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rivaldo, unless mace make their construction sites tourist attractions I cannot see much of their £2bn turnover coming our way unfortunatley.
New contract win for ACSO's eCommerce ticketing suite at the TFL's Cloud Cable Car over London for the next three years:
Https://www.accesso.com/news/accesso-powers-ifs-cloud-cable-car-ticketing-operations
The contract win is good to see, but in particular it's interesting to see this achieved in partnership with Mace. Mace are huge - they had almost £2 billion turnover in 2021. Hopefully Mace might provide significant additional business in ACSO's direction.
I gather that Peel Hunt's revenue forecast was $134m, so this will be well beaten by the now minimum of $138m.
And the 17% cash EBITDA margin compares to Peel Hunt's forecast 14.3%, so PBT will benefit from revenues and margins both well ahead of expectations.
Finally, ACSO have overnight won an award at the annual IAAPA conference for their "amazing" exhibit booth :o))
Https://blooloop.com/technology/news/accesso-image-award-22/
Woo hoo :o))
Not only ahead of expectations, but also note that cash EBITDA margins are higher - that cash pile will be even bigger now, allowing for bigger buybacks and/or acquisitions.
The only problem is that there aren't any broker notes available publically (or on Research Tree), so I don't know just how far ahead of expectations they are - other than materially as otherwise they wouldn't have had to RNS it.
StrollingMolby elsewhere believes ACSO are now on a P/E of 13. If correct, on what is now almost a historic P/E of 13 - and with say 20% of the m/cap in cash - ACSO looks terrific value even after the rise today.
Some might have missed Friday's late RNS, which notified us of a GM to approve share buybacks.
It's good to see the company being confident enough to confirm that it remains on the hunt for "value accretive acquisitions", but that if these don't occur then the $60m or so and rising cash pile will be put to good use.
Note also the statement that ACSO "continues to be satisfied with the trading of the business and the cash generated to date":
Https://www.investegate.co.uk/accesso-technology--acso-/rns/notice-of-general-meeting/202211181630019568G/
Shore Capital have a 900p target price and are bullish:
Https://www.proactiveinvestors.co.uk/companies/news/998032/accesso-cedar-fair-renewal-underlines-strategic-value-says-broker-998032.html
"Accesso's Cedar Fair renewal underlines strategic value, says broker
Shore Cap remains confident its forecast of 8% year-on-year revenue growth will be met
Accesso’s five-year extension to its Cedar Fair contract underpins its long-term growth potential according to house broker Shore Capital.
Berkshire-based Accesso, which claims to have invented virtual ticket queuing, will see its fully hosted ‘Passport eCommerce ticketing suite’ used across all 18 of Cedar Fair’s parks.
In September, Accesso secured a 5-year extension on a deal with Village Roadshow (ASX:VRL), and Shore Cap said this shows “the solutions provided by ACSO have long-term strategic value”.
Shore Cap remains confident its forecast of 8% year-on-year revenue growth will be met and has a 900p target price."
For info I bought in Trading at 648p today and have a good amount in my ISA for the long-term.
Paul Noland was the name of the CEO that oversaw the sp crashing. Few details on what went wrong or why Steve Brown originally left. Rivaldo is a great source of knowledge on ACSO. Not sure if he can add any additional info ...
https://businesscloud.co.uk/news/ceo-returns-to-helm-at-theme-park-tech-provider-accesso/
Oracle, it's a fair point and my main theory on this is Steve Brown's departure. Look at the charts at how the sp rocketed under his control from 2016 to 2018. He left in 2018, bad choices were made by his replacement and the sp tanked. You can see how the recovery is going since his return in Jan 2020 but then Covid hit the numbers badly. I think he's well-invested and here to stay afaik so I'm optimistic we'll climb steadily to £10+ again in the next 2 years.
https://blooloop.com/technology/news/accesso-steve-brown-ceo/#:~:text=Brown%20was%20President%20and%20CEO,out%20in%20its%20strategic%20plan.
