Small Cap Value Report (Tue 29 Sept 2020) - NCYT, SNG, CLIN, SCS, DOTD, MAB1
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Good morning, it's Jack here with Tuesday's SCVR.
I'm interested in quite an exciting announcement from Novacyt SA (LON:NCYT) so without further ado let's dive in!
Novacyt (LON:NCYT)
Share price: 565p (+20.9%)
No. shares: 70.6m
Market cap: £331.4m
(I hold)
Launch of COVID-19 antibody test and New UK DHSC Contract.
I’ve been wary of buying stock in companies that attach their name to the ongoing COVID pandemic but with Novacyt Sa (LON:NCYT) it seems that the transformational trading figures are already in the bag and the market is perhaps slow to acknowledge that.
This is an international specialist in clinical diagnostics whose business now sees unprecedented levels of demand. The group’s recent half year update was extremely strong and the outlook for the rest of the group’s financial year is impressive.
Jumping back to that statement:
- H1 2020 sales of €72.4m and EBITDA was €49.4m, resulting from the sale of the Company's market leading PCR COVID-19 test, and
- Visibility of orders for the Company's COVID-19 product portfolio suggests H2 2020 performance on track to exceed that of H1 2020
That sounds to me like more than €100m of FY20 EBITDA vs a £220m market cap at the time (£330m now) off which you can knock c£15m of cash (and probably more by end of year)
There are a couple of companies right now where it seems as though the market is struggling to price in a COVID-related transformation that the company has explicitly guided towards and NCYT is one of them (LoopUp, for example, is another - last covered by Paul here).
Anyway, NCYT has two separate updates today.
Launch of COVID-19 antibody test
NCYT has launched a new assay (ELISA: enzyme-linked immunosorbent assay) test for the detection of IgG antibodies to SARS-CoV-2 derived from plasma and serum samples.
This test complements NCYT’s existing COVID-19 product portfolio and allows clinicians to differentiate between active and prior SARS-CoV-2 infections in patients.
Novacyt has the manufacturing capacity to deliver more than three million ELISA antibody tests per month initially and is working with its manufacturing partner to ensure this can be increased.
Graham Mullis, CEO, commented:
We continue to strengthen our product offering in COVID-19 testing as demand continues and we are delighted to launch an antibody test. We believe an antibody test plays an important role in aiding the diagnosis of COVID-19, as well as increasing our understanding of the disease through screening of populations for infection rates and immunity.
UK DHSC contract
A member of my family unfortunately experienced the UK COVID testing debacle first hand, having contracted the virus a month or so ago. Safe to say - back then at least - there was a dire need for additional testing capacity. Presumably that is still the case.
So no surprise that this second announcement regards a new contract with the UK Department of Health and Social Care (DHSC) for instrument platforms and COVID-19 testing kits.
The DHSC needs Novacyt to ‘support the urgent requirement for COVID-19 testing of patients in the NHS’ as well as provide training and maintenance services for the q16 and q32 instrument platforms.
More specifically, it concerns NCYT’s ‘q16 and q32 Rapid-PCR instrument platforms, exsig® COVID-19 Direct kits and genesig® SARS-CoV-2 Winterplex kits’ and marks the second major contract awarded by the DHSC to NCYT’s Primerdesign division during the pandemic.
The contract is split into two phases. Phase One:
- Phase one has an initial fixed term of 14 weeks with the potential to extend supply by a further 10 weeks.
- This first phase of the contract will involve the deployment of 300 PCR instruments, related kits and support services with a minimum value of £150 million for the first 14 weeks.
- Based on this initial period, a further £100 million of revenue could be expected for the subsequent 10 weeks, however volumes can be varied up or down subject to certain notice criteria given by the DHSC.
Phase Two:
- The second phase of the contract, which is optional, allows for the provision of up to 700 additional PCR instruments, related kits and support services, as well as additional COVID-19 products from the Company's portfolio where required.
- Depending upon the uptake, phase two of the contract could generate considerably more sales than the first phase.
Conclusion
The testing announcement sounds exciting.
Even before this, though, NCYT’s H1 2020 trading figures and H2 forecasts were very encouraging for a small cap biotech company. Anything beyond that, such as these announcements, is a bonus.
I think NCYT is halfway through a considerable transformation. The trick will be in ensuring the revenue generated from this COVID spike can be used to develop products with longer term market opportunities.
The share price chart tells a story.
There is the risk that once we move on from this pandemic, NCYT’s business dries up. Everything management has said so far suggests the team is planning for this eventuality and making the necessary investments in R&D for a profitable life after COVID.
There are a couple of blue-sky stocks in this space floating around with £300m+ valuations. Maybe they are the real deal but I feel more confident about NCYT as it looks to already be walking the walk with its strong trading figures.
Even if NCYT didn’t bring out these new products such as Winterplex and just continued along its existing trajectory, I still think that’s grounds for a higher valuation based on its H1 figures and H2 forecasts.
The new contract provides further reassurance that NCYT is the real deal. That sense appears to be backed up from a more quantitative, fundamental perspective by the StockRanks:
Not only is it reassuring, it sounds very exciting from a shareholder perspective.
I’ll come back to this one at a later date as there’s plenty more work to do but I’ll move on for now and, with the shares up more than 20%, it’s safe to say NCYT has impressed the market.
Synairgen (LON:SNG)
Share price: 175p (+7.7%)
No. shares: 149.4m
Market cap: £242.8m
Shares are up today on two announcements for this COVID-related respiratory disease treatment company: interim results and a managed access program with Clinigen.
Interim results for the six months to 30 June 2020
Synairgen (LON:SNG) has numerous ongoing studies around possible COVID treatments, with at least one patent in the works and discussions ongoing with regulatory agencies to establish approval of its SNG001 as a viable treatment.
It is also investing in its supply chain to ensure any finished products can meet market demand.
In terms of financials:
- SNG raised c£14m in March to fund its initial COVID-19 related activities,
- R&D for the six months was £4.47m as it scaled up various clinical trials,
- The loss from operations was £5.08m (30 June 2019: £2.21m loss)
Investors with more insight into healthcare trials and this part of the market in general might be able to spot the winners early but I’m not in that camp right now. I wish SNG all the best but I'm generally waiting for signs of transformed cash flows and profits.
SNG was founded by a trio of University of Southampton Professors - I’m sure it’s a legitimate enterprise with considerable expertise but tests are ongoing and the company makes a loss for now.
