Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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https://www.ft.com/content/a86d10f6-2afa-11e9-a5ab-ff8ef2b976c7
Market Invoice has received more funding and been valued at £85m. So there are investors out who still believe there is potential in this sector.
Interestingly, Market Invoice has funded invoices for suppliers who sent them via the Tungsten network. Says a lot of Tungsten and it’s ability to deliver.
"Tradeshift is well funded global company with a vibrant ecosystem" :(
I doubt anybody is making money in this invoice business excpet Ariba as they sell their products as part of SAP products suite.
Tradeshift have been losing money like Tungsten. They have raised cash few times in last 3-4 years. They have raised around $430m in total. Basware cash offer is funded by their latest raise and joint venture with a chinese company. I'm not sure how they making money as it's free for supplier's They claim to have 500,000 Supplier's which is hard to believe. Tung has got 300,000 suppliers and half of their revenue is from Suppliers. Tradeshift has so many Joint ventures, How many of those are making money? You must be aware how much Tung made of finance joint venture- not able to cover the cost of running Tungsten finance.
Basware is burining cash. Their share price has recovered just because of bid.
Taulia has been talking about IPO for long time:) and as been raising cash.
Coupa share price has done well because of revenue growth. They are able to beat guidance consistently. May be they can sustain revenue growth but their yearly sales and marketing expense is around $80m.
Some good observations @Burnt
Starting with Tradeshift, they are the ghost of Christmas future. They have raised similar sums as Tungsten did when they IPO'ed and are similarly frittering away the proceeds on a number of acquisitions that are just distractions, and will lead them to the same working cap position as Tungsten.
The reality is that the EDI is as you pointed out a service that is now often ancillary to other services but Tungsten have done well to continue to sustain and modestly generate revenue there. However, their cost base has never turned this into the profit generator it could have been and they are actually servicing the wrong segment of that market (low value invoices) to offer finance products. The Tungsten usp of regulatory approval of the service was overtaken a long time back when Adobe gifted the pdf standard to the ISO and pdf's are almost universally accepted as legally resilient.
So, where can they go? With limited cash and tech that is probably outdated, the situation isn't good... and it's not really an acquisition target unless someone acquires who doesn't really understand the market. But you never no!!
At this rate of decline the Tungsten socks the staff got will be worth more than the stock!!!
There seems to be no end to the misery in this stock. I listened in to the half year update and you could hear the nervousness in Rick's delivery. In my view there is a real core problems with the company that I am not sure can be easily recovered from at this late stage:
Despite the (re)launch of a number of products, fundamentally the market has moved on from e-invoicing to full procure to pay and Tungsten has fell behind. The services that Tungsten have for procurement (PO distribution; acknowledgement) don't manage the procurement process like Ariba and Coupe do. The workflow tool that Tungsten purchased to process the invoices once received is fairly niche and is not as feature rich as SAP products which is what the majority of target multinationals use.
Why have they been left behind? Well, for the 18 months prior to being sold OB10 focused on getting the company ready for sale and then for the following 5 years the focus has been on financing the invoices and not on where the market was going - 7 years with your eye off the ball is a disaster. Meanwhile the competition moved on. Tungsten employees used to laugh at Tradeshift. Tradeshift doubled down and have created a well funded global company with a vibrant ecosystem of services and have gained the investment required to do this whilst staying private. Coupa has grown considerably and taken itself public.
I think the market was hoping that Tungsten may end up in a trade sale and that Tradeshift was a potential purchaser, just for the customer base. Tradeshift's bid for Basware would seem to have taken this off the table and left Tungsten with an out of date product suite, relatively stagnant organic growth (especially when compared to others), but it does have a core blue chip customer base.
What's needed is an experienced turnaround team to lead this floundering company in the right direction and soon. I have written my shares off in my mind, but I hope for the sake of the general staff that someone can smell the coffee and make the changes at the top that are so badly needed. Mr Chairman, your time is short....
If it does we ware well and truly screwed. When are these overpaid Johnnies going to get their backsides into gear and do the job they are paid to do?
Companies don't fail-it's the idiots who run them and it begs the question how did they get their jobs in the first place??
Pathetic share
So a new 52 week low of 23p today. Is a placing coming or not ?
Looks like there is genuine rumour of a cash call....is it going to head below 30p heading towards Christmas lull ?
This is really a tiddler with such small revenues .....such grand hopes and yet in reality...nothing but a tiddler in the pond
They probably have 2 more months of cash left...if the cash spend is maintained at 800k per month as per Q1
Then, or before then...it is either draw on the HSBC facility or go for another placing
I would have thought they could have got that 800k down ...
In any case, they will have to top up the cash in the bank somehow
Some brave soul bought 25,000, 30 mins ago. Must be a professional masochist.
Big sell off here today...and a big buy. Years since I traded this .....what’s the story?
K3VMC are you still in? I have been here for three years and still showing a loss! When are we going to get some real profits?
Big sigh!!! I had hoped that getting to 60 would get us to a new floor, but seems to have been a ceiling instead. On more relevant news, Kevin Wilbur (Senior Vice President, AP Automation) who was part of the senior team has left the company. Not sure of the impact - the Workflow sales which he was responsible for seems to have been the majority of new buyer activity
They couldn't even get the year of the AGM right and had to issue a second RNS to correct it.
Pathetic
1. Recent golden cross 2. Strong momentum towards 200 ma / mythical 70+ level. 3. Two x recent Holdings RNS (increase). Finally a pulse in the SP? Fingers crossed, but I wouldn't put (anymore) money on it!
Mike is a loser
What’s not to like?!
Share price may rise now the grant of options has been allocated at the lowest point
I wonder what the justification is for Rick getting £1.3 million in remuneration last year??? Incredible that he got £418K in bonus and they gave staff a pair of socks each (I kid you not....!)
again!
dyor
read RNS etc
Did they ever sell the bank they had as an asset ? I sold out here 2 years ago and still made a loss
SP has been twitching between 5200 and 5220 and HL are saying they can not give an online price only by 'phone.
Bit strange?
The BOD have come out fighting. Be disappointing if the ''cult of truell' gets back in.