Small Cap Value Report (Tue 27 Nov 2018) - PRSM, ALT, CHH, QUIZ, IGR, VCP, GRG

In reply to post #421864

T Clarke (LON:CTO)

N+1 Singer have increased their EPS forecasts by 12% for 2018 and 15% for 2019.

Would have said today's sp movement so far is pretty muted on that basis.

In reply to post #421834

I personally don't see value in accesso Technology (LON:ACSO) even at this level. The fact that their interim profit before tax was DOWN on the previous year indicates to me that they are chasing growth at the expense of, uh, something else. There are far too many, significant, adjustments in the results for my liking.

In reply to post #421824

IMHO, I feel Severfield (LON:SFR) are losing steam, and it is the Indian joint venture keeping things looking as good as they are... which isn't that great. Underlying operating profit is DOWN (slightly) at 12.5m (12.7m) with operating margin down quite a bit. The Indian JV showed a big increase in profit (albeit at low numbers) so excluding that the picture is worse. Also, the order book is down (as was the case in their last report). I see this as fairly valued.

finnCap have published a note on D4T4 Solutions this am and updated the price target to 240p from 215p (they are the house broker btw)

splendid results they are too with bags of cash and improved margin. Believe it is still free to sign up for finnCap's research

https://researchlibrary.finnca...

Excellent H1 results

A combination of the large contracts won just prior to the period, together with the IFRS 15

adjustment bringing £1.7m sales (and £1.0m profit) from H2 2018 into H1 2019, saw the

first half revenue almost treble YoY to £14.0m.

The new segmental analysis provided breaks down what had previously been shown as

‘Project Work’ and the greater clarity shows high-margin ‘Own-IP’ products in the mix

rising from 17% in H1 LY to 46% of total group sales in this half. Thus the Interim gross

margin rose from 44% to 51% and gross profit jumped 243% from £2.1m to £7.1m.

Overheads grew 52% to £3.8m on the back of heavy US sales investment but with the

step change in profit, H1 Adj. EBIT swung from -£0.4m LY to a £3.4m profit and Adj. PBT

(Adj. FD EPS of 7.4p). This is a sustainable 25% operating margin – in line with those

seen in FY 2017 and FY 2018.

These numbers exclude an £0.8m exceptional FX gain and the usual £0.2m of SBP and

amortisation in the half. The effective tax rate of 13% was in line with expectations.

In reply to post #421943

can't get the EPIC link to work for £d4t4 or £D4T4 or LON:D4T4 or LON: d4t4 : needs fixing!

The £ system will not work with any epic containing a numeral so you just have to create it yourself the long way thus:
D4t4 Solutions (LON:D4T4)

The worst is System1 - SYS1. If you put a £ in front it produces a different company SysGroup (LON:SYS)1

I'm not able to make Mello, but would be very interested in some of the presentations (I have holding T Clarke and Duke for example). Are these made available anywhere or is it dependent on the companies themselves to do this?

In reply to post #421859

Nope, they're just reorganising the company to be dual-listed in London and Ireland.... no doubt a premature Brexit thing.

I don't understand why £QUIZ  has been registered in Jersey since March 2017.  There must be some advantage but it just looks suspicious to me.  Can anybody clarify?

Curious that Paul does not comment on D4T4 which released stonking results today. Even though a strong performance was predicted in the last trading update, these results appear to be well ahead of expectation. Also with news of further contact gains, new large customers (e.g. US, Swedish banks etc).

Graham if you get time could you cast your eye over Treatt the results looked pretty good to my untrained eye

In reply to post #421978

QUIZ (LON:QUIZ) and Jersey

i would guess the option to minimise uk corporation tax and possibly some other taxes might have something to do with it.

In reply to post #422003

re QUIZ (LON:QUIZ)

It looks as if it was set up in Jersey in preparation for the July 2017 IPO when it took over Shoar, the previous group company and now an intermediate company. To find out more go to
https://beta.companieshouse.gov.uk/
and enter SHOAR (HOLDINGS) LIMITED in the search box.

In reply to post #422003

I would guess the option to minimise uk corporation tax and possibly some other taxes might have something to do with it.

If that is the case they are not very good at it.  £1.7m tax paid on pre tax profit of £8.5m is a tax rate of 20%.    

Graham (mainly, as this [financial sector] is more his forte than Paul's.

AJ Bell have just released details of their IPO, and I wondered if you (or SCVR readers) have any thoughts.

At 208 pages, the prospectus looks likely to be keeping me occupied for a couple of hours (or possibly more) !

Deadline is 5pm on 5th December, so I would imagine any serious investors could have a busy weekend !

I've an initial thought on my (possible) investment, and have approx. 70% of the cash at the ready, so may need to trim my 'folio to get the little extra before Wednesday. .. IF I decide to invest :o)

Completely off -topic but your intro. was interesting and thought- provoking. Think you're being a bit optimistic about the 100 year time span though. FWIW, and IMHO, we'll be fortunate to reach 2050 the way things are shaping up.

In reply to post #421978

Possibly it puts it technically outside the takeover code for the LSE?

Bloomin miraculous those mobikes obviously  and we're supposed to believe that driverless cars are 'clever'.  ;-)

A thoroughly enjoyable two days at Mello - excellent presentations, excellent company ( a good start on my would like to meet up with list )

Huge congratulations to David and the team - have you organised next week's event yet? :-)

I can't wait.

"Aided and abetted by the wonderful head honcho from Ideagen (LON:IDEA) (who makes me look sober, and that's saying something!)"

SELL IDEAGEN NOW, WHILE YOU CAN!!!!! :)

In reply to post #421958

thanks, clearly a glitch in the Matrix