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Short interview with Paul Arenson, CEO of Stenprop following today's news:
www.fmp-tv.co.uk/2021/06/11/stenprop-high-occupier-demand-drives-strong-year-end-results/
Here's a recording of this mornings trading update:
https://youtu.be/usG23X_CtY8
Short TV interviews with CEO, FD and Exec Property Director below:
www.fmp-tv.co.uk/2020/06/12/stenprop-final-results-dividend-maintained-70m-cash/ (CEO)
www.fmp-tv.co.uk/company/stenprop-investor-video/ (FD & Property Director)
Maybe with HSTN being taken over people are moving over to STP.
Recent RNS (on same day as hstn offer announcement ):
The disposal is in line with Stenprop's strategy to become a 100% UK MLI business via the sale of all non-MLI properties in its portfolio and the reinvestment of the proceeds into UK MLI properties.
Hi all,
Forgot to post this here on the day of results, but hopefully still useful to some.CEO running through financials & operations for their recent results.
https://www.fmp-tv.co.uk/2019/11/23/stenprop-investor-update-video-interim-results/
Anyone else here?
An odd company but making progress to
"... transition into a focused UK MLI company, with the aim of becoming the UK's leading MLI business. Stenprop has set out its plan which involves transitioning the portfolio to at least 60% MLI and reducing overall leverage to a loan-to-value ratio of no more than 40% by March 2020, with the plan to transition to 100% MLI over a 12 to 24 month period thereafter."
Short TV Clip with Stenprop multi least industrial property REIT, following results out today
https://www.fmp-tv.co.uk/company/stenprop-investor-video/
Daisy Group PLC (Daisy) has announced the terms of a recommended Cash Offer for the entire issued and to be issued share capital of SpiriTel PLC on the following basis: 51.5 pence in cash for each SpiriTel share held.
It doesn’t matter how you dress it up, considering the debt they have and the ever reducing margins in their market this is still not going anywhere – a short term opportunity to cut your losses if you ask me, you probably won’t get a second chance.
Highlights: · Business Division revenues up 71% to £17.7 million (2009: £10.3 million) · Business Division Underlying EBITDA* up 70% to £3.1 million (2009: £1.8 million) · 15% organic growth in Business Division revenues · Current Group trading significantly ahead of the reported results for the year to 30 April 2010 · Cross sales contracts totalling over £4 million signed during the year · £5 million contract signed with Punch Taverns post year end · Customer base increased by 74% to 4,055 at year end (2009: 2,337)
thats better, onwards and upwards. this should be £1+
Now these results look very good to me. Revenue up 71%. Why is the market cap so low. Lets see if we can get a decent rise today.
Mark Cap of Spritel is only £8.5M and this single contract alone is worth £5M. and this could be the first of more to follow from Punch. It covers 800 of Punch's 7,100 sites. Watch out for further announcements as Bob Broadbridge, CIO of Punch Taverns, said: - we are looking forward to forging a closer working relationship with SpiriTel
Bob Broadbridge, CIO of Punch Taverns, said: "We were very impressed with SpiriTel's proposal, which gave us the technical solution we need, with a great service proposition and value for money. We were also impressed with their track record in the hospitality sector. We are looking forward to forging a closer working relationship with SpiriTel as we ensure our estate remains appropriately serviced in this rapidly evolving technological environment."
Punch Taverns plc ("Punch") has awarded the Group a contract to provide a multi-site converged voice and data service to over 800 of Punch's 7,100 UK sites. The contract is the largest awarded to SpiriTel to date and is expected to generate revenue in excess of £5m over its three year life.
Have no free funds but surprised no rise on what seems v good news.
Despite the continual run of accolades (Alistair loves to see his name in the trade press) the company is fundamentally not making the profits it needs to and Alistair would love to sell to anyone. The meeting with Daisy fell flat because Daisy have 2 preconditions, the first is that the acquisition is dirt cheap (although they are running out of these options and are prepared to pay a little more these days) the second is that they end up owning the connection base. The strategic error Alistair has made and why Daisy didn’t buy them recently is whilst SPT own their fixed line base, their mobile base is just a dealer base and is owned by the carriers. Daisy were prepared to buy their fixed line base (at the right price) but the remaining dealer base of low margin mobile would be practically worthless.