At present, operating losses are increasing (albeit on the back of increased R&D spend) and SNG raised a net £13.22m in March and spent £4.63m in operating cash flow in the six months to 30 June.
That seems a reasonable amount of breathing room but there is still plenty to do before SNG’s treatments are approved and monetised.
Either its products hit the market or things take a little longer and it might be tempted to raise more cash, particularly given the transformed share price. Another equity placing would be at a share price nearly treble the previous round.
Synairgen and Clinigen sign Managed Access Program
SNG has also announced a Managed Access Program with Clinigen (LON:CLIN) for its inhaled formulation of interferon beta. This is SNG001 in Synairgen’s statement.
To recap, interferon beta (IFN-beta) is a naturally-occurring protein that plays an important role in orchestrating the body’s antiviral response. Synairgen's SNG001 is a formulation of IFN-beta-1a for direct delivery to the lungs.
There is growing evidence that low levels of IFN-beta is what makes at-risk patients ‘at-risk’. Viruses such as COVID have developed methods of suppressing IFN-beta production in the body, so SNG is testing to prove that adding exogenous IFN-beta to such patients ‘greatly reduces viral replication’.
So far, SNG has found that SNG001 increases the chances of a rapid recovery with a marked reduction in breathlessness and troublesome coughs.
The Phase II trial of SNG001 in hospitalised COVID-19 patients was conducted across nine NHS trusts in the UK and was adopted by the NIHR Respiratory Translational Research Collaboration, who gave it Urgent Public Health status.
Now CLIN has signed a MAP to get SNG001 into UK and EU hospitals. The group’s CEO comments:
We are working with a number of companies who have products being tested against COVID-19 and are very pleased to be working with Synairgen to make this highly promising COVID-19 treatment available internationally. The early study results demonstrate that SNG001 may have a vital role in helping hospitalised patients recover more quickly from the disease.
It sounds like promising stuff and this is some useful external validation of SNG’s treatments - but the difference between SNG and NCYT is that the latter is already reaping the financial benefits of approved products that are hitting the market.
SNG has money, is spending on R&D, and appears to have real potential in its treatments. Revenue is non-existent though and so, as an investor with no edge here, it’s just a little too early for me.
SCS (LON:SCS)
Share price: 210p (-4.6%)
No. shares: 38m
Market cap: £83.6m
Scs (LON:SCS) is a perennially cheap sofa retailer with a perennially strong StockRank - so why the reluctance to rerate?
A quick look at the Financial Summary shows steady, profitable growth since 2016. It is also extremely cash generative.
Despite the strong cash generation and high returns on equity, SCS has a number of strikingly cheap relative valuation measures.
Obviously lockdowns have muddied the water for most retailers. SCS has its preliminary results out today so let’s see what shape it’s in.
- Results ‘significantly impacted’ by the pandemic, with all stores and distribution centres closed from late March to late May
- Gross sales -19.5% to £268.1m, with delayed sales despite strong post-lockdown demand (due to reduced deliveries) having a ‘material impact’ on gross profit and EBITDA
- Gross profit -20.2% to £119.6m and underlying EBITDA -63.5% to £7.2m; underlying EPS down from 30.3p to 2.6p
- Underlying cash flows from operations up from £24.1m to £39.5m
- Government support of £8.4m has been recognised
Perhaps the collapse in underlying EBITDA is what has disappointed the market, particularly given that shares have gained c45% since July.
That aside there are signs of operational resilience.
Order intake was down just 5.9% for the year despite two months of absolutely no operations. Meanwhile online sales jumped up 13.6% to £19.1m. Current trading shows order intake up some 45.8% on a like-for-like basis for the first nine weeks of the new financial year.
The wider mood music is subject to change of course. A second winter lockdown sounds quite plausible. In fact, SCS itself says sensibly:
Year to date trading has continued to exceed the Board's expectations, but we are mindful of the developing situation with COVID-19, and the potential impact on the wider economy.
The world is much changed heading into SCS’s key autumn trading period, with consumer confidence finely balanced and the prospect of a closed down Job Retention Scheme at the end of October.
Conclusion
If you assume we will return to more normal living conditions in the medium term then SCS is probably still cheap. The group is trading at less than gross profit, although it has a relatively low operating margin and operational gearing may have spooked some investors.
The adoption of IFRS 16 also temporarily affects the clarity and comparability of accounts (not that that’s SCS’s fault), with an added c£135m of lease liabilities now popping up on the balance sheet.
Obviously 2020 is a bit of a write off for retail park operators like SCS. What matters are the longer term prospects and whether or not the company has the financial strength to weather short term turbulence.
On that point, I note the group’s track record of steady growth, its high levels of cash generation, and the cheap valuation.
If you were to assemble a basket of cheap retail and leisure stocks, SCS could certainly play a role in that kind of diversified recovery play.
But it’s been so cheap for so long, would the rerating be meaningful? I suspect this share is too cheap but it has remained stubbornly anchored to its IPO level for years now.
Assuming a return to normal conditions in time, SCS could easily be north of 300p if the market viewed it differently. In the short term I can’t see much in the way of catalysts that might change perceptions and drive a rerating, but perhaps patient shareholders could do well in the long term.
Dotdigital (LON:DOTD)
Share price: 144.5p (+4.0%)
No. shares: 297.9m
Market cap: £414.06m
Dotdigital (LON:DOTD) operates an integrated digital marketing platform that appears to be well regarded by the clients that use it. It’s been on the watchlist for a while as a promising software candidate.
Valuation is always a concern when it comes to successful, growing, software-as-a-service companies and a quick look at the Growth & Value box shows DOTD does indeed come with a premium valuation:
It’s the classic QM software trade-off: expensive valuation for recurring cash flows, high profit margins, and high returns on capital.
Today DOTD has announced its inclusion in the UK Government’s G-Cloud procurement initiative - it’s a short announcement but is additional confirmation of the quality of DOTD’s product and is as good a reason as any to take a closer look at what seems to be a promising UK software company.
The UK Government's G-Cloud initiative is a procurement framework and online platform from which public sector organisations can buy services without needing to run a full tender or competition procurement process. The fact that DOTD makes it onto the platform is probably good for business and testament to the quality of its product and reputation.
Per the company:
Key influencing factors in the approval process included the Group's recent ISO 27001 certification, world class uptime, availability of 24/7 global support and continuous development of a resilient and scalable global cloud infrastructure that exceed the needs of its customers. ISO 27001 is the leading international standard for information security management.
