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Great summary. Completely agree. NAV including cash nearly double current market cap. Warrants / options, strong cash position, solid upward trend in their portfolio, no dilution (in fact quite the opposite with talk of share buyback / dividend). I wouldn't be surprised if the SP settles around 0.6-0.8 over the next few months, and if any of the companies they have a large stake in take off then it could be even higher. All this adds up to a very low risk investment at these levels, with huge potential upside.
This looks primed to take off soon.
Don't post much and quite new to PRS, but just wanted to endorse gotabe's comments. Completely agree with assessment. Systematic selling since polemos deal, which looks to have cleared. Portfolio looking very strong. Not only is it's value worth way more than the current market cap, but it is steadily increasing. PRS are starting to develop a track record for success. Quarterly update ended Dec 31 should be released mid Feb and will show yet another sequential increase in the value of the portfolio, even without the suspended ALO holding. If the RTO outcome at ALO is favourable in the next couple of months, then the end of March quarterly update could be another big step up. Couple all of this with a bit of PR and the SP could really take off here.
Hugely transformational news at ALO. Should surely filter through to the SP here as things progress, given PRS's large shareholding in ALO.
PRS's holding in PPG alone is worth as much as the entire current market cap. Bonkers. The SP should catch up here soon.
PIRI looks ripe for an RTO. PRS hold a quarter of their shares plus warrants, so could work out very well here. Wouldn't be surprised to see an update from PIRI before too long. PRS definitely looking undervalued at present.
Market cap does seem low compared to cash and portfolio of assets. Especially, as you say, given the recent comments to provide increased real return to shareholders in the form of share buyback and / or dividend.
Market cap low because of loss-making publishing division, which has recently been liquidated. What is left is a very solid television and limited publishing business. All remaining divisions are now profitable with revenues > £20 million and rising. Debts small, longterm, and less than cash. Booming sector with huge growth potential. Market cap > £40 million in the near-term is highly feasible, with more achievable medium term. Could easily 10-bag from here pretty quickly.
Low risk, but with huge growth potential. Fund managers starting to take interest...
Look up TAL RNS history and board. Name was recently changed to ZIN, so you can see the story there. Recently shed its loss-making divisions to leave a very solid television and limited publishing business. Company now profitable with revenues over £20 million and debt less than cash, so the market cap looks incredibly low. It's also the sort of sector and low risk / high reward ratio that fund managers are attracted to. Would not be a surprise to see this soar.
Apparently not everyone agrees. The headlines seem to focus on overall losses widening, but without highlighting that this is because of a large amortisation charge and impairment of intangible assets related to the publishing business. "The large amortisation charge in the current year relates to the impairment of the carrying value of goodwill in relation to the publishing subsidiaries. The EBITDA loss was in the main due to the discontinued publishing units, particularly Ten Alps Media, which was placed into creditors voluntary liquidation post year end." With the publishing business now put into liquidation these are losses that will only affect last years' results. And with significant restructuring having now taken place towards the larger, expanding and profitable television side of the business, things will surely look good from here onwards.
Results better than expected. Small loss, as expected, but all accounted for by now defunct publishing subdivision. Reef soaring with revenues massively up from last year. Remaining company divisions now profitable with revenues over £20 million and rising. Debts are small, longterm and less than cash. For all this, the market cap now looks extremely low.
yankeeanalysts.com/2016/10/21/trading-activity-in-focus-for-ten-alps-plc-tal-l/
I agree that the mcap could easily be up over £20m soon. Returning to profitability would mark a very good turnaround. I don't expect year end results to be in profit, because they will include the £332k loss from the publishing business. However, having now shed that subsidiary, if the results show a loss of anything less than £332k then that would show the profitability of the remaining components, and should be looked upon favourably by the market. It would also show that the company is moving strongly in the right direction. A profitable company with annual revenues around £20m, on an upward trend, in an expanding sector, with a relatively high chance of attracting interest from one of the big players for a buyout. £20 million mcap minimum.
Actual bid / ask are usually a bit tighter than advertised. If you look at the buy / sell prices just paid then it usually gives you a better idea. Or, if you just have a normal online account without level 2, then you could do dummy buys to see what price you'd be offered for different amounts of shares. Good luck.
Nice to see a steady little rise here. And at a £4 million market cap, there’s still lots of potential for that to continue, especially now that the company have shed all of their loss making divisions. Looking good to me from these levels.
Results: 6-months to June 30 all 3 divisions returned to profitability at an operational level. Growth: Already achieved 40% of target full-year revenues before the end of current Q1. Exciting times.
Results to year end June 30th expected sometime. I have pencilled in next Wednesday (September 30th) as the most likely release date, but could be later. I guess the rise yesterday might have sparked a bit of interest here. For me (and I am sure a lot of others), the most interesting results period is the 6 months December 31st to June 30th. Eyes will be on whether they have returned to profitability during that period. I have looked into this a lot and have decided to take the risk of buying in before the results are out. There is only a very small proportion of the shares in this company in general circulation. The rest are held by institutions or people within the company. I think it could therefore require a very large premium to buy shares when the results are released. This is still a bit of a risky share, but I personally class it as far far less risky than a lot of other AIM shares. Sensible CEO and BoD with good track records, booming sector, very few finance concerns following the recent restructuring, £20+ million of sustainable annual revenue and now all signs pointing towards being on the cusp of returning to profitability.
I think there is potential here and that it's worth the risk at these levels. I am expecting a return to profitability when the next results are released, especially with the inclusion of reef. Rough expectations for 12 months: £24m rev, £1.2m net prof. If any sort of profitability returns then I think an inflection point will have been reached and it will be onwards and upwards from there. Television is certainly a booming sector.