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Peel Hunt have a 1035p price target and say Buy:
Https://www.proactiveinvestors.co.uk/companies/news/1045922/accesso-s-showare-product-adds-another-layer-to-equity-story-says-peel-hunt-1045922.html
"Accesso’s ShoWare product adds another layer to equity story, says Peel Hunt
Published: 14:03 23 Apr 2024
Analysts at broker Peel Hunt see clear benefits to accesso Technology Group plc’s equity story after bringing its ShoWare software as a service (SaaS) ticketing suite to the UK.
“This scalable solution has already proven itself, with over 600 venues around the world using the service, and allows venues to manage the end-to-end ticketing process, whether online or onsite,” noted Peel Hunt.
The broker added: “Alongside accesso's ability to build long-term relationships and its established relationships with UK venues, today's news should be viewed as a positive addition to the accesso equity story.
“Features include seamless online/mobile sales, white-label capabilities to retain a client's brand, dynamic pricing to optimise ROI, and CRM features to build customer loyalty.”
Analysts slapped a buy rating on accesso stock following this announcement, with a target share price of 1,035p."
Https://www.proactiveinvestors.co.uk/companies/news/1045809/accesso-has-50-upside-according-to-broker-1045809.html
"Accesso has '50% upside' according to broker
Published: 13:34 22 Apr 2024 BST
Accesso Technology Group PLC (AIM:ACSO, OTC:LOQPF) should see positive margin impacts emerging from a focus on higher-quality revenue streams, says house broker Shore Capital.
“The market opportunity appears promising spanning across various venues and geographies, and we see ACSO as well place to capture a greater share through leveraging its now broader solutions suite”.
“We do not believe the current valuation reflects these positive trends, noting our fair value sees +50% upside on a low/mid-teens EV/cash EBITDA multiple,”
'Buy' is the broker’s recommendation for the virtual ticketing and queuing specialist."
Stuck myself down for another 450 @ £6.19. Will take my average up to £4.72 if the order goes through (it hasn't been accepted yet).
Shore Capital also say Buy:
Https://www.marketbeat.com/instant-alerts/lon-acso-reiterated-rating-2024-04-16/
Highlights from an encouraging new interview with the CEO:
- 5 new wins for the new Freedom platform since Jan 1st alone
- won 28 new venues last year organically
- added 273 new venues from acquisitions, inclusing 50 Canadian ski resorts
- "another strong year ahead"
Https://www.youtube.com/watch?v=UL4VZRTKDXU
Peel Hunt say Buy - their last target price was 1,035p, but the article doesn't say if this has been increased:
Https://www.proactiveinvestors.co.uk/companies/news/1045399/accesso-operating-in-a-structurally-growing-industry-says-broker-1045399.html
"accesso operating in a 'structurally growing industry', says broker
Published: 12:57 16 Apr 2024
Accesso, the ticketing and virtual queuing specialist, trades at a discount to both US SaaS and UK SaaS/IT services peers, says broker Peel Hunt, something that it sees as unwarranted.
Results for 2023 were ahead of indications while, since the end of the year, the company has culled its lower margin B2C distribution business.
Added to the removal of the legacy staffing issues, this will help give a step up to gross margins in the current year.
New client wins across the group have been encouraging while projects such as Saudi Entertainment Ventures (where ACSO is the key provider of ticketing and visitor management technology across 21 destinations) underpin assumptions that it is operating in a structurally growing industry supported by major investment into digitalisation and the tourism and entertainment markets.
“We believe actions made against lower-margin revenue streams help support the future profitability potential and improve the model quality.
While "We continue to see scale opportunities across multiple geographies and sectors.”
'Buy' is Peel Hunt’s investment view.
Shares rose 3% to 580p on a tough day generally in the market."
The results are indeed excellent. I worry slightly that, short term, the market will focus on the drop in statutory profits and in basic eps. But plenty of jam tomorrow, even if the price drops today.
I'm impressed with this update.
EBITDA is ahead of expectations, and 37.5c adjusted EPS and presumably an increase for this year puts ACSO on a cheap rating compared to most of its sector comparators. And even more so when you strip out the $31.5m cash pile.
