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impressive strength
tp 25p++
They are in the Panama papers - icij.org.
From vague memory, I think the reporting requirements are 5% for the purchaser when listed in some far flung places.
These guys cleverly built a stake over 12 months, and are now announcing it.
Date threshold was crossed from the first of the four RNS was sept 21. Bit late in reporting that aint they, or maybe in Panama they're not used to regulatory requirements...!
Who are these guys, couldn't find out anything about them apart from being in a very dodgy tax haven? Any other investments they have, past investments, long / short term holders?
Caraway Group Inc. 31,000,000 shares. 6.26% of Corero.
https://www.youtube.com/watch?v=zIGBgCdSdYM&ab_channel=InvestorMeetCompany
Like the company, great presentation.
Forgot to say as usual reporting in dollars - sterling reporting even better.
Still have a gripe they don't split out renewals from New business, although new customer count still strong.
Continued strong results and good outlook across all kpis - the juniper relationship still strong.
Really don't know why this isn't talked about more, especially as it is in a hot space. Always wondered whether a US listing would help.
Will be interesting to see how the new cro gets on further developing the us.
02-Sep-22 16:40:43 10.4166 300,000 Buy* 9.50 10.50 31.25k O
Takeover offer for darktrace, hot sector. Sterling weakness makes a lot of UK companies dirt cheap for the yanks, still juniper in the background.
Jolly, unless macro events take a turn I would hope we are at a low in the trading range.
Welcome qd. Valuation of software companies more of an art, especially where there is a mix of SaaS and perpetual. Good thing is cns is growing, profitable and has cash.
welcome
even if the worm of sentiment hasn't fully turned...isn't this a decent play back up to 12p?
.... and I'm in today.
Sold a load of Cerillion to do it, which Sir Humphrey might call a "brave decision". That's done so well, the only problem is I'm not quite sure why. Here I really can see why: great progress on all fronts, coming into profitability (a nice stage), unlikely to need to raise soon, fallen nicely recently! [Sorry, peeps :)]
And I can't help wondering if they have the product of the moment? The Ukraine conflict - correction, WAR - has been spilling onto the internet, primarily I hear in DDoS attacks. Which are so easy to do.
I'm no accountant, and wouldn't know how to value this, but I do love the charts.
I'm curious about the large and increasing holding by Sabvest. I know nothing of them except they've been around as an investment group in South Africa for over 30 years and have "interests in ten unlisted and three listed investments". Of the 3 listed investments only the one, CNS, is outside SA. Were we just too good to miss? :)
Another takeover at a rich price, with both software and defence companies in the mix.
With sterling in the toilet and cns having much of their revenue in $ and costs in £ this helps underline the share cap.
High retention rates appear to show customer stickiness, it would take a brave / stupid CIO to take it reduce cyber spend at the moment.
Miton notorious at not providing updates to companies on their holding.
I own shares in MINI which has some of this holding, they don't tend to hold for that long before selling up even in companies where their sale will clearly impact the share price.
I think just a little sell off from the rns.
What might have perturbed investors is the lack of forward guidance, despite the contract backlog and security of much of the revenue forecast from the arr. I believe a couple of large perpetual deals last year which, if similar deals are replicated as aas (a good thing as it improves arr) but this will hit revenue and profit in the very short term.
No idea Wintzy, but there were a lot of big trades at 9p. Wondering who knows something we all should know.
Any reason for the drop today.....can't see any RNS.
Still hitting the numbers each half year, no fuss just strong delivery from what seems to be a very professional team.
Amazed this doesn't ever have a write up in an investment mag.
Undervalued and with the ability to attract a takeover.at a substantial premium, especially with the £ being down the toilet vs $.
Article in IC this week on cyber stocks, main focus on the large US stock but a section of about 4-5 UK stocks, usual suspects darktrace etc, no mention of cns. Lost opportunity for readers for research, put on watch list - sure they would be impressed with what they gather.
B#####y autocorrect. A high proportion of revenue NOT in sterling!
With the complete and total mismanagement of the economy and sterling being down the toilet, CNS with a high % of cost in sterling and a high proportion of costs not should help the bottom line (unsure of hedging / if and when it unwinds).
Also makes it cheap for a potential takeover.
Impressed with the way management have executed on strategy here in the last 2-3 years.
Watched the investor meet, well structured and focussed.
So a company at a discount to its peers, outgrowing competition in the hottest IT sector (excluding ai) with the potential to be taken out.
Still surprised CNS is never mentioned in a list of cyber companies, or any write up in IC, tempus etc. At least wheelie dealer have it a shout out on twitter.
Have held for a while here with a decent size holding and will continue to do so.
yes, the EV to revenue multiple is absurdly low....
strong experience aligned management team
fantastic growth segment
low multiples
is there a better (more screaming) buy in tiddler tech on London/European markets?
(and piddler didn't fancy it @5p lol)
Canaccord Genuity said Corero's January trading update suggested a "strong margin improvement" in the second half of 2021 and added that today's 2021 results highlighted maiden profits, with adjusted underlying earnings of $3.2m and 24% organic revenue expansion against a strong 2020 comparative.
The Canadian bank, which stood by its 'buy' rating on the stock, stated Corero's profitability metrics benefited from "a richer mix", with ongoing growth in software-only sales expanding gross margins to 85% in the year.
Although opex was broadly flat, the analysts anticipate recent sales, marketing and partner channel investments in future growth will expand this from here.
Canaccord said the demand environment remained "favourable" as frequency, complexity, and severity of DDoS attacks continue to increase and cybersecurity has been elevated to board-level priority.
"In addition, our analysis shows increasing regulatory pressure in Corero's end-markets to beef up cyber defences. In 2021 Corero meaningfully outgrew DDoS peers such as Radware, Arbor/Netscout, and Genie as well as its TAM and in 2022 we expect similar trends with our estimates implying sales growth will accelerate to more than 30% year-on-year," said the analysts.
"Management continues to execute on its strategic objectives with the now attained 'self-sufficiency' an important milestone. Small-cap investors wanting exposure to a fast-growing cybersecurity play can buy at an attractive 2.1x EV/Sales, a ~65% discount to listed peers