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Yes and another chunky buy today. Someone knows something. Will Mark pull it out of the hat?

Clearly a lot of profit taking here to be expected for those that need to release funds.

Just have a re read of the trading update from 28th Nov. Makes v good reading

The Board of EnSilica, a leading chip maker of mixed signal ASICs (Application Specific Integrated Circuits), is pleased to provide a trading update for the first half of its current financial year ending 30 November 2023 ("HY24") ahead of its Annual General Meeting being held at 10.00 a.m. today.

The Company has delivered a resilient performance in the first half of the year, buoyed by continued new business momentum, and the execution of a number of significant contracts with several key customers. As a result, management remains confident in the near-to-medium term prospects of the Group and expects the Company to continue to trade in line with market expectations for the 2024 financial year1.

The Board is pleased to note that EnSilica has maintained activity levels across HY24 and new business generation remains strong. The team continues to build the recurring revenue pipeline, with EnSilica's sales pipeline of opportunities and potential contracts standing at an estimated US$360.0 million of lifetime revenues. This includes several design and supply contracts in final negotiations which are expected to generate significant revenues for the Company and would further demonstrate the increasing demand for EnSilica's services. In addition, customer funded studies and scoping projects have already commenced for two industrial ASICs.

More broadly, management has been able to seize opportunities to improve margins as a consequence of enhanced relationships with key suppliers, and the Company is currently working on a number of contracts which will build further resilience into the business in future years. EnSilica has seen a particular increase in activity in the USA in this regard, leading to the establishment of the EnSilica USA Inc. subsidiary, which has already built a strong relationship with relevant critical suppliers and a highly promising pipeline of additional business opportunities.

The Company has also negotiated and secured improved relationships with key suppliers in Europe, further consolidating EnSilica's position as a go-to ASIC partner.

Looking ahead, the Board believes that EnSilica is well placed to continue to capitalise on the significant growth opportunity that exists within the international semiconductor industry.

Yes absolutely as soon as ilhit the Covid low. Already have way too much as been invested since the v early 100p days. Agree with your analysis. Also need to remember most of the spend with Marlowe by SMEs is non discretionary

As I mentioned previously, interest rates looked to have peaked and Marlowe is up 20% off the lows. Plenty more upside here

The drop is well overdone here. Most likely growth funds on a forced exit. All the downside is in the price. This is a very good business with quality recurring revs which are growing. The 1st sign of interest rates coming down flips the story on its head. Cash generation strong and will pay down debt. Value buyers will be loading up here soon I'm sure and we know how quickly it can move.

Lots of exciting things happening here. Quietly confident that management are building out a platform for growth here. Could get very interesting.

Good analysis. I thought it was telling that several times Alex talked about the strength of the GRC business in it's own right. Pointing towards what's to come potentially. If that happens there will be a significant shift up in the SP from here

Seems the market doesn't agree with your prognosis. Stock is up. Too much value creation here and Marlowe is clearly still undervalued on a SOTP basis

Let's keep the chat to Marlowe on this board please

Oversubscribed by 3.5x, a great sign. Strong buying this morning. The stock is now massively derived. Whether you pay 50p in the placing or 55p post placing won't be of much significance once the price starts to climb towards 100p.

Https://12ft.io/proxy?q=https%3A%2F%2Fwww.thetimes.co.uk%2Farticle%2Fmaking-650m-sale-could-tick-all-the-right-boxes-for-marlowe-l02bnzf5j

It doesn't say much

https://www.thetimes.co.uk/article/making-650m-sale-could-tick-all-the-right-boxes-for-marlowe-l02bnzf5j

Amati AIM VCT plc 6.65% - v positive

Nonsense. The share price and what is happening at the company often diverge. That's where smart investors make good returns. The share price has come off with market on low volumes. Great opportunity to add more of a fast growing and increasingly profitable company here.

Seems a little bitter that lemonade... ?? Plenty of value to be had in BAR and of course synergies. Nice director buy today. Onwards and upwards for IDP and BAR

Lots of good signs pointing towards a rosy future here. Loss making acquisition now under control and sales picking up strongly. Quality management, no bells and whistles but solid foundation for growth over the coming months and years. Get in and stay in for an exciting ride.

I wouldn't focus on the spread too much here. There just isn't much of a free float which is one thing which makes this stock attractive. It needs a med term view. 2 potential outcomes:

1. The get well phase on latest acquisitions go well, they get costs under control, add more customers, contracts and new bolt on acquisitions. EBT grows and the current MCAP starts to look very low. Businesses in this sector are going for 15-20 x EBT. Even a v conservative £100k/month EBT lifts the MCAP to £24m - double where it is today, so around 3.5p. The upside potential is much greater than that surely. The ambition of the board will be a driver for them to continue to grow the business.

2. The business continues to grow and gets acquired. I don't expect that will happen in the short term as it will sell shareholders short before the real value creation. These kind of businesses are in very strong demand from PE house, consolidators and other industry players.

Is there another stock with such limited downside and such substantial upside on the market today...?

Yes definitely seems to be some momentum building. Lots of consolidation happening in the MSP space right now, so just hope they don't get taken out too cheaply. Plenty of upside here.

Got a good feeling here. If they can show growth n the main business and that the IDE acquisition is coming under control towards break even, then the investment case will be massively derisked and the upside potential substantial