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Edison released a forecast today and suggests 2016 profits will be impacted also, assuming the banking covenants breach is not an issue. I'd be tempted to put some cash here perhaps closer to the next set of results but there are better growth shares in demand out there. Sometimes being a 'contrarian' and getting in ahead of the crowd after these negative events isn't the best use of making cash work. BVM, HAYT, DWHA, MBO to name but a few worthholding onto for slow and steady gains. Recovery stock play NBI
The market response to this was definitely an overreaction. Now is a good time to get in. But appreciate people are waiting for this one contract to complete. After that it should be business as usual for SSY. This will get back 90 SP but reckon it will take a year.
The company balance sheet places 'goodwill' at a value of £8.1m of the total £17.1m NC Asset but after the last trading update that is questionable! That said, £8.8m in property, cash of more than £5.5m supplementing cash-flow and an order book of £30m it could be worse. Loans similar to cash position and the covenant breach shouldn't impact too heavily. 25% wiped off the value attributed to higher costs for one project this year, looks like an overreaction
Banking covenants test in August, might they call in the loans? Surely not... interesting update, as someone has already noted ex-div is on the 18th June... This has bounced more than 50% since bottoming early this morning!
However this could be a good time to buy in, ex dividend date is this month (not yet passed) and the SP is at a low. Bad news priced in and potential to recover. this is usually a profitable business.
so I am out. Not very good PR to have a good update in March and a backflip in June. The fall is overdone and if its banking covenants hold then it may recover. But I have better homes for my money in companies which have more trustworthy management.
It was bought by Nakedtrader 2 days after I sold out lol
Buyers are flooding in and paying full price. Anyone know what is behind the rise having been in the doldrums for quite some time. Since 300k when it hit its low this has been a one way ticket. Now only 3p below a 50k director buy so perhaps still time to pile in. Looking tasty!
SSY seems to be climbing on the back of sustained buying since been walked down almost to around 79p mid. Director buy of almost 50 grand was at 93p so more value to be had here. Sentiment is behind it now and I hope we can breach 90p. Was also some chunky buying of 300k of shares so whoever bought those might be tempted to add before the price runs away.
Fallen quite a long way, a director buy at 93p and lots of chunky buys lately. Someone is hoovering up 10000 shares at a time too. Target price 108p so plenty of upside from here. An off the radar company which has secured good contracts recently.
http://www.stockopedia.com/content/small-cap-value-report-26-mar-2014-vlk-ssy-82246/
Nice results.
pity for the drop today,but looking v good here....
Price 72.0p Listing AIM Sector Technology Market cap £21m
SCISYS provides a range of professional services in support of the planning, development and use of computer systems primarily in the space, environment, government and defence, and media/broadcast sectors.
SCISYS expects to report FY12 adjusted EBITA in line with market expectations and record a further improvement in operating margins. While the group order book is healthy, the UK public sector remains challenging, hence we have eased back our FY13 forecasts. However, FY13 will benefit from a full contribution from the recently acquired MakaluMedia (MM) and we expect more news on the group’s involvement in the Warrior upgrade project.
http://www.brrmedia.co.uk/event/106161/chris-cheetham-finance-director
Forecasts and valuation: Attractive single-digit P/E We have incorporated MM into our forecasts on the basis of flat revenues and margins in FY12 (two months) and FY13. Our FY12 revenues edges up to £44.0m (from £43.5m) while FY13 moves to £47.8m (£45.1m). Adjusted operating profit rises to £2.7m (£2.6m) and £3.5m (£3.1m) while our long-term margin target increases to 7.9% from 7.5%. We note SCISYS has a pipeline of potential acquisitions and today’s deal gives a flavour of the value-creating opportunities that are possible. The stock looks attractive, trading on c 8.2x our FY12 earnings falling to c 6.5x in FY13.
http://www.edisoninvestmentresearch.co.uk/researchreports/scisysupdate311012.pdf
Valuation: Appealing on low P/E and below NAV We have cut our FY12 and FY13 revenues by £2.1m in each year to reflect lower product re-sales and the weaker euro, while maintaining our operating profit forecasts and longer-term 7.5% margin target. The stock trades on c 0.4x our FY13 revenue forecasts and below the 59p book value, making the shares look attractive given the last four years of margin improvements and healthy cash generation. We anticipate the valuation will expand with margin momentum and, based on our forecasts, the stock trades on 8.2x earnings in FY12, falling to 7.1x in FY13 and to 6.9x in FY14.
http://www.edisoninvestmentresearch.co.uk/researchreports/scisysupdate270912.pdf
In May, SCISYS said the difference between H1 and H2 would be less pronounced than initially forecast due to a combination of earlier client deliveries, operating efficiencies and deferred costs. The group’s Environment division has been under intense pressure from public sector cuts, while the other four divisions retained healthy order books. SCISYS says it has maintained a solid overall order book throughout H1. While it is significantly exposed to the euro, the group hedges its euro revenue stream. Further, SCISYS has minimal expose to the weaker European economies while its German-based business is robust. We await further news on the Warrior AFV upgrade when the group reports its interim results, expected on 26 September. The stock trades on 0.3x our maintained 2013 revenue forecasts and below book value, making the shares look attractive given the four years of margin improvements and healthy cash generation. We continue to anticipate the valuation will expand with sustained margin momentum and, based on our forecasts, the stock trades on 7.4x earnings in 2012, falling to 6.4x in 2013 and to 6.0x in 2014.
http://www.edisoninvestmentresearch.co.uk/researchreports/scisys260712flash.pdf
Trading update SCISYS PLC (AIM: SSY), ('SCISYS' or the 'Company') - the supplier of bespoke ICT software systems, IT based business solutions and support services to the Media Broadcast, Space, Government & Defence, Environment and Application Support sectors, is today providing a trading update for the period ending 30 June 2012 prior to entering its close period and ahead of announcing interim results on 26 September 2012. As mentioned in the Company's AGM statement at the end of May, the first half of 2012 finished more strongly than had been initially expected due to a combination of earlier client deliveries, operating efficiencies and deferred costs. In addition, SCISYS has maintained a solid order book throughout the period. As a consequence, the Directors are confident that results for the first half of the year will be consistent with current guidance for the full year.
http://www.investegate.co.uk/Article.aspx?id=201207260700075226I