Most importantly the outlook is very confident. ACSO are guiding a minimum of $160m turnover (up from $149.5m), and a minimum $27.2m cash EBITDA, a lovely 15% up from last year's $23.6m.
The acquisitions have all performed well, and ACSO are global market leaders in a number of areas, incorporating machine learning, mobile solutions etc.
Unless I'm missing something it seems that ACSO are very much back on the up:
Https://uk.advfn.com/stock-market/london/accesso-technology-ACSO/share-news/Accesso-Technology-Group-PLC-RESULTS-FOR-THE-YEAR-ENDED-31-DECEMBER-2023/93660941
Here's a transcript of a new interview with the CEO about the contract win:
Https://www.proactiveinvestors.com/companies/news/1044442/endeavor-goes-private-after-just-three-years-on-the-stock-market-1044442.html
Extracts:
"securing such a prestigious client not only establishes our presence in the region but also sets a foundation for expanding our operations across the area. This includes staffing and infrastructure development, allowing us to leverage this initial success to explore additional opportunities within the region"
"Our platform will handle all aspects of ticketing and admission, providing seamless access to the venues in various capacities. This includes general entry and individual attraction access. Beyond ticketing, accesso Horizon serves as a comprehensive visitor management and entitlement platform, covering areas like food and retail, enhancing the overall visitor experience by offering an integrated and seamless customer journey"
Shore Capital very positive about the new Saudi contract:
Https://www.proactiveinvestors.co.uk/companies/news/1044257/accesso-s-saudi-entertainment-deal-an-exciting-opportunity-analyst-1044257.html
"Accesso’s Saudi Entertainment deal an ‘exciting opportunity’ - analyst
Published: 14:18 28 Mar 2024 GMT
"accesso Technology Group PLC's (AIM:ACSO, OTC:LOQPF) landmark agreement with Saudi Entertainment Ventures (SEVEN) ticks all the right boxes for analysts at Shore Capital Markets.
The deal with SEVEN, a wholly owned subsidiary of the Saudi Arabia Public Investment Fund (PIF), is “a positive reiteration of the global brand awareness that the acquisition of VGS (accesso Horizon) has added to the group, as well as accesso’s ability to support its clients through complex and multipurpose projects”, the broker said.
Announced in November 2022, SEVEN unveiled plans to introduce 21 cutting-edge entertainment destinations across 14 cities, featuring over 150 attractions, diverse dining outlets, and local and international retail outlets.
accesso will be the key provider of ticketing and visitor management technology for all destinations and sub-venues associated with the project.
“This leaves accesso in a good position to leverage Saudi Arabia’s investment into being a leader in tourism, hospitality, and entertainment,” said Shore Cap.
Shore Cap also mentioned that accesso is making strides in the field of dynamic pricing’.
Dynamic pricing is a strategy where businesses set flexible prices for products or services based on current market demands, competition, and other factors.
It is “an area which accesso has previously mentioned as a potential opportunity, given its expertise in footfall management and tech-driven solutions”, said analysts.
Accesso stock is a 'buy' at 531p, reckons Shore Cap."
Yesterday's contract win probably reflects the progress made as reflected in this news from just a couple of weeks ago:
Https://www.planetattractions.com/news/%E2%80%98Innovative-solutions-for-today-and-for-the-future%E2%80%99-as-accesso-looks-forward-to-year-ahead/3181
‘Innovative solutions for today and for the future’ as accesso looks forward to year ahead
As the customer experience becomes increasingly immersive, accesso is placing its focus for 2024 on seamless experiences through use of its cutting-edge technologies
Tom Anstey | Planet Attractions | 12 Mar 2024
s one of the leading global providers of technology solutions aimed at redefining the guest experience, driving increased revenue, streamlining operations, and supporting data-driven business decisions for leisure and entertainment operators, 2024 is a big year for accesso.
This year, the company is eyeing an increase in immersive customer experience operations, with its focus on seamless experiences and cutting-edge technology.
