Small Cap Report - INL, ARTA, BVM, SID, PHTM

Friday, Dec 07 2012 by

Good morning, am back from Paris now, and full of praise for the Eurostar service. I'll definitely be using it more often for short breaks. It's so quick & convenient, and my return fare only cost £69! Combined with a great quality hotel deal on Expedia, and eating out cheaply from sandwich shops, and with decent champagne only £9 a bottle from Carrefour (yes that was the reason there was no blog update yesterday!) you can't go wrong really. Plus of course any visit to Paris reminds you that customer service in the UK really is marvellous in comparison!

Long-suffering shareholders in brownfield regeneration company Inland Homes (LON:INL) finally have some good news today - as expeted, planning permission has been granted on the old Pilkington Tiles site in Hamworthy, Poole for a mainly residential development. Whilst house prices in the poshest parts of Poole can be astronomical (e.g. Sandbanks), Hamworthy is a dump. However, since the site is right next to Poole Harbour then Inland's development might begin the gentrification of the area?

I bought a few more Inland shares yesterday, on a small dip. Underlying NTAV is probably now at least 32p a share, so buying at 19.5p seems good value, especially as the Banks are now beginning to lend again in this sector, as reported at Inland's last eventful AGM, where many of us went along to protest at excessive Board Room pay, and unjustified bonuses.

Results from Artilium (ARTA), a telecoms software group, look pretty awful, and their financial situation precarious. So that's going on my bargepole list, as it looks moribund without another fund-raising.

Talking of which, someone told me something interesting the other day. I've often wondered why some fund managers continue supporting companies which are obviously rubbish, with repeated fund raisings (Earthport springs to mind). The answer I'm told is because it's to save their own careers - i.e. by supporting a rescue fund-raising, they can pretend that the company will deliver on its business model, so it kicks the can down the road for a year or two. Whereas if the fund manager admits it's been a rubbish investment, and writes it off, then his own job is on the line.

Makes sense now…

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Inland Homes plc is a United Kingdom-based house builder and brownfield developer company. The Company, along with its subsidiaries, is engaged in acquiring residential and mixed use sites and seeking planning consent for development. The Company is a developer of urban regeneration projects around southern England, with a particular emphasis on residentially led mixed-use schemes on brownfield sites. It is engaged in land regeneration business, focused on developing sites in southern England for residential and mixed use projects. The land portfolio consists of approximately 3,734 plots across the south of England, owned, controlled or managed by the Company. Its subsidiaries include Inland ZDP plc. more »

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Artilium plc (Artilium) operates in the business to business communications sector delivering software solutions. The Company’s ARTA Mobile Applications Platform enables network operators to open networks to third party developers and launch new services which feature elements from the telecoms and Web environments. The ARTA Mobile Applications Platform supports multiple configurations depending upon the requirements of the operator and managed services provider. Artilium has two trading businesses: The First division Artilium NV, where customers include Mobile Network Operators (MNOs), Mobile Virtual Network Operators (MVNOs), Mobile Virtual Network Enablers (MVNEs), Fixed and Alternative Operators, Hosting Providers, System Integrators and Managed Service Providers. The second division, United Telecom is a service provider and reseller of telecommunications services in Belgium. more »

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Touchstar plc, formerly Belgravium Technologies Plc, designs and builds mobile computing devices and develops software solutions used in a range of field-based delivery, logistics and service applications. The Company is engaged in the supply and maintenance of real time electronic data systems. The Company focuses on the industrial and retail environment: logistics, transport distribution, secure access control and mobile point of sale. The Company's product range include: elements in three distinct sets; Software applications, Mobile computer hardware and Managed services. The Company provides mobile computing solutions for warehouse operations for both truck-mounted and hand-held applications. The Company's mobile computing solutions communicate using wireless technology and provide real time data. The Company designs and supplies access control systems for industrial and retail environments. Its subsidiaries include Feedback Data Limited and Touchstar Technologies Limited. more »

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  Is Inland Homes fundamentally strong or weak? Find out More »

1 Comment on this Article show/hide all

PhilH 14th Apr '13 1 of 1

Hi Paul,

I know your time is precious but I've been looking at Photo-Me International (LON:PHTM). You highlighted their impressive results in December in this report and they issued an interim report in early March which was positive. Their share price has taken a tumble recently and I think it's due to director selling. The director selling appears to have been driven by a desire to free up some shares for institutional investors and to increase liquidity. Given this dip in the share price I'd be interested in your comments on their potential value.

I have no position, but what sparks my interest is the strong positive reaction to the price drop suggeting that there is a lot of bullish support that is likely to push things higher.

I understand that you're not a fan of charting however my Point & Figure analysis of the share gives a suggested price target of £1.06 if a close above 78p occurs.



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About Paul Scott

Paul Scott

Paul trained as an accountant, then spent 8 years as FD for a ladieswear retail chain.He became a professional small caps investor in 2002 to date.Paul writes a small caps report for on weekday mornings. He joined Fundamental Asset Management Ltd as a research associate in 2014, as part of their Small Cap Value Portfolio team. more »


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