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Excellent - IMO are the main tip in today's Questor column in the Telegraph, and there's already been a fair bit of buying. Anyone got the full article they can copy here:? Http://www.telegraph.co.uk/investing/shares/questorthree-things-can-make-share-price-rise-stock-has/ "Questor: three things can make a share price rise � and this stock has them all By Richard Evans 29 November 2017 � 6:18am When a fast-growing company with a loyal customer base and no debt is cheaply valued, there�s usually a good reason....."
Managed to get the full Questor tip - 300p here we come :o)) Here's part one: "Questor: three things can make a share price rise � and this stock has them all 29 November 2017 � 6:18am When a fast-growing company with a loyal customer base and no debt is cheaply valued, there�s usually a good reason. In the case of IMImobile, the Aim-listed software firm, the reason is likely to be the presence of a large and persistent seller on the shareholder register in the shape of Toscafund Asset Management. Tosca has been gradually reducing its stake in IMImobile. Its motivation seems to be more a matter of the management of its portfolios than any negative view of the stock itself, but the effect has been to put downward pressure on the share price. This, of course, presents an opportunity for other investors, as long as they are prepared to wait until Tosca�s selling is no longer perceived as a major drag on the price. Certainly the fundamentals of IMImobile seem strong. In the words of Tony Dalwood of Gresham House, the asset manager, which owns about 14pc of the company, it �embeds� its products in its customers� operations. �IMImobile software carries out tasks such as sending the text messages that greet you when you land in a foreign country or the messages from banks that ask you to confirm that you have made a particular transaction,� Dalwood said. �Once you have signed a contract to use this kind of software you are unlikely to switch to another product and IMImobile has a good record of keeping its customers once it has won them.� He said it was growing strongly and generating plenty of cash. �Earnings growth is coming from a growing customer base � it is forming a good beachhead in America, for example. This growth is both organic and from acquisitions,� he said. Recent interim results showed revenue and gross profit both increasing by double-digit percentages. Normally such a good performance would result in the shares being highly valued but the perception that Tosca could continue to sell large numbers of IMImobile shares has prevented this from happening, some brokers have suggested. Many professional investors prefer the �Ebitda� measure of earnings when they value shares, as opposed to the after-tax profits used for the conventional price-to-earnings ratio. Ebitda stands for earnings before interest, tax, depreciation and amortisation, and because of those disregarded costs it will normally be higher than the after-tax figure. This means that the ratio of the share price to Ebitda will be lower than the normal p/e ratio for a given company � typically about 40pc lower, Dalwood said. But if we compare IMImobile�s price-to-Ebitda ratio with the valuations of other companies we get a sense of how cheap it is. It is currently trading at a ratio of between eight and nine
Here's part two of the tip: "Earnings growth and the potential for the valuation to come into line with similar companies provide two routes for IMImobile�s shares to rise but there is a third potential reason, Dalwood said. �Share price growth has one of three causes: rising profits, higher valuations and balance sheet developments,� he said. If, for example, a business is funded equally by debt and equity and uses its cash flows to pay off half the debt, the value of the shareholders� portion will increase significantly, all else being equal. This is a standard private equity approach to an investment. IMImobile has already paid off all its debt and amassed some cash, so in its case the way to make the balance sheet work better for shareholders would be to start to pay a dividend. This could also help the shares to be given a higher valuation. �At a time when interest rates are rock bottom, dividends are highly prized,� Dalwood said. �Any company that pays a dividend stands to be looked at more favourably by investors.� He added: �This stock has all three of the drivers for share price growth. We think the price could go from the current 200p or so to nearer 300p.� Reassuringly, several board members have significant stakes. Jay Patel, the chief executive, owns 5pc of the shares, worth about �6.2m, and �he�s not selling as far as I know�, Dalwood said, Questor says: buy"
The share price has moved up very nicely now. With a massive 13.6m shares traded already today it looks like Toscafund are now completely out. Overhang cleared and ready to fly!