Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Extracts of Update
Revenues for the first half of the year were 4% higher than last year on an organic, constant currency basis, against a strong comparative period.
$195 million acquisition of Murat Ticaret completed during the first half of the year. Integration activities are well underway and initial customer engagement has been very encouraging.
Costs for the recovery and remediation of Cyber systems are anticipated to be approximately $2 million, which will be reported as an exceptional item in the second half of the year.
Remains on track to deliver full-year results in line with market expectations. Delivered a robust performance during the first half of the year. Notice of results expects interim results on 23 November 2023.
Extracts of Update
Revenues for the first half of the year were 4% higher than last year on an
organic, constant currency basis, against a strong comparative period.
$195 million acquisition of Murat Ticaret completed during the first half of the year. Integration activities are well underway and initial customer engagement has been very encouraging.
Costs for the recovery and remediation of Cyber systems are anticipated to be approximately $2 million, which will be reported as an exceptional item in the second half of the year.
Remains on track to deliver full-year results in line with market expectations. Delivered a robust performance during the first half of the year. Notice of results expects interim results on 23 November 2023.
Good to see John Wilson aboard, part of the team that helped drive value for Elektron Tech., when they owned Bulgin Connectors, delivering a 10 fold exit valve for many ET shareholders, not that I’m expecting quite the same here.
Perhaps of little surprise VLX have been targeted given our involvement in critical Defence, Space and Aerospace applications .No doubt a full review will now be undertaken which should ensure more robust protections are in place going forward. Hopefully this was a lucky escape !
I nearly bought some more on Friday, but ran out of time.
4% more today - pure luck.
"The actions taken to date have ensured that all sites remain operational, with
minimal disruption to global production levels, and the Group continues to
trade with its customers and suppliers.
At this stage, any financial impact resulting from the incident is not
expected to be material."
I do hope so......
With the acquisition of Murat, Volex have taken over a well-known cable supplier within the industry and it will give them access / engagement to a wide range of off-highway OEMs, which I expect they will leverage to set up sales meetings and promote other products in their portfolio.
Yes Murat Ticaret looks a great acquisition being highly cash generative and should add at least $180m annual revenue to top line with impressive EBITDA returns. Being involved with four of the five largest agricultural equipment manufacturers in the world, is a good start !
Volex's strategic acquisition of Murat Ticaret provides immediate entry to a
new growth market, with established operations supporting the attractive
off-highway sector across three continents and eight manufacturing sites.
Prerfect timing with new TESLA marketing and pricing annoucements today
52 week high must be just around the corner.
Best share on market currently end of
Volex seem to be "in a good place" now and the sp a very conservative valuation.
More Detail on Tesla Charger extracts from Press
Tesla's charging technology has been gathering momentum for weeks. Volvo Car (VOLCARb.ST) on Tuesday joined General Motors (GM.N), Ford (F.N) and Rivian (RIVN.O) in embracing Tesla's charging design, shunning earlier efforts by the Biden administration to make the Combined Charging System (CCS) the dominant charging standard in the United States.
SAE International aims to make an industry standard configuration of Tesla's charging connector in six months or less, an official at the standards organization said on Tuesday.
He added that the association is holding conversations with Tesla, Ford, GM and other automakers as well as the federal government about NACS standardization.
"The important thing to understand about this process is that it's no longer controlled by one company. It's really all companies coming together to write a standard about how to develop for this plug."
Tesla calls its technology "the North American Charging Standard (NACS)," but it has yet to be approved as a standard by SAE International.
The United States is on track to install a network of 1.2 million electric-vehicle public chargers, including 1 million Level 2 chargers, by 2030, according to a study by the National Renewable Energy Laboratory (NREL), a federally funded research center. The study provided no breakdown of NACS and other types of connectors.
The North American Charging Standard (NACS) is how Tesla have charged their cars for many years but it was opened to other companies in 2022. In recent weeks several major manufacturers (Mercedes, GM, Ford) have announced they are taking it on as well for their cars from 2025. It’s going to be the preferred system for the US and significant expansion will be required.
Great news, this confirmation should keep the momentum going on the share price direction.
Fonzey.
Good to see we’re finally recognised as a supplier , and on the ball in being Stocked and Ready to supply the NA Standard Charging couplers.
All time high was somewhere in the region of £20,I don't see that being surpassed any time soon ,if ever.
Can see the ATH being surpassed in the not too distant future. This latest Acquisition is a bit of a game changer.
310p paid
with far more to go.
There was never any serious doubt about this - management indicated previously that competition authorities approval was a formality. However, as the acquisition of Murat Ticaret (based mainly in Turkey) is a significant-sized deal (described as “transformational” in today’s RNS), it’s reassuring to have confirmation that the deal can go ahead, expected to complete at the end of August.
Look at how the growth story at Volex is developing - impressive I'd say, especially as it's continuing to do well, despite tough macro at present -
Paul’s opinion - clearly the acquisitions strategy is adding value, as the EPS has dramatically improved over the years, so I don’t mind the associated dilution from part-funding acquisitions with placings.
As a refresher, I reviewed the most recent trading update here on 27 July 2023, which said trading is in line with expectations, accompanied with a confident-sounding outlook.
Volex strikes me as an excellent GARP share - really a growth business, from reasonably-priced acquisitions, executing very well, yet on a value share rating. That’s an opportunity to me, and for full disclosure I should say that I increased my personal position size after the last, reassuring update.
Many of us are traditionally sceptical about groups which grow by acquisition. However, when executed well, it can be one of the best methods of creating a multibagger - as Judges Scientific (LON:JDG) and others have shown. The lustre has come off SDI (LON:SDI) recently, but it’s still got a great long-term track record of value creation through sensible acquisitions. This type of share can attract a high PER in a bull market, so I see Volex as a potential double gainer from increased earnings, more acquisitions, and probably a higher PER multiple in the next bull market, whenever that occurs.
A 3-bagger over 5-years, and that’s fully supported by EPS growth of a similar percentage - chart also looking quite nice now (looks like it's formed a base, and now above the 200-day MA) - start of another bull run perhaps?
https://app.stockopedia.com/content/small-cap-value-report-mon-7-aug-2023-card-vlx-ctg-ckn-973254?order=createdAt&sort=desc&mode=threaded
subscription only hence full printout
Positive AGM statement, even managed to nip in reference to growing data centre demand due to artificial intelligence applications, no doubt thinking any reference to AI these days can “blow the doors off” . Irrespective still looks good valve at current levels.
I am a little surprised the share price is flat after the recent announcements. Was expecting a rise to 300p
Being 20th July, so look forward to 2.6p per share being paid across later albeit will just re-invest here.
Noted that Amelia Murillo ,non exec for over 2 years is now intending a maiden purchase to invest >£150k in the company. Must see value at current valuation .
Nat Rothschild sounded super-bullish, far more so than in previous webinars, which are sometimes quite flat. I noted down that he was using too many superlatives, everything seemed to be "incredibly", "exciting", etc. It was a bit too much I thought. But I'd rather have that, than them sounding cautious!
Overall though, it sounds like the business is doing great, and the acquisition looks very shrewd, and the culmination of a 3-year process to get to know the (retiring) owners. Turkey sounds a great place to be building up facilities to supply European customers who now don't want to be dependent on extended & wobbly supply chains from the Far East.
Best line was his answer to a question on whether the shares are undervalued,
"I've just invested £15m, because I think it's cheap. Enough said!"