Member Info for GSmiley

N+1 Singer published a positive research note this morning. Their summary is:
"Strong secular drivers are supporting rapid growth in Kape’s core Virtual Private Network
(‘VPN’) market with rising user-data awareness underpinning high market growth forecasts.
Kape’s paid VPN has strong brand reputation, a features set which screens well versus
competition, and is forecast to deliver 19% group sales CAGR (underlying: 15%) and EPS
CAGR of 46% to FY’21E. Near-term cash is expected to be reinvested into customer
acquisition to grow the SaaS user base, but cash conversion should improve rapidly by
FY’20E/FY’21E as renewals begin to outpace additions. Our SOTP generates an implicit
value of 115p/share, although DCF and peer-based approaches imply 130p/share is
achievable. "

I continue to add.

GLA
GS

@PP
Not sure if you are aware, but apart from copyright, there is a fairly widely observed convention here and on a number of other BB's not to go into detail about paid for research/letters etc for a "reasonable" period. I have always assumed that is about a month. i.e. quote from last month's SCSW is OK but not from this one's. But like you, I look forward to Monday and beyond.
GS

And having watched the sp tank again yesterday - down 25%+/- from the peak, I found myself irresistibly drawn into doing the same. So much for conviction investing... but at least I am already up again.

I will be buying back in very gently, on the dips but no major exposure here probably until I see the quality of the new CFO.
GLA
GS

Almost certainly but, famous last words, it looks as if the sp is breaking out so you may not see sub 55p for a while.
GS

I think yesterday's RNS was a PR exercise. In terms of a trading update, it said precisely nothing that we did not already know from previous RNS's. And while containing warm words, there was not a single hard number about trading.

That was the smokescreen for the dismissal of the CFO. Presumably, because she was unable to provide the necessary evidence-based rebuttal of the Stockviews report (in other words the systems and processes she had in place were not up to the job). She will be gone in 6 months and there is no named replacement and when she has gone she gets the title of Chief Strategy Officer (the CEO is usually the Chief Strategy Officer). She also leaves the BoD. I will lay a lot of money that within six months of stepping down, she has gone altogether. Unless she has options vesting after that are worth waiting for.

The market reaction which was somewhat muted suggests others think something similar.

None of which is to suggest that FUTR is a bad company. It is almost certainly not. But I doubt it will resume its role as AIM darling until the market sees the whites of the eyes of the new CFO and is satisfied that there is no fire under the smoke of a short report that comes from a more credible source than many.
I am still on the sidelines and happy to wait and see.
GS

Swedbank sold down on 18th June which is 2 weeks ago. In that time the sp has risen by more than 20%. Quiet or noisy, I will take that rate of appreciation anytime.
GS

Is everybody here posting everything twice?

Is everybody here posting everything twice?

No ghost. Maybe Lazarus though :-)
RCN looks as if it has turned. Brotherton was a first rate FD and looks as if he might be a good CEO. I bought in again today after an absence of nearly 3 years. I use DCF to try to judge an entry point and now I reckon RCN is well and truly undervalued at present. There is an FCA report awaited which I hope will be OK and I like the determination to start returning cash to shareholders. As for no ideas - give the BoD a chance. Fix the sinking ship, take a breather and then get stuck in.
GLA
GS

I had been waiting for an opportunity to buy in and did so this am. The dividend will support the sp and on a discounted free cash flow basis I think they look very cheap at this price.
GLA
GS

The sp has risen almost without a break from 33p at the beginning of April. So some retracement was to be expected especially as the share has been in oversold territory for about a month. I sold a chunk on 12th June thinking it could not hold much longer. When the sp looks as if it is beginning to turn up again, I will buy more and average down a bit.

That may be quite soon, as I guess it is now pretty close to a natural support level, but the view of someone who uses charts more than I do would be interesting.
GLA
GS

In the absence of a convincing rebuttal RNS this continues to have the hallmarks of a falling knife. It is usually safer to wait to make sure the tide has turned. The dead cat bounce has happened, the sp at present is below any support level I can see on the chart and it is nowhere near oversold. Blackrock are far from infallible and they also have deep enough pockets to average down forever. I won't be back in until I am satisfied that the points made in the recent Stockviews report are without foundation. Anything else is gambling.
GS

Apologies - abroad and LSE not refreshing. Did not see previous posts.
GS

The sports betting bill (in Maine) received approval in both the House and Senate on Friday, June 21 and will go to the Governor who is expected to sign it within the next two weeks. With one of the lowest initial licence fees, the state could possibly begin issuing licenses in late September.

Thank you. Nice clear post.
GS

@rivaldo - given Sagi's 80+% stake do you think he is simply grooming Kape for a sale. There would be plenty of takers out there...

Just sayin'
GLA
GS

Excellent news - another string to the FFX bow. Widens the range of product FFX can offer to its customer base and riskless as debt is provided by a third party.
GLA
GS

Nope - I think I will stay around and watch the party.

Aaaargh....
Miaow....
Silence
Dead cat bounce.

Nice little update today. Cost savings of $1.7m equate to nearly 17% of 2018 EBITDA and just uner 50% of 2018 PBT. Sitting in Turkey on a holiday with a mass of family around a straw poll has revealed that over half of us are use VPNs today when we are out and about with most of us thinking we were not using them last year (on the same holiday). In no way representative, but as I have said before if Kape keeps on doing what it is doing, the sp will reflect that.
GLA
GS