Conclusion
Not much substance in today’s statement but a worthwhile update that reinforces the view that this is a company worth investigating in more depth at some point.
As above, DOTD is not cheap - but not many successful and growing SaaS companies are. What matters is the rate of growth, management execution, possible moats or barriers to entry, and the scale of the market opportunity.
We can see DOTD is generating attractive compound annual growth rates:
Its integrated marketing automation platform looks like it has the potential to form some sort of barrier to entry or moat based on proprietary client data and the bundled services it offers. As for scale of market opportunity - you would have to think the opportunity in digital marketing is pretty big.
That leaves the quality of management as an additional area to investigate but on the whole, DOTD ticks a few boxes. If only it wasn’t so expensive! Well done to holders so far.
Mortgage Advice Bureau (LON:MAB1)
Share price: 722.6p (+1.0%)
No. shares: 52.1m
Market cap: £373.2m
Interim results are out for this network for mortgage intermediaries.
Mortgage Advice Bureau (LON:MAB1) essentially provides its 150 mortgage intermediary firms (known as ‘Appointed Representatives’ or ARs) with support and services. It’s a franchise style model based on long term contractual strategic partnerships with these ARs.
Most of the group’s revenue comes from:
- Procuration fees from lenders on the arrangement of a mortgage,
- Insurance commissions from MAB1’s panel of insurers, and
- Client fees paid by underlying customers for received services.
MAB1 actually appears to receive all of the revenue first. It then returns to ARs their share of revenue on a weekly basis, which they use to pay their advisors.
This makes for quite a cash generative, capital light business model and enables MAB1 to return quite a lot of its profit to shareholders in dividends.
The Ranks clearly pick up on its Quality:
The group has grown profits considerably over the past five years, it pays out healthy dividends, its earnings are backed up by cash flows, and it generates high returns.
2020 earnings are set to take a hit though and MAB1 is now valued at 23.5x FY21 expected earnings per share.
The PEG ratio of 1 suggests it is fairly priced.
Highlights:
- Revenue +4% to £63.5m (although this includes £6.1m of revenue from First Mortgage, acquired in July 2019)
- Gross profit up 22% to £17.2m
- Adjusted PBT +6% to £7.9m
- Statutory PBT down 15% to £6.1m
The difference between adjusted and statutory profit is mostly from a loan write off and loan provision totalling £1.7m and £0.5m of Government grant income in H1 2020.
MAB1 has turned in quite a resilient performance at the operational level at least, with the number of advisors remaining stable, gross mortgage completions up 8%, and market share of new mortgage lending up 17% to 5.9%.
Post period end the group has seen new mortgage applications at record levels and has announced Australian Finance Group as its new joint venture partner in Australia. The group has also acquired a 40% stake in Meridian Holdings Group.
And then there is the introduction of ‘MAB Later Life’ - a new proposition in partnership with a leading integrated provider of later life lending products.
All in all, there are a few initiatives here that could provide decent growth.
Conclusion
It looks like an attractive business model gaining share in a large market.
Franchise networks like this can be cash generative and operationally resilient in tough conditions and that seems to be the case here.
I’d perhaps be hoping for a more enticing valuation than 23.5x FY21 earnings.
That said there’s plenty to like here on a long term view. The group is cash generative, has a net cash position, and is growing market share and making acquisitions while others are presumably struggling.
MAB1 does say that current trading is strong and expects adjusted profit before tax for the full year to be significantly ahead of the market's current expectations.
It is optimistic on the outlook and has a couple of growth initiatives on the go including acquisitions, joint ventures, and new products addressing new areas in the mortgage market.
A good business that is perhaps fairly priced for now at 722.6p given ongoing macro risks... But that view might prove to be churlish in time of course, given MAB1’s resilience, high returns, and large addressable market.
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88 comments
Im interested in seeing an analysis to Cliq Digital Ag
Can it be an European competitor to Netflix or HBO?
Cliq Digital
For a company that own Red27 Mobile, I can't possible imagine them having any sort of future as successful as Netflix or HBO.
Some very negative comments for your perusal:
https://www.trustpilot.com/rev...
Reviewing the NCYT numbers, with the addition of the new contract we should be looking at guaranteed full year revenues of at least £223million.
H1 - 73Million
New Contract - £150 million (14 weeks till Dec)
That doesn’t include any additional sales from other parties across the globe. OR any sales of the new antibody test. Incidentally - Does anyone have any knowledge of the cost/pricing structure for this test?
The UK government contract then has a second phase of possibly a further £100 million spend which will be in the H1 2021
Current margins at 83% and presuming that holds then they will add an approximate further 180 million to the cash pile. By December they should have 200 million in cash. Current Market cap is just over 300 million.
This is by far my biggest holding now because the contracts are in... the money is in the bank. Vaccine, no vaccine, it doesn’t really matter. NCYT will hold 2/3rds of their market cap in cash.
And het the edit button working in mobile stoko techies please, mi spalling isnt the beast
Hi Jack
Thanks for your SCVR today. I have always enjoyed Paul’s reports and I really like your contrasting style and stock picks - and knowledge too of course!
Jack
Thanks for your comments. If possible, could you please elaborate on your comment re the EBITDA decline being greater than expected.Best Regards#
XLMedia (LON:XLM) - On "jam next year - perhaps - rather than today" results, there's a modest (depending on spread) uptick in the share price with 1,221,715 shares traded today.
Jack / Paul - an idea for you. It would be great to hear your perspective on how investors should think about CVAs in the current climate given that we are likely to see a lot of them, especially in hospitality. My instinct would be to value the shares of such companies at zero but I am guessing it can be much more nuanced than that. Paul has commented extensively on Revolution Bars (LON:RBG) in recent months so it would be good to hear his perspective on the rumoured CVA for them. I am sure the topic of CVAs would be of interest to several other readers on here. Thanks
I don't think that zero is correct - otherwise they would simply be in Administration rather than doing a CVA. CVA may include negotiations on financial strength etc to share the pain but it must be better options for investors otherwise it wouldn't be used.
Burford Capital (LON:BUR) is a share I hold and also Litigation Capital Management (LON:LIT) as I believe there will be an increasing demand in a complex world for Litigation Finance.
Burford Capital is headed by Americans Christopher Bogart CEO and Jonothan Molot CIO and I think the listing on the NYSE will be beneficial for Burford in several ways.
The Legal Industry is being transformed and Burford is the leader in its particular field.