Alastair Mills recently met with Peter Dubens and Matt Riley from Daisy. Spiritel have bought a few companies recently which haven't performed as well as planned and a few large contracts have been lost out on recently, looks very likely Daisy will be purchasing in the coming months.
2009 Spiritel failed to acquire a number of competitors, who are now exiting the recession stronger and of course pressuring margin. The sales team last on average 12-18 months and the business model of cheap service contracts and then billing clients for all work at list price is not sustainable. It does not take an IT manager too long to realise he has no discount on on his PBX work. Hotels business doing fairly well, however that is only supported by Marriott in the main, all leveraging opportunities are diminishing. As for the mobile business....margin pressure again, hence the current share price. Good luck to those with stock, it will always be a £250 horse bet type punt - even the Directors have given up buying!
Good post Jamie, having studied telcos for many years, I couldn't have put it better myself. Ten out of ten for effort, but in my opinion Spiritel is effectively dead, owned by Penta and Clydesdale Bank. Compare STP to Pinnacle Telecom (PINN), Pinn is debt free, profitable and at the bottom of the growth curve, its share price is half of waht it was in December and it's due to announce its half year results, which, according to recent RNS's are good and profitible. I know where my money is going. JA
I think that last writer is dreaming. The assumption that organic growth will magically be 20% is just naïve. Telco’s (and reseller telco's such as SPT in particular) have a natural annual attrition and unless they are constantly replenished with new business they shrink. SpiriTel does not have a strong new business function and this is why we have previosly seen contraction at SPT with fixed line revenues dropping. The situation with cross sell is even weaker. The cross sell activity is embryonic to say the least. Middle management are resigning like there is no tomorrow and this is really nothing more than a company that had gone shopping and crudely stuck the pieces together without any real effort to exploit the possible cross sell synergies. They have started to work on this now but the efforts are way too little and too slow. If you want to see the future of SpiriTel Plc look at the recent history of AT Communications Plc (or many others Redstone etc etc) who adopted the same strategy. ATC went shopping in a big way, very quickly raising turnover to over £100m, winning awards and accolades along the way. Throughout this period the market cap trundled long the bottom of the graph at around £8m before finally going bust when they couldn’t generate their profits to service the debt. My recommendation – going nowhere, SELL!
Have just been working on some figures going forward with regard to the half year results and guidance given and also taking into account the new acquisition and possibly another two to come! Slight assumption at the end i know, but the management have only spent £5.25m of the £10m available? They may want to keep some back for performance related payouts! Annualised Revenue is £23m and EBITDA is going to be at least £2.3m for April 2010, we were told this. This means annualised turnover at the present time without further growth and the Boucon acquisition is £30m. I believe Spiritel will make underlying EBITDA of £2.5m for 2010? This equates to around £0.6m operational profit and 3.5p per share. For 2011 turnover should be £30m for the group as of half year, plus a mere 20% organic growth and cross-selling of £6m? Could be alot more! Plus £2m for Boucon(1/2/10) and i have allowed around £4m for new acquisitions which should be acquired by April 2010 for the start of the new financial year. Total turnover for 2011 of £42m which equtes to around £5.5m underlying EBITDA! This would mean op. profits of around £3.3m and eps of 18.7p. Leaving Spiritel going forwardon a P/E of around 3.2 at the current 60p. This share is so undrvalued at the current level. Once the profits start to roll in the £4.5m overdraft will be paid off and other debts will soon disappear. Leaving the £10m loan notes to be cashed in, but not until 2014. I believe a strong buy. But a limited market in shares as Penta own around 80% and including all major shareholders a free float of about 2.5m shares out of a total of 17.66m
Very strong results indeed. Sound company. Bought before consolidation, well down.