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Somero CEO, Jack Cooney and CFO, Enzo Licausi present Interim Results for the six months ended June 30, 2023 followed by Q&A.
Watch the video here: https://www.piworld.co.uk/company-videos/somero-som-2023-interim-results-presentation-september-23/
Listen to the podcast here: https://piworld.podbean.com/e/somero-enterprises-som-2023-interim-results-presentation-september-23/
Based on info in the public domain for the 6 months, average cash balances are in the $20m to $30M range, available short term interest rates in the 3%/4% range, implying interest income of at least $300k rather than the published $37k.
Schwee can you please elaborate?
Not sure why finance income is so low given the cash balances.
It seems the market is judging these on the historic numbers rather than the projections. It's not been a good half, but I am happy to hold given the forward looking statements. And very pleased with the growth in the EU & Australia. If that can continue & the hold ups in the US market can be cleared, the second half looks very promising.
Wednesday, 6 September, 3:00pm
An interim results webinar will be given by Chief Executive Officer Jack Cooney, President John Yuncza and Chief Financial Officer Vincenzo LiCausi. (Following the publication of results on 31st August).
Register here: https://bit.ly/SOM_H1_results_webinar
Promising also for 2024 in my view. I will be surprised if we don't hit £5 again by the end of the year or in 2024.promising also for 2024 in my view. I will be surprised if we don't hit £5 again by the end of the year or in 2024.
Thank you
Interim ex div date should be around 21st/ 22nd Sept. Final ex divi date is April 2024
When’s the next Divi? (If one at all!)
I don't know re the SP today but it's a good entry point for me. I think the construction market worries are overplayed and Somero have forewarned. The only niggle would be that they haven't forewarned enough (ie a 2nd profit warning pending) but that's almost factored into today's SP. I'm holding LT.
What happened to the share price today?
AI requires data centres and most data centres require concrete. Also somero have indicated that its a key area that their customers work in.
What does AI have to do with cement levelling?
Some good points RE: USA, Valuation etc.
I've taken a fairly decent position (for me) today after independently coming to similar conclusions myself. Even on 2017 net profit vs current market cap it seems reasonably priced. Add capacity increasing by a fairly hefty 35% from memory, plenty of cash on the balance sheet it looks a decent point to buy with a long term horizon.
I sold out previously largely due to worries around the bell weather Amazon having too much storage space but think things like data centres may pick up the slack. AI is going to need more data that's for sure.
Just done a very quick calculation and their projected profits equates to an EPS of around 39p. So an SP of 290 would mean a forward PE of 7.5. I agree that's cheap!
As we move to a world where more and more investors (institutional & private) use technical aids to trigger trades rather than using their brain, we see share prices moves being way overdone; and opportunities for the rest of us.
The trading update is not bad at all. Many questioned if the previous two years were outliers and sales would or could fall back to previous levels. Sales are still in the range, the share price is still incredibly low compared to revised estimate of $36m profits and with an outlook of more positive numbers to come. If the share price tanks today I would be surprised (however you never know how irrational people can be and sell off).
Always disappointing to hear of forecasts being revised downward, and no doubt the share price will suffer today. But they say it is not due to loss of business, so much as delays in business outside their control. So it is not too bad. Also it is good to hear Europe & Australia progressing well. This is a business which should prosper any where i the world, so reducing the dependence on the US market is a good thing. Looking back at FY figures what they are projecting for this year, may be disappointing compared with the last 2 years, but prior to that they are good.
Maybe it says the directors are no taking unrealistic salaries
Thanks, I heard that too in the AGM.
Cant wait too read the trading update, considering the large director sale back in March!
As they've explained in annual reports etc, the buy back is merely to offset dilution from share options in favour of employees/directors.
Share repurchasing, a meagre 12000 shares.
the only valuation I can see for Somero is on Sharepad, and it equals 675p.
Is this realistic?
Somero Enterprises CEO, Jack Cooney, President, John Yuncza and CFO, Enzo Licausi, presents the FY22 results, for the period ended 31 December, 2022, followed by Q&A. There is a healthy North American market and significant contributions from Europe and Australia, which drove a strong finish to 2022.
Watch the video here: https://www.piworld.co.uk/company-videos/somero-enterprises-som-full-year-2022-results-presentation-march-2023/
Listen to the podcast here: https://piworld.podbean.com/e/somero-enterprises-som-full-year-2022-results-presentation-march-2023/