Good morning. My apologies for no reports on Mon or Tue - I'm not doing very well at the moment. Anyway, let's get this show back on the road, as there are lots of results to comment on today. I'll catch up with the backlog over the next few days.
accesso Technology (LON:ACSO)
Share price: 992p (up 3.7% today)
No. shares: 22.0m
Market cap: Shenwan Hongyuan HK (HKG:218).2m
(at the time of writing, I hold a long position in this share)
Results y/e 31 Dec 2015 - the highlights look great - decent increases in all the main metrics. NB. remember that Accesso reports in US dollars - so it's frighteningly easy to forget that if you skim the numbers too fast, and mis-read the figures as being in sterling. I did that earlier this morning, and thought to myself, ooh it's only on a PER of just over 20. But of course once you translate 40.96c into sterling (currently £1 = $1.41) then adj.EPS is 29p, so the PER is actually very high, at 34.2.
So the main question is whether the company's growth potential justifies it being on what is undoubtedly a pretty aggressive rating. Personally I think it does, hence why I hold a long position in the company. The Merlin deal changed everything for me (that was when I bought in). There have been impressive subsequent deals announced too, e.g. with Six Flags, so there's really no doubt now that Accesso has become the most serious global player in its market. Although it's also worth bearing in mind that Disney is probably never going to become a client, as they do their own thing.
Here are the highlights from today's results announcement:
Impressive stuff. There should be plenty more growth to come, as the big Merlin deal rolls out to all their sites.
Directorspeak/Outlook - flags up impressive numbers of contract wins, and the long-term nature of the client relationships;
...92 new accounts comprising
between them over 200 new venues being added to our customer
base during the year.
The clearest…
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