Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Hi Roley, are we expecting a trading update next week?
The bear market has created some hidden gems and I feel that good research will give all investors a real chance of making significant gains as and when the nano cap/micro cap market comes back into fashion.
Where else could you but a company on -
Valuation of £1.58m even after a 20% rise
Cash of £1.9m
Revenues of £5.5m
A board statement that the year has started well
A board statement that 2023 should see revenue growth
Debt being lowered and now sits at £1.5m and £400k below cash
An Enterprise Value (EV) of just £1.18m
EBITDA profitability in 2022 - we will find out soon enough
The market has gone mad and this is a hidden gem and hence I am a significant holder...
yes £1 seems very conservative IMHO. Good finish to the day
Great post shandy…
Cash is king and excellent to see the significant increase in cash…
Solid buying of the shares across the day and an EV greater than £1m is justified…
I do feel a move through the 100p level can happen but only if these results receive the attention they deserve.
a decent update. YE numbers have been met and cash is in a much better position. Also 2023 has started well.
Cash is at a point in time so trade payables and receivables will always have an impact but just in the last 6 months cash has risen from £600k to £1.9m so that's a big positive IMHO.
No profit in mentioned, but I wouldn't base my investment criteria on the current PE. Firstly covid has had a massive impact so when a company moves from loss making back to profit the PE is almost irrelevant in that first year, it is the momentum that is key (yes i know 2021 was profitable but that included covid grants etc).
Also H1 was a £300k loss so even just breaking even for YE says that H2 made £300k. For 2023 just getting to breakeven in H1 would have a massive impact on 2023 PBT. A £300k PBT for 2023 gives us a low single digit PE BTW.
Also look at 2019 numbers as a guide. Revenues are still well below that. If we can get back to that level and report a profit this should surely be valued north of £5m.
Have you got a link to the Zeus report Benedict?
From the zeus note out today, the cash position is flattered by a specific trade creditor position which is expected to unwind shortly.
They understand profit will be about break-even.
Ridiculous that a company can have a sub £1m enterprise valuation whilst delivering £5.5m in revenues and both raising the cash balance and reducing debt.
Guidance is for an increased revenue across 2023 and Q1 has been significantly stronger than last year…
The cash
Very pleased to see the company delivering as per guidance.
Even more pleased to see that cash has risen whilst also paying off around £300k of the term loan.
Solid set of numbers and the increased social media from early Q4 suggests revenue is increasing further.
Disappointed that revenue didn't come in higher. H2 similar to 2021 which was impacted by Covid - was hoping for much higher.
Based on £5.5m revenue Zeus were forecasting £47k profit. That's a PE ratio of about 30.
Expensive and not in the best sector with the cost of living crisis.
needs the standard
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At the front
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I agree that you would expect the £5.5m to have been hit.
For me £5m would disappoint simply as the Q4 social media and brand video the company put out was excellent.
No doubt the train strikes would have hit, but I agree the shopping centres seemed busy.
I also made an effort to visit a couple of the stands and was pleasantly surprised how well managed they came across.
Germany should also be running at full capacity 2H least year so keen to see how that is faring?
There is another (yes, another) decent sized seller in the market at present following JW dropping his 128,000 shares (over 6%) and also an ex board member selling (may be them selling again)
I have over 5% now and at a valuation of just £1.327m it does seem somewhat cheap unless of course the losses have not stopped?
as they guided £5.5m if it wasn't hit the market would need to be informed, although up to 10% leeway seems to be the norm. So a minimum of £5m must be a given IMHO.
I suspect the train strikes will have had an impact but not sure what % of business this represents. The shopping centre pop ups seems to be the main revenue generator.
For me i want to see cashflow positive for H2 as this is key for a small company.
If there is any suggestion that extra funding is required it could be painful.
I do think this is massively undervalued but the BOD need to show that it can create a small profit and are cash generative.
And the level of Q1 social media posting of brands hosted has been a marked step up on Q1 of 2022…
Whilst I am expecting guidance of £5.5m to be hit for last year, I am now keen to a forward looking statement for 2023 as the activity across the portfolio looks impressive.
Revenue of around £5m plus and a valuation of just £1.3m.
Hmmmmm
Well almost late March shandy…
What are your thoughts?
Numbers due soon I am thinking?
the YE TU was late March in 2021 , although this was heavily covid impacted, so based on that anytime between early Feb and late March! Hopefully they will have good news and will want to get it out ASAP.
The TU was early February last year so I would expect a TU by the end of February?
I think the numbers should be pleasing based on guidance of £5.5m and hopefully a real push towards profitability.
What is also interesting is that Q1 last year was quite frankly disappointing, whilst this last 6 weeks has seen a marked increase in social media over its corresponding period. That suggests to me that we may see an improved revenue performance in 2023 over 2022, albeit there is a long way to go....
I absolutely expect the SP to re-rate should the numbers be in line with expectation?
Hi shandy.
A number of the significant shareholders has changed based on the RNS's in December...
I am sure the website will be updated shortly.
I think there may also be an increased holding in there also...
price has ticked up the last week or so - hopefully in preparation of decent YE results. Assuming YE numbers are hit even £1 a share looks very cheap
Yes poor as i think this should be published without delay, once informed.
On their website the list of shareholders is below - last update Nov 2022, although i think this only needs updating once every 6 months. BTW there are 1,951l shares in total.
Significant Shareholders Shares
M J Bending 171,220
A V Stirling 157,850
N J Cullen 133,300
J Waite 128,200
G V L Oury 84,000
J R Barker 65,500
R & V Millington 64,000
Total 804,070
Interesting that SAL have not put out a TR1 stating JW has exited completely selling his last 90,000 shares.
JW did tell his audience that he has informed the company?
I am lookinng for the guidance number of £5.5m plus and it makes a mockery of the £1.4m valuation pre cash...
TR1 arrived on 10/1 think he is out now. He has changed his investment strategy.
Now SP might get back to £1. Company is valued at not much more than £1m and revenues for 2022 should be over £5m.
Go to the Trafford Centre on a weekend and tell me retail is dying.
this was in early Feb last year so hopefully not too long to wait.
H2 is usually the best period for SAL so hopefully YE expectations have been reached and a small profit has been made.
Slightly concerned that the train strikes may have impacted H2 trading but the shopping centre business should more than offset this.