Small Cap Value Report (Wed 20 Sep 2017) - CCT, CLL, BLUR, TPOP

Wednesday, Sep 20 2017 by
69

Good morning, it's Paul here!

I only have a brief window to write a report today, as I'm off to Reading, for an investor lunch. The same group of us have been meeting up 4 or 5 times per year, since about 2002. It's great fun. Forming your own network of like-minded individuals, is an important part of investing, in my view. I've learned so much from successful investors, there is always some terrific insight, or a brilliant stock idea, that I take away from every investor lunch.  Plus of course it's wonderful to knock back a G+T, and several glasses of wine, when I really should be working!

A few quick points first;


Yesterday's report

I wrote loads more shortish sections in the evening, so here is the compete report.

Contrary to what some muppet on advfn posted, I am not paid by page impressions, he just made that up. I just work better in the evenings, when the market is closed, and my brain is more agile, so sometimes I add more sections.


Non-specific anxiety

I read a very interesting article from a journalist who has given up drinking coffee. She said that drinking coffee, particularly in the morning, was causing her to feel generally anxious all day, for no particular reason. This struck a chord with me, as I feel exactly the same, and sometimes work myself up into such a lather, that the only option is to have a nap after lunch. Indeed, this is one of several reasons why I didn't suit the 9-5 routine, and gave up paid employment in 2002, at the age of 34. My version of 9-5 was to roll up between 11-noon, usually hungover, and then drive to Tesco's car park at 1pm for a nap in the car. The only reason I wasn't sacked was because my skill at controlling the cashflow made me indispensable.

So I'm going coffee-free this week, and am already feeling considerable benefits. So I recommend breaking the coffee addiction to readers. I also recommend working from home. Having a commute of about 3 seconds, to get from the bedroom to my office, is just so efficient. Although there are temptations from working at home, which I won't go into.


Keywords Studios (LON:KWS)

This company reported interims yesterday. I…

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accesso Technology Group plc is a United Kingdom-based company engaged in the development and application of ticketing, mobile and e-commerce technologies, and virtual queuing solutions for the attractions and leisure industry. The Company's solutions include accesso LoQueue, accesso Passport, accesso Siriusware and accesso ShoWare. accesso LoQueue is a queuing solution that includes Qsmart, Qbot and Qband. The accesso Passport ticketing suite is built where its customers shop. accesso Siriusware provides clients with ticketing and admission solutions, and includes various modules, such as OnSite Ticketing, OnLine eCommerce, Point-of-Sale and Guest Management. accesso ShoWare offers a range of ticketing software solutions for theaters, fairs, arenas and tours. The Company's products and services support attractions in the world, including a range of paid admission operations ranging from theme parks, water parks and zoos to cultural attractions and sporting events. more »

LSE Price
2160p
Change
 
Mkt Cap (£m)
569.1
P/E (fwd)
42.2
Yield (fwd)
n/a

Cello Group plc is a United Kingdom-based healthcare and consumer strategic marketing company. The Company is engaged in providing market research, consulting and direct marketing services. The Company operates through two segments: Cello Health and Cello Signal. The Cello Health Division provides market research, consulting and communications services principally to the Company's pharmaceutical and healthcare clients. The Cello Signal Division provides market research and direct communications services principally to the Company's consumer facing clients. The Company delivers its services from office networks in the United Kingdom, the United States, Singapore and Hong Kong. The Company's subsidiaries include 2CV Limited, Cello Group Inc, Farm Communications Limited, Market Research International Limited and Insight Medical Research Limited. more »

LSE Price
135p
Change
 
Mkt Cap (£m)
140
P/E (fwd)
16.5
Yield (fwd)
2.7

blur Group plc offers an enterprise services platform that combines cloud software and managed services, which includes sourcing, supplier short listing, contract and project management with payment processing and reporting. The Company's segments include project revenues, which consists of the provision of services from projects that list on blurs' marketplace, where the customer accepts the bid from the expert supplier and a legally binding contract between blur and its customers is established; cancellation fees, where the project is cancelled after listing and there is an expectation of collection; premium services, including wraparound support services for projects, including blur Manage Ultra, blur Protect Advanced, blur Express and blur Engage, and subscriptions and licenses, including the provision of tiered annual subscriptions to service providers, the provision of access to blur's software Platform and fro the provision of subscriptions of blur Data. more »