In the USA litigation is very common and I believe Americans will buy the shares and Burford will become better known as a result of the listing.
The Muddy Waters attack on Burford in August last year cost Private Investors huge sums but if the NYSE Lists Burford next month it suggests that the short attack dented investor confidence but did not affect what is fundamentally a great business.
Burford is maturing as a business and after over 10 years as a Listed Company on AIM has learnt some hard lessons but for the patient investor I believe the best is to come.
Cash flow will always be hard to predict but in time this business will I feel sure maintain and increase its Market Leadership spot. Listing on the NYSE could prove to be transformational.
I think the motivation for the US listing is in part that US investors are less likely to panic and run for the hills as easily as the UK investors did in response to Muddy Waters.
I hold SCS as it was a cheap entry to a great dividend yield supported by a strong balance sheet and conservative management. Although the dividend is probably a goner for 2020 I expect it to resume before long and will continue to hold unless that prospect starts to recede.
There is also a potential upside, which is the overstretched state of some of its competitors.
Jack - Interesting dotDigital (LON:DOTD) write up. In relation to:
....As for scale of market opportunity - you would have to think the opportunity in digital marketing is pretty big.
I am a holder and I just checked back on my buying in notes and see that the Forrester market report is suggesting Marketing automation growth of 14% CARG from 2017 to 2023. If so, DOTD only has to coast to by default achieve a double digit% sales increase/annum. Ian
re Dotdigital (LON:DOTD) dotdigital
“If so, DOTD only has to coast to by default achieve a double digit% sales increase/annum. Ian”
i hold but this isnt a massive conviction because I have thought the is huge but always has been and they have never smashed it, so i have a niggling thought that they are riding the wave but with a mediocre product??
I have a comment about Novacyt and if vaccine comes up.
even if it does come up, IMO, the testing need will increase not decrease. Because vaccine shortage will be a problem for some time and testing will be needed even further to realise who to prioritize for vaccine supply. It is also needed for future macro planning of mass testing to contain the virus from surging again. So if their method is effective, I think the mcap must be increase significantly higher in the coming year as I see a long way to go before this virus is off our shoulders.
Comments and thoughts always welcomed.
thabks
I still have a problem with Novacyt. My understanding is if you contract Covid it takes 10 to 14 days for you to show signs you have it, and for the body to generate antibodies to fight it. So for the most contagious period their test doesn't tell you that you have it, it tells you that you have had it. Outside of explaining patterns how does that help?
Ncyts first test is a pcr test that does look for dna and has a fast turnaround time. it doesn’t tell you if you have already had it. Only that you have it now.
The announcement today around an antibody test is exciting because it means they now have all bases covered. This test tells you whether you have had it and It opens up a whole new market that wasn’t open to NCYT before. Makes them a direct competitor of ODX and AVACTA . However possibly Ncyt are better positioned to sell the test now as they can piggyback on the relationships already created. They have invested in the sales structure and unlike most Covid stocks are successfully moving product out of the door.
Any clinical professionals/ data scientists feel free to answer and get into this red herring debate. I personally have no idea how much testing helps fight CV19.
As an investor, however, I have noted that every reputable medical organization worldwide continues to call for more testing, every credible professional in this field I have heard speak says that we need to do more of it and the British government is spending billions on it. It seems they have decided Novacyt Sa (LON:NCYT) is worth some of that money...
https://www.theguardian.com/wo...
The PCR test is not a simple process. You need an instrument and an assay plate (the test). PCR instruments are not universally compatible with different assay plates (different developer, different assay). By offering a 'complete' solution, IMO Novacyt are now playing in the 'champions league' of Covid response; i think the UK goverment contract win confirms this. Similar players in the space would include: ThermoFisher Scientific, Illumina, Hoffman LaRoche etc.
Agree with the point raised by another that worldwide production capability for any vaccine developed (if one proves to be effective enough to gain MHRA / FDA certification) will limit the speed of any roll out, therefore testing of populations will be here for a while imo.
I was hoping for some insight rather than just a tick down!! I am not pushing a stock I am just trying to understand why Novacyt are pursuing an antibody option. To me the key to getting people back to normal in the absence of a vaccine (which is what we really need but seems unlikely at this time) is a test in the present not the past, which suggests these antigen tests are better suited. Anyway I will leave it because I am clearly upsetting a few Novacyt share owners. The reason I have always liked this site is Paul has encouraged discussion. For the record I hold a small amount of a number of stocks in this sector having identified ages ago it will be next to impossible to spot the winners. Thanks for your help!!
I am just trying to understand why Novacyt are pursuing an antibody option
Perhaps there is a demand and therefore a commercial opportunity?
Once a Pharma supplier has been approved by a client there are very limited reasons for them to go through the onerous supplier qualification process for someone else if the products they want can be supplied by one already vetted.
Just my two cents of course.
Hope it helps.
Big thank you Jack for a great write-up on £NCYT which I also hold. Not only are you covering Miners Jack but also Bio's which is fantastic!
I have been reflecting on the Novacyt SA (LON:NCYT) share price movements following their H1 results and today's massive contract win.
If the 52Wk low was 6p and the price is now almost 100x higher, it is likely that in many investors minds there is a "Recency bias" preventing them from believing that the stock will rise much further. This bias is well documented with shares at a new 52 Wk High and results in upward PEAD (Post Earnings Announcement Drift) over an extended period, whilst the market adjusts to the new news.
As a holder (with Confirmation bias) I would like to believe that this is what we are now seeing with Novacyt SA (LON:NCYT) !
so are you expecting much upside from here or not for newbies who want to enter ? Thanks.
Mort,
Novacyt SA (LON:NCYT) has a lot of the characteristics I normally look for, namely excellent recent quality metrics (ROCE/ROE) and +ve momentum - Maybe the ultimate QM type stock. The fact that they have achieved this success in less that a year though is very unusual and is entirely due to COVID. This type of overnight success would normally give me cause for concern, but these are strange times.
The fact that I doubled my stake this morning gives you the answer you may be looking for, but I don't recommend following others "tips", unless it is starting point for your own research. As others have pointed out we don't know how well NCYT will execute these orders. There is always some risk in shares, but my assessment today is that this is a PEAD type share and the risk is to the upside. Ian
.
Hi Jack,
Nice work today and hope all well.
Was hoping you can take a look at Mortgage Advice Bureau (holdings) (LON:MAB1) - I hold. Dare say it is the kind of stock you look for & I like it a lot as a long term compounder.