Among its offerings, the recently launched Accesso Freedom restaurant and retail platform has been developed to “redefine the guest experience”. A cloud-native platform Freedom allows venues to seamlessly integrate restaurant and retail operations, supporting mobile food ordering, self-service kiosks, and mobile point-of-sale.
The recent acquisition of VGS adds the Accesso Horizon ticketing and visitor management system to the company’s product portfolio, providing venue operators with a comprehensive solution. Also, the latest version of the Accesso Passport ticketing suite introduces a range of enhancements, streamlining operations and options to enhance the user experience.
etc"
Looks like not long to wait for the Saudi project to start delivering - the first guests are expected early next year in Al Hamra:
Https://www.constructionweekonline.com/projects-tenders/how-saudis-seven-is-transforming-leisure-and-entertainment-in-the-kingdom
Al Hamra alone - just one of the 14 cities, 21 destinations and 150 attractions involved - "is expected to attract 6 million visitors per year":
Https://seven.sa/2022/11/30/seven-to-invest-sar-50-billion-to-develop-unique-entertainment-destinations-across-14-cities-in-saudi-arabia/
Today's announcement may have had to be issued as an RNSNON as there isn't a measurable immediate financial impact, but it's still big news.
Saudi Arabia is building "21 cutting-edge entertainment destinations across 14 cities, featuring over 150 attractions, diverse dining outlets, local and international retail outlets".
And ACSO has been appointed as "the key provider of ticketing and visitor management technology for all destinations and sub-venues associated with the project".
Quite a coup. And presumably pretty materially financially rewarding. The only question is how long until fruition:
Https://www.londonstockexchange.com/news-article/ACSO/accesso-to-power-saudi-entertainment-destinations/16397455
A prestigious win with the Pro Football Hall of Fame in Ohio, which has "hundreds of thousands" of visitors every year:
Https://uk.advfn.com/stock-market/london/accesso-technology-ACSO/share-news/accesso-to-Collaborate-with-Pro-Football-Hall-of-Fame-to-Elevate-Visitor-Experi/93390029
"accesso® to Collaborate with Pro Football Hall of Fame to Elevate Visitor Experience with New, Interactive Mobile App
29/02/2024 2:00pm
accesso Technology Group (AIM: ACSO), the premier technology solutions provider for attractions and venues worldwide, has announced a new collaboration with the Pro Football Hall of Fame ("the Hall"), introducing a new, cutting-edge app designed to enhance the experience and boost engagement for visitors to the Hall's renowned museum in Canton, Ohio.
The newly launched app is now available for download on iOS and Android devices.
Utilizing a suite of guest experience tools from accesso, the multi-faceted app features a full venue audio tour (available in English and Spanish), an interactive museum map, trivia activities and direct access to news and app-exclusive information about the venue. A second phase of the rollout – planned for the fourth quarter of 2024 – will see further enhancements to the Hall's audio tours and the launch of an all-new digital archive. This archive will host digital records of hundreds of thousands of the Hall's valuable assets – such as player jerseys, footballs and helmets, along with documents and photos – broadening public access to the expansive collection, less than 1% of which is exhibited within the museum.
....The relationship with the Pro Football Hall of Fame follows extensive growth for accesso, with last year seeing the company's launch of the cloud-native, scalable, highly flexible accesso Freedom℠ Restaurant & Retail platform and its acquisition of VGS, with the rebranded introduction of the accesso Horizon℠ Ticketing & Visitor Management system. And recently, accesso partnered with California Mountain Resorts Company to revolutionize the skiing experience with the launch of an all-new integrated resort app network."
FYI per an article last week on Proactive, Shore Capital reiterated their Buy recommendation.
A couple of interesting points:
(1) Shore believe "“Even at a discount to UK peers, you can still double the current share price“ on a bid coming in for ACSO:
"Currently, the company is trading at a discount to its UK and US SaaS peers, which ShoreCap believes is unwarranted, while in the long term, it is operating in a structurally growing market with an increasing number of visitors and demand for digitalisation.
“The group helps its customers gain a greater share of visitors' wallets as well as improve overall efficiency and ultimately if not valued by the market, we believe these characteristics could also make [Accesso] a bid target.