Yes sounds good news and certainly the business seems sound and has a good foundation to push on from.
I was just reading the past posts on here as I couldn't see any big news as to why the fall from £30 and there doesn't seem to have been any, just what indeed must have been a very overpriced stock which slowly drained away month by month except for an exciting little bidding war that didn't really materalise.
The thing that sticks out to me is the number of links from fairly respectable sources stating how at £18, £15, £9 a share the company was a screaming buy even as it fell further.
Anyway moral is really really do your own research and understand the companies you are buying and come to your own conclusion about their worth, never just go off what other people are saying even if it's coming from analysts or media that claim they know what they are talking about.
All said, if I had money I would be comfortable topping up at this price, but as my funds are limited (alas) and there is so much on sale currently for the near term I'll be deploying additional money elsewhere.
Very happy to keep the holding I have here though.
Cheers Rivaldo and nice summary showing our biggest customers are not settling for less than the best. I'm in for the long-term.
Here's some coverage on Proactive:
https://www.proactiveinvestors.co.uk/companies/news/997806/accesso-technology-signs-contract-extension-with-global-amusement-park-operator-cedar-fair-997806.html
Good news - Cedar Fair have been tied in to ACSO for the next 5 years with the "fully hosted accesso Passport eCommerce ticketing suite" which has delivered "significant up-sell and cross-sell opportunities, driving incremental client revenues":
Https://uk.advfn.com/stock-market/london/accesso-technology-ACSO/share-news/Accesso-Technology-Group-PLC-Long-Term-Extension-w/89501403
Since January '22 ACSO have agreed extensions for the next 5 years or so with Merlin, Six Flags, Village Roadshow, Parques Reunidos and now Cedar Fair. That's essentially all of ACSO's largest clients if I'm not mistaken? Impressive.
oh hello
Marching back to 600 against the general market, let's see if it can break it and hold this time
More good coverage of Shore Capital's Buy recommendation here
Https://www.proactiveinvestors.co.uk/companies/news/994401/accesso-underpinned-by-cash-inflows-says-broker-994401.html
"Accesso underpinned by cash inflows, says broker
Accesso Technology Group PLC (AIM:ACSO, OTC:LOQPF)’s recent interim results highlighted strong double-digit growth along with improved profitability, underlining the share price potential going forward, said Shore Capital.
The broker noted that the virtual queuing and ticketing group had not seen any negative movement in its marketplace, with revenue forecasts raised for the year though costs will also be higher.
"We upgrade our revenue by 2% to US$135m, however improvement in cash EBITDA is offset by acquisition-related costs and therefore remains at US$19mln, 14% margin.
“Going forward we believe ACSO could continue to build on existing exposure, in particular targeting ski resorts and cross-selling the product set technology is encouraging in our view, and whilst mindful of the uncertainty macro factors, we continue to expect solid cash generation over our forecast period."
Buy with a £9 fair value target, says the broker."
Bullish commentary today from Shore Capital, who have a 900p target price.
Plus the hint of another acquisition to come - hardly surprising given the large cash pile:
Https://citywire.com/funds-insider/news/expert-view-natwest-british-american-tobacco-and-accesso/a2398831#i=4
"Accesso: Still worth joining the queue, says Shore Capital
Accesso Technology Group (ACSO) has momentum behind it and margins are climbing, says Shore Capital.
Analyst Katie Cousins maintained her ‘buy’ recommendation and set a rough ‘fair value’ target price of £9 on the stock, which closed up 3% at 558p on Monday.
Friday’s interim results ‘highlighted strong double-digit growth along with improved profitability within the period’.
‘Operational momentum was clear with several contract renewals being announced and we were pleased to hear that, so far, the group has not observed a negative movement in its marketplace,’ said Cousins.
A specialist in virtual queuing systems, Cousins highlighted an opportunity for the business to target ski resorts and cross-selling the product set. She raised revenue estimates and said there was ‘scope’ for further increases, depending on how costly the integration of the latest acquisition is, but pre-tax profit margins should return to 20% by 2025."