LSE Price
4.88p
Change
2.6%
Mkt Cap (£m)
8.4
P/E (fwd)
n/a
Yield (fwd)
n/a



  Is accesso Technology fundamentally strong or weak? Find out More »


25 Comments on this Article show/hide all

peterclothier 20th Sep 6 of 25
1

Re: Working from home
I have had a couple of enforced periods of working from home, but prefer a separate office.
Lots of reasons, separation of work from home, fewer temptations " I'll just go and ...", also social side.
I share an office at a firm of architects, nice socially in coffee breaks and lunch times. It is also inspiring and interesting seeing creative people at work, compared to the, at times, rather dry financial world.

Re: Non specific anxiety and giving up coffee, I'm going to give it a go and see..

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Carcosa 20th Sep 7 of 25
2

In reply to jsatchwill1, post #5

The offer for Revolution Bars (LON:RBG) is for 203p, not 208p. It may well be worth much more but so far only 203p offer is on the table and today's announcement is part of that process. If someone (Deltic) wants to come along with a higher offer then so be it but at time of writing 203p offer is all there is.

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jsatchwill1 20th Sep 8 of 25
1

In reply to Carcosa, post #7

My apologies, yes 203p is the Stonegate offer

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daveinthelakes 20th Sep 9 of 25
9

Paul,
I had a coffee revelation about two weeks ago. Having struggled to sleep for decades and stopped drinking caffeinated drinks about 6-7pm each evening I had thought caffeine was not the cause. After a bit of research on Google I found that whereas caffeine has certain health benefits it has a half life of around 5-6 hours although this varies of course person to person.

So about 40% of my huge daily caffeine intake was still in my system when going to bed. I decided to adopt a plan of loading up on caffeine early morning but stopping all consumption at 11:30am. I slept like a baby on the first night and it has now worked for two weeks. Whats more I found that after a night or two of poor sleep I would have a bottle of red or more to help me sleep. My alcohol consumption has now fallen over 50%.

A very rough caffeine guide-

If Rubica (Indonesian/African) equals x then-
Arabica 0.5x
standard tea 0.3x
oolong 0.2x
china 0.1x
decaf tea/coffee 0.01-0.02x

Dave

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Jimbonambo41 20th Sep 10 of 25
1

thanks for the insights on CCT - your musings on the retail sector are invaluable for this recently-converted bond market monkey. I too hold a reasonable chunk and managed to add more this morning at 461. then again, I thought I was clever in adding the morning of the Pokemon announcement at 505. I've held for a while now for a sum total return of 0% but I am happy to hold as I think its a fantastically priced company that continues to improve the underlying business with a static share price. it reminds me of the general pricing levels in the motor dealership stocks that continue to offer - imho - cheap and growing upside asymmetry in even a harsh economic environment..

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Graham Ford 20th Sep 11 of 25

In reply to daveinthelakes, post #9

For "rubica" read robusta?

| Link | Share | 1 reply
daveinthelakes 20th Sep 12 of 25

In reply to Graham Ford, post #11

Yes. Thanks.

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ridavies 20th Sep 13 of 25

In reply to daveinthelakes, post #9

For those with a liking for a strong drink, and also have some positive feeling towards organic, then I recommend Clipper Organic Tea. Tea bags look like thye have been used beffore and drieed out - brown, because unbleached. As usual, always good advice not to overdose on anything - say 3-4 cups a day, and no more after 930is - for your bladder if not for your head! Just a thought. When I break the rules - more than 4 cups a day, drinking it late inn the eveniing - I suffer.

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JonBirdy 20th Sep 14 of 25
4

Hi Paul

Thanks for your thoughts on Character (LON:CCT) yesterday. It was on my watch list and I scooped up some shares at 459p this morning. Your insight, and the Profit Warning Survival Guide, helped me weather the £RGB drop in May and feel confident to average down too.

I'm new to the stock market this year and have found the logic of your arguments, and those of Graham's, very useful.