“Even at a discount to UK peers, you can still double the current share price.“
'Buy' is the recommendation."
(2) Shore "is forecasting underlying cash profits of US$23 million for the 12 months" (today's £148.5m revenues were slightly behind Shore's $151m forecast, but margins must have been rather better than expected since ACSO traded in line with EBITDA expectations).
Was hoping for a decent uplift in sp. This has to be a target for a USA company just now.
"Wins significant early commitment for accesso Horizon"
Looks like an encouraging and nicely in-line trading statement today, with revenues up 6% despite the move away from lower margin staffing work (presumably Six Flags).
The new acquisitions are trading well with substantial customer wins, and overall revenue growth is expected to increase further to 9% along with raised margins. Nice to see the first contract win in Saudi Arabia too, which will hopefully be the first in what could be a lucrative opportunity.
Two pieces of news which show that the company is pushing ahead with new technology, machine learning etc:
Https://blooloop.com/technology/news/accesso-passport-update/
Extracts:
"accesso Technology Group PLC, a leading technology provider for attractions worldwide, has released the latest edition of its industry-leading accesso Passport eCommerce ticketing technology."
"The upgraded accesso Passport eCommerce ticketing solution includes a number of improvements designed to simplify both operations and the user experience."
"Steve Brown, accesso CEO, says: “As our industry gathers at IAAPA Expo Orlando 2023, accesso celebrates a year of extraordinary growth and innovation. The roll-out of our enhanced eCommerce ticketing platform is a testament to our commitment to delivering cutting-edge technology solutions that redefine the guest experience for leisure & entertainment venues.”
This announcement comes during a successful year for accesso, with the acquisition of VGS, the introduction of a number of breakthrough products, including the accesso Freedom Restaurant & Retail solution, sector accolades, and global recognition."
And:
Https://blooloop.com/technology/news/accesso-reveals-qview-sm-line-management-solution/
"accesso reveals Qview SM line management solution at IAAPA Expo & wins Brass Ring award"
"accesso Technology Group PLC, a leading technology provider for attractions worldwide, is exhibiting this week at IAAPA Expo 2023 in Orlando, Florida, where the team debuted the new Qview product, a patent-pending line-counting system set to modernise wait time estimation for theme parks and attractions. During the event, Qview was also recognised as a “Best New Product” in the 2023 Brass Ring Awards.
Innovative back-office Qview technology offers extremely precise real-time queue data, doing away with the need for human counts and enabling a precise, knowledgeable view of attraction wait times at any time of day.
Qview ‘counts’ the number of people in the queue by using machine learning technologies and real-time photos of the queue.
etc"
Chartist gibberish
ACSO, broke above multiple share price pivots from 23/11/23, today. In addition at least 3 technical indicators(macd,rsi,roc), show bullish positive divergence. Bollinger bands, top and bottom, are separating, usually implying that a fast share price movement will occur. Reinforcing the bullish scenario, is the fact that the RSI(relative strength index), crossed above 50, today, which is usually read as the beginning of an uptrend. Price targets, based on overhead supply from historic trading at higher levels, is 600 and 637. Inevitably, a retracement will occur at some point, in time, so the signal may be the lower bollinger band beginning to turn up, while the upper bollinger band continues upward. After the retracement is finished and the equity begins to trend up again, the position of the lower bollinger band is not relevant.
Bought more today in ISA .
546.8p on 547p limit order executed 2pm.
150% tranche size.
Bought two days ago I have just seen on ( T ) for 552p.
3/4 of a tranche size using the spare on acc .
Last seen at this price early September 2022 .
Back to 840p January 2023.
555p now 2.69% spread .
Moved notes move to ( T ) to make room for CLX
3 Analysts ( D ) expect the price to increase by 85%.
Long Path Partners continue to buy - they now own 15.01%, or 6.298m shares. They last had 5.79m shares per their prior holdings RNS, so they've added roughly 0.5m shares now:
Https://uk.advfn.com/stock-market/london/accesso-technology-ACSO/share-news/Accesso-Technology-Group-PLC-Holdings-in-Company/92212019