Results are good & substantially ahead of outlook statement as well as some interesting new product areas.
That said, I am somewhat concerned by a comment from the Simplybiz (LON:SBIZ) CEO at Mello yesterday & this seems to be backed by lack of interim dividend.
If I had faith in my ability to buy back for less, I would be minded to sell especially now valuation is getting toppy at least pre upgrades.
Hi Vsihv,
All good here thanks, hope you're well too.
I've taken a look at Mortgage Advice Bureau (holdings) (LON:MAB1) - it looks like a solid business model with long term growth potential but I would hope for a better entry point especially in these markets. Who knows if that will happen though!
On the whole it looks like a quality business and one I'll do some more work on in case there is a better buy price some time in the next 12 months. Thanks for the head's up.
Burford Capital (LON:BUR)
I am guesing this company is a bargepole job for any cautious (sensible?) investor.
I see that they have announced today they expect NYSE listing to take effect from mid October.
Does anyone have any viewpoints as to whether NYSE is likely to have a positive benefit on the company reputation wise and from liquidity and potential buyers and this could perhaps be trigger for a rerate? albeit this has already doubled from low point so perhaps thats all factored in.
Not sure what current book value of assets is but i suspect they may not be trading much above the book value - albeit if the company does ever dissappoint news wise in the futire i wouldnt have the same confidence in their "debtor/wip" book as i would do with your average company.
Obviously the us listing has been on the cards for some time now so not exactly good news - but it was always in the back of my mind that until ALL the loose ends where tied up i would not have presumed they would be granted approval or not. Presuming SEC regulate the NYSE exchange it would give me semi comfort that they are happy to be regulated by the SEC (dont mess with the SEC unless your name ends with Musk and you can afford unlimited fines!!)
Burford Capital (LON:BUR) (Burford capital)earnings due this Thursday 1st Oct. Could be a volatile event
Difficult to forecast: 1.deployment of capital ytd 2.cash in from wins 3.sale of existing cases/portfolio 4. update on Petersen case 5. delays to trials due to Covid
I do think the stock may not be pricing in positive news from above and the sector is also in a secular uptrend. ( I hold)
Might it be that people are waiting to see whether Burford has adopted a different method of accounting to satisfy NYSE? I don't know if that is even a possibility (I also hold).
Re: Burford Capital (LON:BUR) - RNS this morning........." it is anticipated that trading on the NYSE will commence on Monday 19 October."
Hard to imagine they would have gone to all this trouble to then announce sub-optimal interims on Thursday. Although I expect Muddy Waters to continue stirring the pot.
Holder here too - although smaller percentage of overall due to obviously overpaying at the outset.
Thanks for your comments on Novacyt Sa (LON:NCYT) which I hold. It is one of my Covid Punts but has now grown in to my fourth largest holding. It is interesting to note that the Stockrank for Novacyt has increased 55 points in the last 30 days from a pretty poor 37 to 92. So the algorithms like it almost as much as the twittersphere, which cannot stop twittering about it this morning. Whether this (the SR increase) means this stock has legs or in times like this/with stocks like this the Stockranking system gets confused and cannot really be relied on I don’t know?
The figures in the financial summary are all most odd:
Revenue
TTM - €78m
2021 - €28m
PE
TTM - 9
2021 - 36.7
EPS
TTM - 57
2021 - 1
The profitability figures are lovely though
Operating Margin - 60.3%
ROA - 61.4%
ROCE - 77.3%
ROE - 97.1
Almost at Bioventix (LON:BVXP) levels.
I am certainly going to ride the Covid wave that Novacyt Sa (LON:NCYT) is on but I think it will be one that I will definitely top slice along the way but as I would anticipate sales for the coming year well in excess of (and maybe multiples of the current market cap) I think I will hold off for a bit.
Great to see comments on both Novacyt Sa (LON:NCYT) and Synairgen (LON:SNG) today. I hold both but here is the thing; at nil cost after sales. Both have soared. NCYT; the 52 week low is just 6p so it has gone up an incredible 100 fold this last year. Not many bought at that sort of level of course but it shows the impact of covid on some companies.
Definitely not selling either as I think we might well have a tough winter ahead. But I see both as being very risky; if a vaccine suddenly appears there is a long way down. The management of NCYT in particular deserve to be applauded. They saw an opportunity and were the first to understand the possibilities. For a tiny micro cap to do so and be there first is impressive. It makes me wonder why it has taken so long for the UK government to get involved with them; but then it doesn't. Civil servants have been so burnt that they have tended to stick with the big "names", not always the best way forward.
Hi Peter
“....if a vaccine suddenly appears there is a long way down...”
I am more in the “testing will still be required camp if...”
- the vaccine takes years to roll out
- the vaccine does not permanently immunise you
- vaccine never appears which I still think is possible.
- the mkt is enormous even in the short term
But yes I do think that this is one where risk has to be managed with top slicing. I am not there yet I bought some at 271p and 285p but average is 350p. It is currently a 6.3% position. I may top slice at 7.5% and certainly at 10%, it will depend on sales and news flow.
Regards
Michael.
Hi Jack,
Nice to see you covering Pharma. Synairgen (LON:SNG) still has a number of hurdles before it can start generating revenues, e.g. IP patent approval, Phase I, II, and III. That's a lot of risks and time for things to go wrong. Wish all holders luck and hope it can be an effective treatment for covid-19.
BSV
from the RNS on 8th September and restated in today's RNS, I believe they are much further advanced than this:
https://www.stockopedia.com/sh...
https://www.stockopedia.com/sh...
Synairgen announced positive topline data generated from 101
patients hospitalised with COVID-19 in its phase II trial, SG016, on the 20
July 2020.
The trial of SNG001 in hospitalised patients produced very
encouraging findings; patients who received SNG001 were more than twice as
likely to recover over the course of the treatment period compared to those
receiving placebo. Synairgen is currently in discussions with regulatory
agencies to progress this potential COVID-19 treatment.
Yes, thanks for the correction, Synairgen (LON:SNG) is much further along with COVID-19 trials.
BSV
Yes, but still a long way to go. I'd agree/suggest competition is the main risk with Synairgen. Worth a look....
https://www.fda.gov/drugs/coro...
Does anyone have thoughts on the Scs (LON:SCS) prelim results? Slightly surprised to see the price take a reasonable knock this morning.