Most will likely have missed yesterday's Bank Holiday RNS!
Long Path Partners in the USA have once again been buying. They now own 13.22%, or 5.46m shares, so have bought around another 500,000 shares in the last month:
Https://www.investegate.co.uk/accesso-technology--acso-/rns/holding-s--in-company/202209191825419294Z/
Not sure what to make of the results - I was expecting more of an upbeat description of post covid trading .
Good to see ACSO reiterate that they expect 2022 to be in line with expectations.
The cash pile is at almost $59m, down slightly for various reasons. In particular, H1 is always by far the seasonally weaker period, so given that we're now in mid-September ACSO should be pretty confident of meeting those expectations or they wouldn't be saying so.
The Food & Retail acquisition made July 1st is intriguing - from the narrative it would appear to open up the entire restaurant and hospitality sector for ACSO as well as just those in theme parks etc?
I'm guessing Six Flags are the operator who've changed their admission policies as mentioned to a more premium product, which fortunately hasn't had a material effect.
Cheers for highlighting W13Ken. It was great to pick up my Sunday Times yesterday and see ACSO tipped so prominently!
Which suggests that tomorrow's interims will come across rather well, preceded as it has been by the very strong AGM update and all of those recent long-term contract wins/renewals.
As the tip states, "84 per cent of its turnover stems from repeat contracts".
Thanks for the link W13Ken. I was alerted to the article via Google Alerts but could only access the first bit until you provided the link. Much appreciated. Fingers crossed this might get more people interested and that the HY figures on Tuesday will be positive. I have been a holder since March 2013 and thus fully experienced the share price rollercoaster Lucy Tobin writes about.
"...In the meantime, Accesso looks to be a good-value investment, with its price-to- earnings ratio standing at a reasonable 11. Recession could trigger a rough ride for shareholders, but, long term, the digital push in events makes Accesso a worthy buy."
https://www.thetimes.co.uk/article/jump-the-queue-to-invest-in-accesso-tcjswpklb?shareToken=a3cffbd717648f90929f7f0deb6b742a
Looks like ACSO have new products/upgrades ready to launch at the upcoming IAAPA at Excel London:
Https://www.planetattractions.com/news/accesso-promises-to-%E2%80%98showcase-the-future-of-mobile%E2%80%99-at-IAAPA-Expo-Europe/1540
"accesso promises to ‘showcase the future of mobile’ at IAAPA Expo Europe
accesso is set to showcase what it calls ‘the future of mobile consumer engagement’ at this year’s IAAPA Expo Europe, with expanded solutions designed to help operators connect, engage and build loyalty with visitors
Tom Anstey | Planet Attractions | 06 Sep 2022
With IAAPA Expo Europe just around the corner, accesso has revealed that it will be showcasing what it calls “the future of mobile consumer engagement”, with expanded solutions designed to help operators connect, engage and build loyalty with their guests.
Set to showcase its products at the landmark event in London, the guest experience management, ticketing, eCommerce, queuing and distribution specialist will show how its technology can help operators deliver on the modern expectations of the digital user.
“Operators in leisure and entertainment are in the business of delivering fun,” said Andrew Jacobs, accesso CCO. “With our proven, mobile-first solutions designed to make each step of the guest journey simpler, we look forward to helping operators maximise that ability, both within and beyond the confines of their venues.”
Accesso will be located on the IAAPA Expo Europe trade show floor at Booth 2110."
More good news - the contract with Village has been extended for another 5 years.
That's Merlin, Six Flags, Parques Reunidos and Village Roadshow all tied up for the next 5 years or so, and all agreed this year - a huge proportion of ACSO's client and revenue base.
Also good to see Village Roadshow are so happy with ACSO's end-to-end tech suite, including the ticketing division:
Https://uk.advfn.com/stock-market/london/accesso-technology-ACSO/share-news/Accesso-Technology-Group-PLC-Long-Term-Extension-w/89000616