Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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I would say the driving force is the realisation of what the 18% stake in Pulsiv could be worth.
The Exai stake is only about 10% of Fipp NAV now. The fall in Exai SP makes Fipp decision to cash in at above $20 and again at $11+ look smart. That said current Exai SP looks oversold. Current mkt cap is $712m backed by $624m cash equivalents.
still strange that sp rises as exai collapses
FIPP has just been picked out by former fund manager Ken Baksh in this interview. About 20 minutes in
https://youtu.be/O0QLt5bpBYU
Pulsiv will be attending major trade show Electronica in Munich next week.
“As one of the industry’s leading events, Electronica is the perfect platform to further showcase our truly game changing power electronics technology to a multitude of companies. With so many manufacturers seeking to optimise cost, improve efficiency and reduce energy consumption in a diverse range of applications, we’re excited to have the opportunity to demonstrate how Pulsiv can contribute to achieving those goals”.
On the back of the Ismosys presidents comments (they are also in attendance) of “game changer” and massive expectations and enthusiasm, this could generate significant business.
hTTps://pulsiv.co.uk/news/pulsivs-leadership-team-will-be-attending-electronica-2022/
https://pulsiv.co.uk/news/pulsiv-announces-a-new-pan-european-agreement-with-ismosys-group-ltd/
I like this bit.
“Pulsiv is definitely a game changer and clearly possess a leading technology on the Power Conversion Arena. The expectations and enthusiasm at the Industry are massive.” ISMOsys President, Roberto Blanco
Good to see that Simon is back today from his study leave and has posted a buy recommendation after market close.
https://www.investorschronicle.co.uk/ideas/2022/11/03/britain-s-future-technology-winners/
GLA
but with quoted pre cash sector so hammered (incl EXAI), perhaps we need to retest 57p
in the wider space, MERC (with stupidly discounted ex cash book and fcf positive) and PIN (50% discount on best book going) look much better value
I think there are some very smart people here just look at the shareholder list, most of the top small cap fund managers, Canaccord(was Hargeave Hale), Axa Framlington, Premier Miton, Quilter, Octopus, Tyndall etc...
It seems nowdays slow burners are not trendy, but these portfilio companies have amazing potential, especially PulsiV. If they hit target this can be a multibbagger from here.
PE of 3.1 in a rapidly growing portfolio solving some of the most prescient issues of scarcity, inflation and health. In portfolio companies finding solutions to antibiotic resistance, vaccines, drug discovery, toxic solvents, farmer robotics, roll out of 5G, AI, modelling of liquid processes eg for waste water modelling.
On a discount to NAV of 25%, and plenty of cash and expertise to support portfolio it's far from a flop - just overlooked. On a great result/update it's 8:25 and not a single trade has been registered yet.
If Maverick was in this share he'd be well and truly under the radar. For us mere private investors this is a great example of the smart money ain't that smart.... because they ain't here.
lift off
9th October 2022
Salom Europe Ltd collaborates with Pulsiv to create game changing PSU platform
As a leader in power solutions for consumer electronics applications, Salom is very excited to announce a new 150W PSU platform based on Pulsiv Osmium™ technology.
About Salom: Salom is a leading global manufacturer of power supplies for consumer electronics products. As a manufacturing partner for global brands, Salom has produced in excess of 3Bn power suppliers since our formation. Salom products are trusted by some of the most successful electronics companies in the world, quietly and efficiently powering devices across the globe for more than 50 years.
Salom products are trusted by some of the most successful electronics companies in the world, including…
Dyson
Kyocera
Motorola
Philips
Do we have an idea of what percentage earnings from royalties will be derived at in dollars or is it all linked to sterling?
60p does look cheap versus adjusted NAV, given management decent/good trackrecord of backing winners
I see the Pulsiv website is now up and running.
It has news of a couple of distribution agreements signed recently.
https://pulsiv.co.uk/news/pulsiv-signs-global-distribution-agreement-with-digikey/
https://pulsiv.co.uk/news/pulsiv-signs-strategic-distribution-agreement-with-astute-electronics/
The Digikey one maybe more lucrative as they are the 5th biggest electronic component distributor in the world, although availability doesn’t commence until later this month.
Net asset value is greater than share price , this share looks cheap and will continue to hold , as see future value. Well I live in hope !