It appears that they are in loss comparatively whilst the impression I had was that they are well ahead of the expectations, and are going to pay divis too?
I would welcome any comments too.
At last night’s virtual Mello Monday there was a good panel discussion about SCS, with a bullish long-term sentiment (the majority were holders, but not to suggest there were simply taking their own book, as it did not feel like that) Their expectation was that the price would likely fall a little this morning as there is a comparative YoY loss. (I hold)
(It was my first Mello Monday and my second Mello online event this year. Great way to spend one evening a month I thought).
Morning Jack,
Would be interested in your thoughts on Dekel Agri-vision (LON:DKL) if you have time? I have owned and sold previously but recently re-established a small position as the SP looked to have based and could now be ready to move higher?
The RNS this morning suggests a company that is growing and now moving into profitability with further drivers to come on line over coming months with the cashew processing facility.
Cheers, Forbsy.
Hi Jack,
Many thanks. Based on your comments on Novacyt Sa (LON:NCYT) do you think there is still upside to it? You didn't comment on anything about future valuation etc. Would appreciate your thoughts on this.
Thanks in advance.
Hi Mort, I've plenty more to do on valuation but there's a lot of company news out today so I'm moving on for now - I'll circle back to this later on, time permitting!
Thanks Jack. Can't wait to see your further comments on this.
Hi mort1980, I would suggest that the future valuation of Novacyt is quite tricky to comment on as it depends on when an effective vaccine against COVID-19 is developed and this is difficult to predict. There will of course still be a need for COVID-19 testing products after the vaccine, but I don't think that the government will be throwing so much money at the problem then.
Morning all,
Lacklustre result from Pelatro (LON:PTRO) this morning, although the valuation already somewhat reflects this, it's well off it's former highs. I saw them present at Mello back in the good old days when you went in person. Was initially impressed with the people and the backstory (minus the cars!) but am wondering a bit now whether they are struggling to deliver on the early promise. Any thoughts Paul, or anyone else?
I'll be tuning into Fireangel Safety Technology (LON:FA.) results presentation on InvestorMeetCompany later today to see if there's any hint of progress there too. I was one of it's very early backers when it floated on OFEX, and waited with excruciating patience until it was eventually opportunistically bid for and moved to AIM as part of a successful defence. The fall back to earth has been spectacular (thankfully I had sold out) but I retain a perhaps irrational interest that there may still be something there with potential, and value. It's certainly cheap at around half of revenues, but it could well be cheap for very good reason.
Thoughts on Scs (LON:SCS) greatly anticipated and appreciated too.
Pelatro (LON:PTRO) I think the shares at least partly reflect the aftermath of an horribly executed placing recently. They made no effort to reach out to retail investors, failed to drum up much institutional support and were eventually bailed out by an insider. Those things can take a while to work through the system and we are now at a sharp discount to what was already a sharply discounted price.
Everything has moved to the right again and the story of the recent past has been for revenue to be delayed. Still I still think they have got a good product, with some client momentum and just about a strong enough balance sheet. I´m long higher up but am sitting on my hands as I can easily see how their need now for a bumper H2, about which the management are confident, comes undone.
thank you MightyPedro, much appreciated. I too was a bit aggrieved at being left out of the placing, but bought a few at a lower price. i'm ok for now to see how things pan out, I'm not a stale bull ...yet!
Pelatro (LON:PTRO) I was extremely tempted to buy in when the price was at around 35p in the last 2 weeks - However backed out for following reasons:
- I was extremely wary that the CEO has a tendancy to exaggerate. In a proactive investor video 2018 - he predicts that Pelatro (LON:PTRO) will have revenue in tens of millions. This lack of integrity is showing through again here - per RNS 17/6/20 - the company announces : it is pleasing to report that the Group's activities have been minimally impacted by the coronavirus pandemic. From my quick read-through of today's results, much emphasis was placed on C19's -'ve impact.
- FY 2019 excuse of reduced revenue due to transitioning from one off license fee to ARR whilst understandable for FY2019 has had little impact on H1 (perhaps H2 weighted?)
- Investor sentiment is quite low. The usual bounce back when the SP fell to 44p back to 48p (the subscription price which they raised £2.1mn (I believe) has not occurred recently (yes to be fair FTSE has tanked). The story from one of the BB of the CEO's brother selling out at 80p and now subscribing at the placement at 47p did not go down too well either.
All in all - they have their work cut out in H2 and to regain confidence of investors (including the CEO's brother) who have bought at 47p and are nursing a current loss of circa 20%.
Thanks very much Jack, a good in-depth comment. The co. has recently recruited NUMIS as its London broker and yesterday appointed ODDO-BHF to enhance its continental coverage. In its recent results report it heavily flagged acquisitions to spread its risk from COVID, and these appointments no doubt are connected but of course not all acquisitions spread risk they could spoil their intrinsic business and that’s the potential risk from here I would say.
Hi Paul,
Could you please give your thoughtful comments on Novacyt (Novacyt Sa (LON:NCYT)) given the major contract win and big jump on price ? Would you bring it up on your agenda if at all? Is it any good time given all the circumstances for those like me who have missed it to buy now? Is there significant upside still?
I remember Jack had reviewed this share few weeks ago and many here bought and he was right . Kicking myself.
Robust FY results from Springfield Properties (LON:SPR) again this morning. Management have grown this business though several economic cycles and seem to be navigating the current troubled waters well - demand up, divi reinstated, debt down. I could have a bash at unpicking the results and outlook but its probably best if I just flag this; https://www.progressive-resear... which hopefully links to an update from the house building guru at Progressive Research.
Also I noticed yesterday that Stocko have this now as a "Superstock" so eligible for inclusion in all portfolios.
Any thoughts on £Volvere results Paul?
Excellent contract win for Avingtrans. Looks like the purchase of Booth Industries out of administration from Redhall was inspired. Booth is based in my home town Bolton and I know the company by reputation. I have a decent sized holding in AVG and would appreciate you looking at it. Very much under the private investor radar. Which is how I like my small stocks.
Hi kuronagi
re Avingtrans (LON:AVG), glad to hear this confirmation re Booth Industries. Avingtrans (LON:AVG) have always claimed their acquisition strategy was to re-invigorate established engineering businesses like Booth, so the contract win is pleasing.
Morning
Any thoughts on Novacyt's 2 news releases this morning?
We have had other testing companies mentioned here but Ncyt is one of the few that is actually delivering the goods.
