Disclosures

MAM Software Group, Inc.

I, Sarkis Sherbetchyan , certify that this report reflects my personal beliefs about this company and that no portion of my compensation was, is or will be directly or indirectly related to the specific recommendations or views discussed in this report.

Disclosure

  • B. Riley & Co., LLC, or any of its affiliates, does and seeks to do business with companies covered in its research reports.
  • A portion of this analyst’s compensation is based on the sales, trading and investment banking activities of B. Riley & Co., LLC.
  • B. Riley & Co., LLC makes a market in the securities of the company covered in this report.
  • This report may be distributed by FBR Capital Markets & Co., an affiliate of B. Riley & Co., LLC and as such constitutes third party research. For additional information, please visit http://www.fbr.com/disclosures.
Disclosure Chart

Initiated Coverage on 11/26/2014 with Buy Rating and Price Target of $8.00

Ratings Distribution as of July 19, 2017 % with Investment Banking Relationships
Rating Number of Companies Percent of Total
Buy 143 74.9%
Neutral 47 24.6%
Sell 1 0.5%
Total 191 100%
Ratings Distribution as of October 4, 2016 % with Investment Banking Relationships
Rating Number of Companies Percent of Total
Buy 24 96.0%
Neutral 1 4.0%
Sell 0 0.0%
Total 25 100%

Explanation of B. Riley & Co. LLC's Rating System

  • Buy: We generally expect "Buy" rated stocks to materially outperform both the S&P 500 and Russell 2000 as well as other stocks in their sector. Further, we believe that the potential reward relative to the potential risk is particularly attractive.
  • Neutral: We generally believe "Neutral" rated stocks will perform roughly in line with the S&P 500 and Russell 2000 over the intermediate and long term.
  • Sell: We generally expect "Sell" rated stocks to materially underperform both the S&P 500 and Russell 2000 as well as other stocks in their sector. Further, we believe that the potential reward relative to the potential risk is particularly unattractive.

Risks and Considerations

  • Acquisition/Integration - The Company actively evaluates potential acquisitions as part of its growth strategy. Acquisitions pursued by the Company could be dilutive to financial results and result in a difficult, dilutive or expensive integration.
  • Competition - The industry is highly competitive and many of the Company's competitors have greater resources.
  • Financial Results - Any slow down or other changes in the capital spending pattern of the industry may negatively affect the Company's sales.
  • Financial Results - The Company's business is affected by the general IT spending environment especially as customers delay purchases of IT equipment.
  • Industry Change - The industry is subject to rapid technological change.
  • Insider Ownership - Directors and executive officers collectively own a significant percentage of the Company. While this may align interest with other shareholders, investors might view a future sale by any director or officer negatively.
  • Loss of Key Personnel - In our opinion, the current management team will be instrumental in executing the Company's growth strategy. The resignation of a key member of management would have a negative impact on the Company.
  • General Industry - The Company could miss our estimates and/or their financial guidance.

Additional Risks and Considerations

    • Economy – A decline in economic growth or economic disruptions may have a negative impact on operating results.
    • Growth objectives – The company’s failure to expand sales of its products and services in target markets, for example in North America, would have a negative impact on its future growth and prospects. There are many factors that may impact the company's ability to achieve its stated growth objectives
    • Refer to the company's SEC filings, particularly its 10-K filing, for a discussion of additional risks.