And it's true that you and I could do that during an hour Acuere. Pick pick pick. And maybe for a few more hours besides. But hour after hour after hour? Hmmmm. No. Well, I can't speak for you but for me that's why we need robots. FIPP has a holding that has robots. And as Aqc888 points out, even if we are committed to the cause of raspberry picking (hint: most aren't) then the robots have 4 arms and we have 2. And the robot is more consistent, delicate and precise in Aqc888's words (Agricore > and the robot doesn't scoff half the harvest either?). It's a maturing range of products for today's world. Love that synopsis, and yes, indeed it is a maturing investment for Fippers.
I will console myself on FIPP's reduction in Exscientia and instead celebrate the other clever holdings it holds. To be fair, these deserve their day in the sun, rain, all weathers..... robots continue to pick raspberries in all weathers. With 4 arms. Next year it'll be 8 arms. Then 16. And this is why FIPP exists. We can't grow more than 2 arms, we are just humans with our investments and we can only ponder and chat about FIPP and is it worth investing in? My brain concludes yes. What does yours tell you?
GLA
It was the Q2 revenues being less than Q1 that disappointed me. Sanofi deal and the cash pile was already known. Make no mistake however, I am a big fan of Exai and added more yesterday as the market reacted unfavourably.
From Fipp I’d like to see a few updates in coming months on progress being made. Particularly Pulsiv’s work with Bosch following the strengthening of the board in June last year. How long has their website been pending? The usually understated Neil Crabb flagged up that a few of these were reaching inflection points this year, so here’s hoping.
Speaking of whom, a reiteration from Singers of target 125p and they see the cash realisation of £3.88m from Exscientia providing 19 months runway to FIPP itself and/or that the funds can accelerate it's "maturing portfolio". (CAmGrApHiC, Pulsiv, Vaccine Group, Nandi Proteins)..... nothing like a cheeky Nandi is there.
To achieve in Singer's view an exit likely at a "materially higher valuation."
Just to recap 2021 actuals were: 16.6p EPS and 69.8p NAV.
And grew from 41p to 51p to 69.9p from 2019 to 2021. (almost 40% NAV growth last year!)
So it doesn't take much more than continuing its trajectory for 2022 EPS and further NAV appreciation to see that the current share price only slightly above last NAV is quite tasty indeed.
GLA
Acuere, well we have half a jewel left at least.
What did you find underwhelming? It wasn't the $5.2bn Sanofi collaboration was it? The prospect of high single digit to mid teens royalties from Sanofi? Not the $117m cash inflows or $732m cash warchest giving 10 years runway if needed? It wasn't the 30 in-progress internal and partnership pipelines or the 5-10 new ones they will add in the coming year? As with any pharma this will have lumpy payoffs for Exscientia, so no big fish this quarter but they'll come in time.
I do understand why FIPP want to focus on their portfolio and realised some cash, but I was disappointed they did so at an inopportune time. I do agree the outsize realised gain comment was eye popping. I thought maybe they'd muddled their numbers but this is an RNS and they'd have had sign off from their NOMAD etc.
Exscientia results last night were a little underwhelming, but long term I expect them to perform well.
Todays RNS shows Fipp have now sold half their stake in them giving us a nice cash pile for future investments. I love the paragraph in RNS which shows just how dramatic returns on these early investments can be.
“In total, the Group has sold a total of 782,400 Exscientia ADSs since 10 January 2022 for net proceeds of approximately £9.96 million generating an estimated realised gain for Frontier IP of £2.79 million in the financial year to 30 June 2022 and £0.31 million in the financial year to 30 June 2023. The original cost for these shares was less than £2,000.“
Hi. I just added FIPP to my watchlist. Very interesting prospects. Recent SP issues exactly mirror those at Tek Capital where I already have a holding. I just asked on their MB whether any investors there also hold FIPP. SAME QUESTION to you folks really.
Both companies are set up to commercialise “academic” projects and tech. They have 4 main holdings, including LUCYD which is scheduled to IPO in the US tomorrow and Microsalt which is interesting major food manufacturers and should IPO in 2023.
I bought TEK shares at 30p, watched in discomfort as they dropped to 20p. But they are back to 30p again now, so hope the same happens here.
Both are Thompson (IC) tips if that helps.
Another ST write up this time focused on CamGrAphIc and its potential for high speed networking. As well as the raspberry picking robots.
I'm increasingly liking "automation" and "productivity" plays as in a stagflation environment these make a lot of sense i.e. scarcity and inflation drives desire for productivity to offset such costs.
But I still think Exscientia is the jewel in FIPP's crown and ST only gives this a cursory inspection (it's off its lows based on a general rebound in Biotech). See my other posts on its recent updates.
GLA