Jon

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VegPatch 20th Sep 15 of 25
1

Paul,
Just remember to write the ideas down as you go along. There is nothing worse than discussing an undiscovered gem and forgetting it the next day. You then get busy and forget all about following it up with the person that told you.
Enjoy the lunch,

VegPatch

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ajn678 20th Sep 16 of 25

Hi Paul
Wondered if you have any view on PCA, Palace Capital, reference their fund raising yesterday with a limited opportunity for entry for new shareholders, or on prospects for the share price going forward?
Regards

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xcity 20th Sep 17 of 25
3

I drink a lot of coffee at all times of the day and have no problems with sleep. Not bothered if I don't have coffee either. Sensitivity to caffeine varies hugely between people.

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purpleski 20th Sep 18 of 25
2

Hi Paul

Thanks for a great column. Good luck with the giving up coffee, just watch out for the headaches! I think I would struggle with giving up coffee, but went plant based (apart from the odd egg) about 6 years ago and have pretty much given up alcohol (I think something like 60% of ceo's of s&up 500 are teetotal) and it works for me.

Lastly I think you may find that attacks of fatigue after lunch may have something to do spikes in spikes in blood sugar levels but heh what do I know.

When I have the time I also hope to start a lunch(meat eaters welcome!) club. Don't suppose you could expand on how yours came about?

Best wishes
Michael.

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sg31 20th Sep 19 of 25

Accesso Technology, I'm not an investor but I did notice this item a few days ago.

http://www.bbc.co.uk/news/av/world-europe-41302592/cutting-theme-park-queues

I thought of Accesso at the time and wondered if this might have an impact. I bring it to the investors attention in case they missed it.

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Agadan777 20th Sep 20 of 25

I gave up coffee 6 months ago andhaven't looked back!

My substitute for the early morning bleary-eyes is alternate days of freshly squeezed lemon or water with half a spoon of sugar and salt.

If anything I now think coffee is a bit rank!

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Soundbuy 20th Sep 21 of 25
1


Is it the coffee or the caffeine?
Coffee is one of the most chemically treated crops in the world, pesticides, herbicides, fungicides, chemical fertilizers et al. Not banging the drum for organic etc but worth considering. Worth bearing in mind too that much coffee is raised by the rural poor with little or no protection against these potentially harmful chemicals.

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Wimbledonsprinter 20th Sep 22 of 25

I was intereseted that Character (LON:CCT) either was not in a position or decided not to reveal the amount of its receivables due from Toys R Us. According to a Bloomberg article, the bankruptcy came about as suppliers started cutting back on credit they were prepared to offer.

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Investornot1 20th Sep 23 of 25
4

A lot of nonsense being talked about coffee without any reference to actual facts. Like anything sensitivity varies between people. Also like all diet related science you can always find a coffee is great for your health versus coffee is bad for your health study - take your pick depending on your prejudice

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kbkb 20th Sep 24 of 25
4

On the coffee topic...some people have a genetic element which makes them more susceptible to caffeine affecting them negatively from a cardiac perspective. This is a marker which can be revealed on a basic DNA test.
I do not have that marker and can therefore consume good coffee without concern.
It would be interesting to know whether those who have mentioned disrupted sleep through caffeine consumption...are more or less likely to have this marker...or whether in that instance the marker is irrelevant.

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DGW 21st Sep 25 of 25

Paul / Graham - Could you take a look at the Interim Report for Cambridge Cognition Holdings released this morning please.

Many thanks

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About Paul Scott

Paul Scott

I trained as an accountant with a Top 5 firm, but that was so boring that I spent too much time in the 1990s being a disco bunny, and busting moves on the dancefloor, and chilling out with mates back at either my house or theirs, and having a lot of fun!Then spent 8 years as FD for a ladieswear retail chain called "Pilot", leaving on great terms in 2002 - having been a key player in growing the business 10 fold. If the truth be told, I partied pretty hard at the weekends too, so bank reconciliations on Monday mornings were more luck than judgement!! But they were always correct.I got bored with that and decided to become a professional small caps investor in 2002. I made millions, but got too cocky, and lost the lot in 2008, due to excessive gearing. A miserable, wilderness period occurred from 2008-2012.Since then, the sun has begun to shine again! I am now utterly briliant again, and immerse myself in small caps, and am a walking encyclopedia on the subject. I love writing a daily report for Stockopedia.com on most weekday mornings, constantly researching daily results & trading updates for small caps. Cheese! more »

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