George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Corero has secured $8m of orders from both existing and new customers in the first four months of FY24E. The group reported a 17% YoY growth rate in annualised recurring revenue (ARR) last year. This level of momentum in orders not only supports our double-digit % growth forecasts, but also validates the Group’s go-to-market strategy.
We are forecasting +13% growth in revenues in FY24E to $25.3m (unchanged), With gross margins high at 90%, the drop through rate of incremental revenues to earnings means that EBITDA margins should reach double digits this year. The stock is free cash flow positive with a forecast FCF margin of 6.7% in FY24E. Net cash balances will continue to grow as a function of this free cash flow growth (+33% to $6.9m in FY24E).
The share price is only just beginning to wake up to the progress made in bringing the business model to maturity, in our view. Trading at the top of its 12 months price range, the stock’s forward rating of only 2.7x EV/Sales in FY24E continues to support our fair value assessment of 14p price/share.
New research note: https://www.equitydevelopment.co.uk/research/excellent-momentum-in-new-orders
As usual its a pity they dont split orders into base renewal, renewal extensions and completely new business - with the ARR impact.
Seems the Akamai service has yet to ramp so hopefully this should provide further increases in growth Q2-4.
But very positive from the very competent and focused leadership team.
Yes news on regular roll call at the moment, very positive
Another encouraging RNS this morning. The SP is on a bit of a roll at the moment. Happy days!
Jens might be keen on selling out
....or he may be keener on an enduring legacy
Probably depends on his family circs
Jolly - just you and me here !
My 250k shares just tucked away. Was going to add when the non exec did but no spare funds.
Hope for an overall rerating of small caps, dont know what the US listing will do (I did see the CEO was booked at some investor conferences in the US), strong balance sheet and no need for a raise.
I still think a possible takeover target, chicken feed for a nasdaq company and earnings accretive.
Slowing?
imagine selling 200-300k shares at 11.xp at
Must be so tempting to book profits @12p
...but I'm resisting (hold c900k)
Jolly,
Key factor in todays RNS is it is a rip and replace with a high $$$ value.
For this to happen the ROI of the status quo vs r&r must be low risk and with a short term return, r&r about 20 x the sales effort of an expansion - deeply impressive win.
At the last investor meet the CEO did seem to intimate CNS was selling itself short from a pricing perspective.
Business model massively leveraged so additional business flows through at a very high % to the bottom line.
Very happy to hold but would like this at least 15p in the medium term in the current c@@@ AIM and UK small cap market.
It's galling in some ways for LT believers here
valuation still lags so far behind reality that most of the gains are still available for laggards
tp is 5+ * rev ....c30p
Quoted 11.5/12.5 currently. That's a nice move upwards.
Cheers, hope you’re okay.
Still undervalued, hopefully might move a bit today.
Welldone with Corero Skid! Atb
Cns provides some on premise products to akamai to incorporate in their service offering.
Wouldn't be surprised if akamai bought out juniper / Hps stake.
Cns focus on a specific specialist so market in ddos rather than the total market addressed by generic products from Microsoft / aws etc.
Impressed with the recent presentation. Seemed to imply they were unsurprising themselves against their features.
As usual with AIM, it doesn't seem to make much difference if you perform well, have cash in the balance sheet - really not too sure what the catalyst is for a general rebate if companies such as cns - lower interest rates, takeovers of tech in the £100m range ?
Loads of companies call themselves 'leading providers...' in their chosen field so I was wondering whether CNS actually registered at all, being so small, so googled leading DDoS providers and found this: https://expertinsights.com/insights/top-10-distributed-denial-of-service-ddos-defense-solutions/#:~:text=Fastly%20DDoS%20Mitigation%20is%20a,providing%20real%2Dtime%20response%20capabilities.
Nice to see Akamai at Numero Uno :)). So we're right up there if I've got this right.
EV < 2 Rev for growing, well managed tech play in space likely to experience serious long term growth
& where ownership/management is as aligned as PE (better than VC)
dyor, all etc
Mog24, there are a few institutional investors. Gervais Williams of Premier Miton has been a fan for many years and it was his comments that first got me interested over 5 years ago.
Despite taking some profit at 13p/14p in 2021 this is now one of my largest holdings.
Carl Herberger, CEO, and Phil Richards, CFO, of Corero Network Security plc (AIM: CNS) held an Investor Presentation covering their Full Year results.
Management ran viewers through highlights of the period and progress made in 2023, with a detailed look at the investment case including the significant addressable market and Corero's competitive advantage. The team provided a financial overview, discussed strategy and outlook, and answered a range of questions from investors.
The full investor presentation has been divided into chapters, as below:
0:00:10 About Corero
0:01:32 FY23 – a year of ongoing progress
0:03:59 Investment case
0:12:23 Financial summary
0:15:44 Strategy & Outlook
0:19:49 Questions & Answers
Link: https://www.equitydevelopment.co.uk/research/corero-network-security-investor-presentation-fy23-results-march-2024
For FY23, Corero delivered double digit annualised recurring revenue (‘ARR’) growth; we see this momentum continuing into FY24E and have upgraded our forecasts accordingly.
The retirement of all debt, including an inter-company loan, leaves the balance sheet ungeared and clean of FX movements which made reported margins historically volatile.
We see normalised EBITDA margins of 10%+ going forward and potentially rising further. The growth in revenues leaves the stock trading on a forward rating of only 1.8x EV/Sales. This stock has both defensive and growth qualities which should support a higher rating going forward and we reiterate our fair value of 14p price/share.
Link to new research report: https://www.equitydevelopment.co.uk/research/debt-free-with-growing-margins-we-upgrade
Institutional ownership is needed to move the share price. Unfortunately, it's too small as yet.
We are pleased to host the senior management of Corero Network Security plc (AIM: CNS), a leading provider of distributed denial of service ("DDoS") protection solutions, for an Investor Presentation covering their Full Year results for the period ended 31st December 2023.
The online presentation will be hosted by Carl Herberger, Chief Executive Officer, and Phil Richards, Chief Financial Officer.
This event will take place at 10.00am on Wednesday 27th March. The webinar is open to all existing and potential shareholders, and questions can be submitted during the presentation to be addressed at the end.
You may register at the link: https://www.equitydevelopment.co.uk/news-and-events/corero-investor-presentation-27march2024
Few want to sell, of course
hold c750k
tp 35p++
And not much buying
what will trigger the serious re-rate?
Jolly - a little surprised this moved on this mornings rns. The non exec director putting in £100's k, the akamai deal 10 times more worthy to shift the price.
Still massively under the radar hence the lack of postings here, undervalued compared to US SaaS and appears to be very well run operationally and strategically.
Tp 35p+++