Tuesday, 8 April 2014

Globo (GBO) ... from Burma with love ...

Tuesday 8th April 2014


It's been a few months since I checked on the number of times Globo's, GO!Enterprise app has been downloaded. And no sooner had the paucity of downloads been highlighted, there has been remarkable growth!

According to the website, xyo.net, downloads to iPhone appear to have almost doubled from c. 2,700 in January, to c. 4,400 in April. No change in iPad downloads ... meh! But downloads to Android device have sky-rocketed. Back in January, Android downloads totalled just c. 5,000. Now they're at a whopping c. 45,000.

The table below details the number of times each of Globo's and its competitors' apps had been downloaded across iPhone, iPad and Android devices through to 28th January 2014.

Total number of reported downloads through to 28th January 2014
Source: xyo.net
The table below is an updated version of the above, through to 8th April 2014. There is supposedly a margin of error of c. 10%, but even so, this is incredible growth for Globo and dwarfs that of its peers. Total downloads are up 83% as compared to Good for Enterprise achieving 7% growth, and MobileIron and AirWatch each growing by 12% in the same period. Of course, Globo's growth is also helped by the low starting base, but still, these growth numbers are impressive. 

Total number of reported downloads through to 8th April 2014
Source: xyo.net
However, ...

Over on Google play, there's also been a sudden raft of reviews. Although I find the usefulness of most of these reviews somewhat questionable.

Page 1 of reviews on Google Play for Globo's GO!Enterprise app
Source: Google Play
Page 2 of reviews on Google Play for Globo's GO!Enterprise app
Source: Google Play
A recent review comes from a gentleman named, Mostafa Khder. Little is known about Mr Khder, other than that he is male, and doesn't like bright lights. Mr Mostafa Khder's whereabouts are a mystery.  

Mr Mostafa Khder, most recent reviewer for GO!Enterprise
Source: Google Play
Mr Khder rated the GO!Enterprise app with 5 stars and the short but encouraging comment "Good Excellent."

Other apps Mr Khder has rated include:

'Hot and Sexy Videos', for which he also gave it 5 stars, and the comment "Good Excellent."
and
'Remove Clothes', for which he also gave it 5 stars, and again the comment "Good Excellent."

Another recent review comes from Mr Marco Tristian, giving off a Dennis the Menace vibe. Mr Tristian hails from Indonesia.

Mr Marco Tristian, 2nd most recent reviewer for GO!Enterprise
Source: Google Play
Mr Tristian rated the GO!Enterprise app with a rather mediocre 3 stars, but added the insightful comment "Ok Ok." I'm not entirely sure whether Mr Tristian speaks English, so "Ok Ok" is a pretty good effort.

North of Indonesia, from Burma, we find that the interestingly named, Ms Aquair Marine, has also taken the time to rate and review Globo's, GO!Enterprise app. Ms Marine attends the Yangon Institute of Education and rates the Bring Your Own Device app, a middling 3 stars, with the probably well meaning but sort of irrelevant comment "U do everything without any selfish." 

Ms Aquair Marine, smiley Burmese reviewer for GO!Enterprise
Source: Google Play
Also from Burma, Mr Phyo Lin, a 33 year old music composer, has apparently put forward his view on the GO!Enterprise app. Mr Lin gives the app a punchy 4 stars. You can tell he likes it because he says so, leaving the comment "Like it good." From the photo below, you may have banked on him being a fisherman. But as I've mentioned, he's actually a music composer, which when you think about it does make much more sense for his need for a Bring Your Own Device product.

Mr Phyo Lin, Burmese music composer and reviewer for GO!Enterprise
Source: Google Play
Another reviewer, Ms Tejaswi Kavuru, really likes the app. Ms Kavuru gives it 5 stars, and a friendly but pointless comment "Hi Nothing." Ms Kavuru is quite mysterious with just a picture of a yellow rose for her profile photo. I haven't posted the picture of the yellow rose. We all know what they look like.

Mr King Malik, not sure where he's from, but apparently he works for Al Jazeera, gives the app a 5 star rating and the informative comment "Jh Ni."

Back to Burma again, and, Ms Moe Moe Masaung, loves Globo's GO!Enterprise app. Moe Moe rates it 5 stars and says "Moe Mg."

From Bangladesh, Mr Abdul Hannan, who describes himself as working at a "hi speed stone crusher", gives the app 4 stars and simply says "Video Whats this."

These reviews are all really quite odd.

Now compare all these reviews to the first two review pages for Good Technology's, Good for Enterprise, app.

Page 1 of reviews on Google Play for Good Technology's, Good for Enterprise app
Source: Google Play
Page 2 of reviews on Google Play for Good Technology's, Good for Enterprise app
Source: Google Play

Ok, the ratings may not be so great, but at least the comments are intelligible, and probably from Good's actual target markets. Hmmm ...

Disclaimer: The information, discussions or topics referred to on this blog should in no way be considered “advice” to buy or sell anything. The information which may be referred to is freely available in the public domain and where required the source of information is referenced to for verification. While every effort has been made to ensure the veracity of any information contained within this blog, the author accepts no responsibility for the accuracy of any information contained within this blog or for the sources of information which may be referred to. Readers are responsible for their own actions and interpretation of the information contained within this blog. 

8 comments:

  1. I agree that there are lots of red flags with Globo. One thing I can't work out is why Costis hasn't sold any of his shares (besides some options granted during the IPO)? What's his game?

    ReplyDelete
  2. And your point is? And whatever that is how does it tie in with the industry recognition of Globo's product, the inclusion by Gartner in its Magic Quadrant for Enterprise Mobility Management being the latest example?

    ReplyDelete
  3. Hi Matt - I wonder if you're following the proposed Good Excellent HY bond issue by Globo Plc.
    This US$180m of 5 year debt at 10% (up from 8% initial attempt) would complement the bizarre balance sheet of Globo rather nicely. They claimed to have E95m in cash as of March 31st. This cash is widely spread across banks in UK, Switzerland, Dubai, India, Greece and Cyprus which must be a joy for auditors. During 2014 it earned less than 1% in interest based on disclosed balances, which seems reasonable (although from the prospectus it looks like the majority of the cash is with junk rated banks).
    On the other side Globo has E65m of debt facilities with Barclays and United East West Bank (in the likely case you're unfamiliar with the latter, it's a Luxemburg based bank with Russian capital, primarily serving Russia and CIS). It has been fairly rapidly increasing the drawdown of those facilities (despite the cash generation they keep talking about) to E55m as of March 2015. Part of the facility becomes repayable quarterly starting from April 2015 – as they are almost maxed out, they can no longer be used as a source of cash going forward.
    According to the bond prospectus, the loan facilities bear interest at 3.5%. When looking at 2014 financial expenses over debt balances it appears actual costs are around 13%. Adjusting for E500k of fees, the rate still seems to be above 10%. Any sane CFO would have used some of the cash balances earning 1% to reduce these borrowings. Of course, if the cash doesn’t exist, things get problematic. But then that’s where the bond comes in! Assuming they can get it away that is…
    Like it Good or Hi Nothing?

    ReplyDelete
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