MrContrarian has highlighted the antibody test but not the second big contract with the DHSC:
"Under the terms of the contract, which is in two phases, Primerdesign will supply its products to the DHSC for up to six months. Phase one has an initial fixed term of 14 weeks with the potential to extend supply by a further 10 weeks. This first phase of the contract will involve the immediate deployment of 300 PCR instruments, related kits and support services with a minimum value of £150 million for the first 14 weeks. Based on this initial period, a further £100 million of revenue could be expected for the subsequent 10 weeks, however volumes can be varied up or down subject to certain notice criteria given by the DHSC."
Yep an astonishing contract win for Novacyt SA (LON:NCYT) - Doubled my holding at the open.
Apologies for raising a naïve point but I am a newbie here. How do you manage to do that? I am with A J Bell and with anything yummy they go to telephone service and you can't buy and certainly not at open. I expect it is an expensive traders account or I might be missing something?
I used Selftrade to buy, and placed my order at 8.01 and brought at £5.52. I have another AJ Bell account and tried to buy some more Novacyt SA (LON:NCYT) yesterday mid-pm, but got a message that none was available to trade. So it seems to be an issue with the AJ Bell platform, unless the market makers were holding back shares yesterday.
I see the share are up +21% at the moment and still look cheap to me.
Your reply is most appreciated. A J Bell have been having access problems recently and also delays in returning cash (ouch!) and I am looking for another platform.
Have a look at IWeb for an ISA - the attached stock info platform is rubbish (that's why we use Stockopedia) but it's dirt cheap (£5 a trade) and I've yet to have any issues with finding availability online (they don't have a telephone service however if that's a dealbreaker for you).
I use iweb - it's cheap, you will need to pay a one off £25 fee to open an account with them. Thereafter £5 a trade. For mid and small caps , I have often found availability issues. Not sure if it's just iweb or the Retail Service Provider network in general. You are offered a "negotiated order" which you are supposedly booked in to get the best offer price. Last time few times I have used this I have got prices which I would not have bought at. Also, when everyone is seeking to buy at 8.ooam after a good rns, I often can not place a trade to buy. Once again, I'm not sure if this issue is soley iweb or pertains to the Retail Service Provider network in general. Overall, it's ok.
Many thanks. I could live with availability issue and use them to compare price offers. On line trading platforms vary immensely and the only way of really comparing seems to be to try a few.
How can you compare prices if markets are not available. One problem with some of the smaller brokers is being able to sell when Things go wrong. Even selling Anglo Asian Mining (LON:AAZ) was difficult today with a major broker.
@Chriskay A J Bell have had a problem with Novacyt Sa (LON:NCYT) that stopped me buying a week ago. Their platform couldn't find the LSE listing. I was later told to use L.NCYT so that might still be the solution.
I'm unwilling to chase this up further at the moment, which may well mean that I miss out, but the news is in the price now, probably along with a lot of hope.
Much appreciated!
I find AJ Bell fine for funds, Investment Trusts and heavily traded shares. For smaller shares I use IG Share Dealing and IG ISA. I find them very good. The user interface is very different, more like a trading screen but gives a clearer view of the information needed. And they charge £3 per transaction. I have transferred a large chunk of my ISA over to IG from AJ Bell and am happy with that move
Many thanks for this. I thought IG was only for spread betting but appears not to be the case as this is a conventional share dealing account with live pricing too.
It appears to be significant. It's hard to value this company but £1Bn looks reasonable given their commercial progress and the worsening Covid backdrop. I have a few shares which I bought after Paul said he had bought a few as a punt.
I believe their outlook for the year was to have £150m turnover and £100m profit, but that looks like it is going to be achieved in phase 1 of this contract win alone. Then you got the extension if it is exercised which is considerably bigger (from 300 machines to 700 machines!) - like I said IF exercised. And then phase 2 which is optional.
I hold as it was highlighted here a while back following discussion. Glad I do. And will continue to hold for a while as I think this contract suddenly changes their final year outlook again considerably... well that’s how I read it. (Happy to hear any other views and corrected if I’m mistaken) - Paul would be good if you could find time to comment?
I didn't buy in before but did this morning. For me, this contract has the potential to multiply earnings as Jack and Rizler highlights above, which by my calculations are huge. If they can just deliver revenue of £250m with £150m net profit, their share price should at a minimum be north of 900p, with potential for much more because the PE should massively jump as well as the market starts to look at them differently.
That's not what gets me excited though its enough on its own. They are adding on manufacturing capacity at a rapid rate and are now obviously running at or near their peak. This contract seems to indicate they have some sort of advantage over their competition as well (the ability to differentiate between active and past infections). The UK is only one country - what if they start licensing their products to other companies in other countries? At that point, this is a multibagger. Might be wishful thinking but if you can deliver on a contract like this, I can start to dream.
Risks are definitely here too - it's a massive jump for a company this size, can they actually deliver it? What kind of margin will actually be there? Will a vaccine be delivered tomorrow leaving them with great tech/ expensive manufacturing contracts for a product no-one needs anymore? Still, this looks worth the risk to me.
OK, I'll admit I've jumped in quickly here, without a lot of the normal research I do on companies. Got very excited by that report this morning, did a few calculations and bought way too quickly. This is especially concerning for me as bio/ healthcare is a sector I normally try to avoid. A few things occur to me on reflection and initial research:
1) How good are these guys operationally? Read the bios on the website and they sound good from a bio- technical expertise and from an shareholder standpoint. However, they are entering a different level of required operation control to scale up that level of production this quickly. Gives me pause and if anyone had any info that could reassure, I'd be grateful.
2) It seems highly unlikely to me on reflection that they are going to deliver a 60% margin. Scale does bring margin improvements but the cost of scaling up this fast mean it's unlikely to feed through at least in year 1. Of course, maybe the government was so desperate for any help on testing and their tech is that impressive that they were willing to pay any price. Maaaybeeee...
3) There is almost no institutional money here. Granted, it has been a whirlwind ride (they had a market cap of less than £6m in January). Still, surprised no one has taken a position considering the sector and continual good news that has come out over past few months. You could look at this two ways: there is something about the structure or prospects of this company they don't like and are staying clear. Or alternatively, there is a strong possibility some will be scrambling to take a position now which should have good effect on share price over next month.
