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Valued on eight times cash profit to enterprise valuation of $75mn, and 10 per cent below book value, the rating is about right for now. Hold.
@inContext, the broker note basically forecasts this is not going to change for the next few years. All the profits are being reinvested, hence the use of Ebitda.
@FlyingHigher, most people on this board don't understand financials. (see final part of IC article above). I personally think this could drop further, there is no pay back for holding these shares over the next few years IMO.
Bearing this in mind, the group’s cyber division secured $32.4mn of new orders in 2023, increased revenue 76 per cent to $10.3mn and quadrupled cash profit to $2.4mn, or a quarter of the group total. One of the orders from a long-standing defence department customer was for BATM’s latest high-performance encryption platform. The $26mn contract will be delivered over the next five years, and the directors expect to receive further orders for the technology in the current year....
https://www.investorschronicle.co.uk/ideas/2024/03/12/what-to-make-of-batm-s-strategic-review/
Results were in line with expectations. There were quite a few positives in there albeit the general backdrop is tough. The company held their own and paid for R&D and extra cash for ADOR. It's hard to be objective about these results because they have no contribution from ADOR and very little from Edgility sales (yet). The 2 most potentially disruptive IP they have are not contributing revenue. My take is that it is happening but not at the speed investors wanted.
I don't think it is undervalued on those profit figures
Income from short term disposals aside, a decent networking contract or two from their significant Sales and Marketing investment would transform the outlook substantially.
For me the key takeout from the Broker’s note was ‘Given the nature of the group’s IP, we believe that the scope for better forecast outcomes and so upgrades is also real and high from this point.
Buying been printed as sells here. This company is very undervalued imho
This has gone nowhere in the last 12 months. Same old usual story from these guys. If we scan down the results, and jump over the optimistic 'adjusted' set of numbers, we can see the reality here:
Profit before tax 1,461
Income tax expenses (839)
Profit for the year before share of loss of a joint venture and associated companies 622
Share of loss of a joint venture and associated companies (822)
Profit (loss) for the year (200)
So the company made a small loss. Outstanding indeed.
More waffle about opportunities and talk of divestment to keep punters on hooks for another year. What a joke. What you need to realise with this company is that it has been listed for around 30 years and has gone nowhere. Just a nice little earner for those inside the company.
based on the stagnant sp the numbers are ****e and mean they are going down the pan. don't ramp this one.
absolutely sick of rampers, dressing up f/all as going somewhere big.
Good end of year results for BATM. Moti has successfully reorganised the core business activities and is ready to expand further as he has allocated resourced towards sales and looks to explore M&A opportunities in the US. Growth in the Cyber and Diagnostics divisions are very strong. I expect these to be money making machines for BATM over the next few years. The strong orders and product interest, indicates a promising outlook for 2024.
Divestment of non core businesses and now priced below last reported NAV. Fantastic growth opportunities.
With market pessimism still dominating, this is a contrarian investor's dream.
Thats a good set of numbers, I am curious too potential merger & acquisition activity, is that why the share price is always getting beating down, someone wants a a piece of the BATM pie? ... I am wishing I had held out as the price looks so undervaled to date .... glad for all the holders!
Loving that phrase, has there been an approach?
Potential M&A activity.
Nagar, Chief Executive Officer of BATM, said:
"I am proud of what we achieved in 2023. Against a challenging macroeconomic backdrop, we delivered growth in sales and adjusted EBITDA - including an outstanding performance in our Cyber business. We launched several innovative new products in Diagnostics and Networking that have been well-received, whilst progressing development of potentially game-changing solutions. Significantly, we undertook an in-depth strategic review that resulted in the establishment of a new strategy, which we began to implement in the second half of the year. Our new strategy is focused on accelerating our activities that build on our established areas of core expertise and which are in scalable and growing markets. This involves enhancing how we operate as a business, prioritising resource allocation and potential M&A activity. We have already taken important steps forward in this process and I am excited about the progress we will make in 2024. Accordingly, and supported by our strong balance sheet, we look to the future with confidence and look forward to reporting on our progress."
Https://www.londonstockexchange.com/news-article/BVC/full-year-results/16372217
Adding on weakness - who knows the effect of the conflict and the impact on the results. Could be a relief rally of another year in the bottom drawer.
Interesting how 20p has pretty much held for some 6 months now.
I think a good set of results released next tuesday will be essential for BATM to get back to positive SP action, will be very interesting to see how they have performed in the midst of whats going on over there. Also see that there is a QnA on the 13th which i look forward to asking the right questions concerning the obtainment of new contracts etc moving forward.
Notice of Results
BATM (LSE: BVC; TASE: BVC), a leading provider of real-time technologies for networking solutions and medical laboratory systems, gives notice that it will be announcing its preliminary results for the year ended 31 December 2023 on Tuesday 12 March 2024.
Agreed, all the parts are there for BATM to make a success of it but many investors don't have the patience. They want results now, when in my eyes, a long term view on BATM will lead to more profits than any short term gains most investors are looking for
Edgility is definitely cutting edge, i just hope BATM can scale up their contract obtainment and start pumping out some positive news which i believe they are in a satisfactory position to do so. BATM have all the right tools and fundamentals to be a seriously attractive investment for ourselves and perhaps more pedestrian investors, I just think they need to scale up their 'advertisement' of success.
News out the other day regarding Edgility as HV Multiplay in Colombia (a top pay-TV operator) have chosen Telco Systems to upgrade from 1GE to 100GE. This decision underscores Telco's compelling proposition which guarantees reliability and scalability, with a network management platform for streamlined operations. Very clear Edgility has substantial growth potential over the coming years
Lets hope its soon as the SP definitely needs some positive news to get the ball rolling!
Looking forward to year end results which I will likely come out as expected given there have been no trading updates. Personally I think the cyber division will be a strong performer given last years contract wins. Am expecting this division to grow exponentially over the coming years.