BigDish - Update

Rapid increase in restaurant acquisition suggests shares remain significantly undervalued

BigDish is an early stage technology company which owns and operates a yield management platform for the restaurant industry. This helps restaurant owners maximise sales during quiet trading periods by offering discounts to customers. Big Dish earns money by restaurants paying a fixed fee per diner seated.

  • Expanding yield management to the UK restaurant industry

    BigDish’s platform allows restaurants to improve sales by setting variable prices dependent on the time of a reservation. For customers, it is free to use. The company is now concentrating on expanding its operations in the attractive UK dining market. After successful launches with restaurant partners in several UK cities at the start of 2019, a full nationwide rollout commenced in the summer and is now being accelerated.

  • New telesales approach to restaurant acquisition, led by new CEO

    In November 2019 BigDish announced a move from a “boots on the ground” approach to restaurant acquisition towards a more efficient and lower cost telesales strategy. A new office has been opened in Manchester, led by recently hired CEO Tom Sumner. At dining discount app TableNow he grew the platform with a 10 person telesales team from 250 to 3,000 restaurants across the UK over a six month period.

  • Strategy already delivering rapid growth in restaurant numbers

    On 3rd February 2020, BigDish announced an operational update stating that, compared to November, when there were 177 restaurants live on the BigDish platform, restaurant numbers increased by 150% and by 120% in January alone. At the time of the update the company confirmed there were 351 restaurants live on the BigDish platform and an additional 91 restaurants that have agreed to join, taking the total to 442.

  • Industry deals suggest the shares are significantly undervalued

    We believe the $70 million Series B valuation that Asia focused peer Eatigo commanded could be applied as a valid benchmark to BigDish given its current level of restaurant numbers and growth expectations. Discounting this figure by 50%, to be conservative and take into account valuation uncertainties, would give a valuation of £26.83 million, or 7.685p per share, some 148% above the current share price.


    BigDish is a research client of Align Research. Align Research holds an interest in the shares of BigDish. Full details of our Company & Personal Account Dealing Policy can be found on our website 

    For full disclaimer information please refer to the last page of the full document. This investment may not be suitable for your personal circumstances. If you are in any doubt as to its suitability you should seek professional advice. This note does not constitute advice and your capital is at risk. This is a marketing communication and cannot be considered independent research.

Table: financial overview