Overall, my position hasn't changed. I like it and think it could do very well. Still, there are things here that I glossed over this morning. Good lesson for me. I'll be spending next couple of days doing more homework.
i would be interested Paul's or anyone else's thoughts on Appreciate (LON:APP) following its trading update today. I don't hold currently but if it returned to its pre covid share price there would be around 100% upside from yesterday's close and it would be paying around 10% dividend based on previous dividend payments. Today it says YTD billings are down -31% but they are currently up in September by 10% compared with last year.
In August the company spelled out different scenarios and it is currently trading ahead of its base case scenario which 'From a going concern perspective, the monthly forecasting of the Group's free cash balance in this scenario is the key area for consideration, as liquidity is the principal going concern risk. The base case, before usage of the RCF, shows a negative free cash balance in July 2021, recovering by September 2021.'
In other words it is probably safe for the time being and I'm working on the assumption there is not another extended full lockdown (which affected the company badly last time despite its digital voucher product) although clearly any recession is likely to have an impact, not least as there are a lot of corporate billings.
I would prefer to buy closer to 25p to reflect some of the remaining risk but it looks like I missed my chance to do that yesterday (although the spread here is often wide).
Others' thoughts welcome!
It has been one of Lord Lee’s stocks anecdotally
Appreciate (LON:APP) is still one of Lord Lee's stocks. His register of interests is updated regularly and available here.
Appreciate (LON:APP) SP increase was due to encouraging recent figures (Aug + Sept). With the return of C19, I expect SP to fall again. And yes, I, too, was for SP to be considerably lower.
My morning smallcap tweet:
SCS (LON:SCS) Fireangel Safety Technology (LON:FA.) Synairgen (LON:SNG) Novacyt SA (LON:NCYT) Toople (LON:TOOP) AA (LON:AA.) IXICO (LON:IXI) Mirada (LON:MIRA) Westminster (LON:WSG) Avingtrans (LON:AVG) Appreciate (LON:APP) Synectics (LON:SNX) PV Crystalox Solar (LON:PVCS) Chamberlin (LON:CMH), Amigo Holdings (LON:AMGO), INCE (LON:INCE)
ScS (SCS) FY(July) rev down 20%, pretax -£3.1m (+£1.7m), U/L EPS 2.6 (SCS). Trading: continued to exceed mgmt exp with LFL order intake up 46% in recent 9 weeks. [SP=220 Cap=84m]. I hold.
FireAngel Safety Technology (FA.) H1(June) rev down 21%, pretax -£3m (-£3.6m). Guides positive EBITDA and improved gross margins in H2 but lockdowns may hurt. [SP=13.2 Cap=17m]
Synairgen (SNG) Clinigen signs agreement to launch a Managed Access Program for co's inhaled formulation of interferon beta, which is still in Phase II trial. [SP=162.5 Cap=243m]
Novacyt (NCYT) has launched a test for the detection of IgG antibodies to covid derived from plasma and serum samples. What about the other two antibodies? [SP=467.5 Cap=364m]
Toople (TOOP) AGM stmt. Aug returned to more normal conditions with DMSL business rev up 14% LFL. [SP=0.08 Cap=3m]
AA (AA.) PUSU offer deadline extended to 27 Oct. [SP=29.4 Cap=183m]
IXICO (IXI) >£2m contract extension for Huntington's disease study. "This contract does not have significant impact on management's expectations of performance for the coming year, but will contribute to the Company's already strong order book for next year." [SP=82.48 Cap=39m]
Mirada (MIRA) commercial launch in Spain of Zapi, a new OTT-based Pay TV platform developed by Mirada. Works on laptops, mobile devices and Android TV set top boxes. Guides at least 600k subscribers over time. No £££. [SP=70 Cap=6m]
Westminster Group (WSG) appropriately wins contract to replace and maintain security screening equipment at the Houses of Parliament. Worth up to £1.8m over 5 years. [SP=6.89 Cap=11m]
Avingtrans (AVG) wins £36m HS2 contract with most of the rev in 2025-30. [SP=249.99 Cap=79m]
Appreciate (APP) billings down 18% in Aug, 10% up in Sept. YTD -31%. Redemption rates have seen similar improvements. [SP=24 Cap=45m]
Synectics (SNX) warns that H2 recovery in its largest market sector, casinos and gaming, now unlikely to take place. Other divisions largely in line with mgmt exp. [SP=127.29 Cap=23m]
PV Crystalox Solar (PVCS) delists today. [SP=30.2 Cap=1m]
Chamberlin (CMH) delays FY accounts to late Oct. Guides FY(Mar) rev down 21%, pretax -£2.3m (-£5m). Guides H1(Sept) rev down 14%. "Despite current levels of activity in the Walsall foundry being relatively high, the outlook for a number of the key markets, particularly across the automotive sector, remains uncertain." [SP=12.34 Cap=1m]
In line: Amigo Holdings (LON:AMGO) INCE (LON:INCE)
Mello bash was fab, thank you Paul
Fireangel Safety Technology (LON:FA.) interim results published today. Here, piworld catch up with John Conoley, Executive Chairman, to hear more about the results, their evolution and their strategy going forward. CV19 aside, look for more social housing contract wins, and increasing margins, with increased turnover and changing product mix. Video & podcast.
Xlmedia (LON:XLM) H1 20 results. Here, a brief presentation by Stuart Simms, CEO & Iain Balchin, CFO giving operational & financial highlights, strategy going forward and the outlook. Video & podcast.
The Early Morning News - Tuesday 29 September 2020 (OLD SITE)
The Early Morning News - Tuesday 29 September 2020 (NEW SITE)
Morning Paul,
Looking forward to reading your comments on Scs (LON:SCS) after last nights Mellow bash. Great segment and very interesting insights.
Cheers
The old marmite Xlmedia (LON:XLM): 5 mil of cash savings reported but hit of £2 mil a month since March,
Cash balances of $28 mil at end of June 2020 but can't see if this is the cash or net cash after debt figure my guess the former.
Profit before tax of $0.2 mil corperate govenance moved to UK.
Re XLMedia (LON:XLM)
Any idea what's going on, and when this company will turn around?
I'm badly in loss and hurting on this stock.
No Dividend. Good that they still have $28M cash. Nominal profit of $200,000 after write downs etc.
£xlm - when will it turn around, the CEO thinks 2021, in the report.
No idea as I sold out over eighteen months ago, now below my min market cap to trade and to many banana skins in the last eighteen months also.
You should check out the PI World webinar just put up by Tamzin if you want to look into the recovery prospects further.
Best Regards
Morning
Any thoughts on synairgen results