Member Info for chrisc32

Any other holders here? FD bought in recently, and on the face of it looks undervalued versus tangible net assets. On a turnover of more than £18m per year, and consistently cash generative. Tiny market cap. Net debt has been all but eradicated, and we can possibly look forward to being in a net cash position before long. Would very much welcome any opinions.

If I had spare cash laying about i'd be taking mine up, but unfortunately I'll have to be content with those I already hold. Not planning on taking any action, just holding.

I guess the stronger balance sheet that will result from the placing has encouraged them to adopt a more confident position on PUR. They also should have the inside track from the company, so this is encouraging IMO.

PUR looks incredibly cheap to me, and has done for some time. I'm pretty confident that value will out over time, whether that's by takeover or otherwise. The larger players in the semiconductor industry are sat on literally billions and billions of dollars in cash, so it's possible that PUR, given there expertise in reclaim, might be on someone's radar. Maybe not of course, but if PUR keep delivering even just in line with the past 12 months, value will out one way or another. And the industry is forecast to see strong growth in 2013. Time will tell. DYOR etc.

http://www.digitimes.com/news/a20121017PD200.html Tablet demand forecast to increase by nearly 40% next year. 2013 notebooks forecast up nearly 6% Global smartphone shipments in 2012 at 682 million units, growing nearly 50% from 2011, and to 868 million units in 2013. ---------- Looks very positive to me for PUR, who are very well positioned to take advantage of this increased output through the reclaim of silicon test wafers used in the manufacture of integrated chips

http://www.digitimes.com/news/a20121017PD200.html Tablet demand forecast to increase by nearly 40% next year. 2013 notebooks forecast up nearly 6% Global smartphone shipments in 2012 at 682 million units, growing nearly 50% from 2011, and to 868 million units in 2013. ---------- Looks very positive to me for PUR, who are very well positioned to take advantage of this increased output through the reclaim of silicon test wafers used in the manufacture of integrated chips.

400K share trade today was clearly a buy, offer at 4.82p at the time. Buy to sell ratio very positive (again)

... this morning. 5.33p to buy.

This might be happening? ... "As the result of supply better aligning to demand, downward pricing pressure finally reversed trend in 2011 for all wafer sizes although prices still have not recovered to pre-2009 downturn levels. A major factor impacting pricing is the increasing tightening of specifications, which require capital intensive inspection tools. There are a limited number of suppliers capable of conducting advanced inspection, which is causing a bifurcation of pricing with looser specifications fetching lower prices and tighter specifications (e.g. specifications requiring advanced inspection) bringing higher rates. As more advanced device manufacturing fully ramps, it is expected that smaller, less sophisticated suppliers will exit the market." http://www.semi.org/en/node/41376

RC30, thinking about your post, what's most impressive to me is that the Prescott facility is demonstrating improvements in market SHARE. This suggests either (or a combination of) competitive pricing, superior service, superior technical quality reclaim. We can also deduce that PUR are growing business with existing clients, and/or winning new business from competitors. It suggests that the Prescott plant is highly competitive in its markets. All very bullish for prospects going forwards.

<a href='http://www.eetasia.com/ART_8800676193_480200_NT_4014c04d.HTM' target='window'>http://www.eetasia.com/ART_8800676193_480200_NT_4014c04d.HTM</a> . "The results show polished and epitaxial silicon shipments reaching 8,901 million square inches this year, 9,400 million square inches in 2013 and 9,965 million square inches in 2014. "Silicon wafers are the fundamental building material for semiconductors, which in turn, are vital components of virtually all electronics goods, including computers, telecommunications products, and consumer electronics. The highly engineered thin round disks are produced in various diameters (from 1-12in) and serve as the substrate material on which most semiconductor devices or "chips" are fabricated."

mostly reported as sells, as below offer price

Nice to see a couple of further 50K buys yesterday, and a continuation with further buying this morning.

Agree they were definitely buys yesterday. Won't take much buying interest for the share price to be on its way up again IMO. Short term sellers look to be done now.

Agree, a bargain at these prices. Ebitda £4m per annum (based on h2). Like you say, growing market, growing revenues, growing margins, everything is on the up and up. Except debt level which are being reduced at a rate of knots. A nice way to think about this ... by the end of this month, debt will be a further $1.6m lower since the end of the last period. Interest payments also falling rapidly along with the debt. Looking ahead, the bank loan taken out to part fund the purchase the Prescott acquisition will be paid if in full in just over a year and a half. We also know that the Prescott plant has been fully equipped for large scale 300mm reclaim, and the benefits of that investment are really starting to bear fruit.

Looking at H2 in isolation from the recent results, we can deduce from the H1 interims that EBITDA over the last 6 months to June 2012 was £1.975m ... or an annualised £3.95m EBITDA. Tangible Net Asset Value alone is £9m+ Puts the very low market cap into very sharp relief IMO. Looks like the short term punters have sold out for now. DYOR.

Some of my favourite snippets: EBITDA for the year was $6.0m, an increase of 88% on last year (2011: $3.2m). This increased profit along with successful management of working capital has resulted in net cash inflow from operating activities of $5.7m, an increase of 316% on last year (2011: $1.4m). Underlying cash has increased by $1.8m (2011: Reduction of $2.0m). • Sales Volumes have seen continued growth - 300mm up by 28% when compared to prior year - Strong increases in volumes in the 2nd half over 1st half • Cost reductions continued leading to 9% reduction in cost per unit compared to prior year • Record levels of productivity at both Swansea and Prescott sites (my words)Encouragingly, sales to Asia are up markedly: 2012: $10,587 2011: $8,174

http://www.stockmarketwire.com/article/4455714/Improved-year-performance-from-Pure-Wafer.html Improved year performance from Pure Wafer 1 October 2012 | 09:42am StockMarketWire.com - Pure Wafer reports increased sales volumes and steady selling prices for the year, whilst reducing costs per wafer of production, have resulted in increased EBITDA and cash generation. EBITDA for the year was $6.0m, an increase of 88% on last year (2011: $3.2m). This increased profit along with successful management of working capital has resulted in net cash inflow from operating activities of $5.7m, an increase of 316% on last year (2011: $1.4m). Underlying cash has increased by $1.8m (2011: Reduction of $2.0m). The year to 30 June 2012 has seen the semiconductor industry maintaining its growth path with Pure Wafer continuing to enjoy increasing and sustained demand for its wafer reclaim services from all geographical areas in which we trade and with all customers across the various sectors of the industry. During the financial year we saw the Pure Wafer solar business make a meaningful contribution to the Group's results despite the challenges set by the UK Governments indecision over levels of feed-in-tariffs.

Excellent EBITDA, cash up, all looking good IMO.

Next week, of course, is when PUR are due to report full year figures. Will be reading with interest.