partners Inc. received compensation for having provided investment banking or related services to this Issuer? Yes

Has the Analyst had an onsite visit with the Issuer within the last 12 months? Vancouver head office visit February 2018. Yes

Has the Analyst or any Partner, Director or Officer been compensated for travel expenses incurred as a result of an onsite visit with the Issuer within the last 12 months? No

Has the Analyst received any compensation from the subject company in the past 12 months? No

Is Echelon Wealth Partners Inc. a market maker in the issuer’s securities at the date of this report? No




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RATING DEFINITIONS

Buy The security represents attractive relative value and is expected to appreciate significantly from the current price over the next 12 month time horizon.

Speculative Buy The security is considered a BUY but in the analyst’s opinion possesses certain operational and/or financial risks that are higher than average.

Hold The security represents fair value and no material appreciation is expected over the next 12-18 month time horizon.

Sell The security represents poor value and is expected to depreciate over the next 12 month time horizon.

Under Review While not a rating, this designates the existing rating and/or forecasts are subject to specific review usually due to a material event or share price move.

Tender Echelon Wealth Partners recommends that investors tender to an existing public offer for the securities in the absence of a superior competing offer.

Dropped Coverage Applies to former coverage names where a current analyst has dropped coverage. Echelon Wealth Partners will provide notice to investors whenever coverage of an issuer is dropped.

RATINGS DISTRIBUTION

Recommendation Hierarchy Buy Speculative Buy Hold Sell Under Review Restricted Tender

Number of recommendations 52 41 11 0 24 2 0

% of Total (excluding Restricted) 41% 32% 9% 0% 19%

Number of investment banking relationships 11 13 1 0 9 2 0

% of Total (excluding Restricted) 32% 38% 3% 0% 26%

PRICE CHART, RATING & PRICE TARGET HISTORY

Date Target (C$) Rating

* 29-Jan-18 1.25$ SPEC BUY

* 22-Jun-18 1.50$ SPEC BUY

26-Sep-18 1.00$ SPEC BUY

28-Nov-18 0.80$ SPEC BUY

Coverage initiated: 01/29/2018 Data sourced from FactSet

*Prior analyst PT

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

Universal mCloud Corp. (TSXV:MCLD)

Price Target (C$)




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Toronto Wealth Management

1 Adelaide St East, Suite 2000

Toronto, ON M5C 2V9

416-572-5523

Toronto Capital Markets

1 Adelaide St East, Suite 2100

Toronto, Ontario M5C 2V9

416-572-5523

Montreal Wealth Management and Capital Markets

1000 De La Gauchetière St W., Suite 1130

Montréal, QC H3B 4W5

514-396-0333

Calgary Wealth Management

525 8th Ave SW, Suite 400

Calgary, AB T2P 1G1

403-218-3144

Calgary Wealth Management

123 9A St NE

Calgary, AB T2E 9C5

1-866-880-0818

Oakville Wealth Management

1275 North Service Road, Suite 612

Oakville, ON L6M 3G4

289-348-5936

Edmonton Wealth Management

8603 104 St NW

Edmonton, AB T6E 4G6

1-800-231-5087

London Wealth Management

495 Richmond St, Suite 200

London, ON N6A 5A9

519-858-2112

Ottawa Wealth Management

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Ottawa, ON K1R 7X7

613-907-0700

Vancouver Wealth Management and Capital Markets

1055 Dunsmuir St, Suite 3424, P.O. Box 49207

Vancouver, BC V7X 1K8

604-647-2888

Victoria Wealth Management

730 View St, Suite 210

Victoria, BC V8W 3Y7

250-412-4320

Saskatoon Wealth Management

402-261 First Avenue North

Saskatoon, SK S7K 1X2

306-667-2282



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Universal mCloud Corp. MCLD-TSXV: $0.33 …...Universal mCloud Corp. – Tear Sheet (MCLD-TSXV, SPEC...

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