Member Info for Monkf6

Consumer goods total.

£32.4m (2023), £35.5m (2022).

Consumer goods sold into America.

£0.4m (2023), £0.5m (2022).

I could not find a breakdown by geography of kettle controls regulated markets (£51.4.m) or premium filtration aka Billi taps (£42.1m). Those wiser than me may have found this and could share.

I am still fully in, also. I continue to buy thinking they cannot fall lower. A recent update reiterated PBT guidance. This is not a loss making business but its share price is treated as though it were. Billi alone will be worth more than half the market cap now. Easily worth more than the sum of the parts, but it has been for a long time now.

Tariffs are still on China, aren't they? Increased. So it may hurt Strix more compared to kettles manufactured elsewhere. Manufacturing sites in the Isle of Man (controls), Italy (water filtration/food/baby), and Australia (Billi) may come in handy now.

Do we know the proportion of sales Strix made kettles vs Strix kettle controls? Where they are providing the kettle control only to other manufacturers, those manufacturers could pivot to the US. A tariff as a percentage on the cost of a control should be more than manageable. In my view.

I guess we'll see. I agree that the market cap is less than the sum of Strix parts. Personally, I don't foresee a takeover as I expect any offer would need to be north of £200m.

The competition the CEO compares to aren't really true competitors so I take that with a pinch of salt.

Rightly or wrongly, I have continued to buy on the way down. I have given up on the "kettle controls coming back" pitch. And there is a lot riding on Billi, which, like others, I question the value creation compared to interest on the debt.

All that said, I see a reasonably solid business making decent profit, generating cash, and reducing debt (that in turn will increase profit and cash); with it's own factory in China and vertical solutions for OEM clients in water (and food / health / baby).

Significantly undervalued for what it is. The nagging doubt is always what do others know that I don't?

I'm pleased the CEO has been visible since the latest drop. I do like what I've seen from the CFO in her candid answers to questions.

I agree with the valuation but a takeover happening in the background is a little premature, don't you think Dave? Is this based on anything other than the CEO rightly doing interviews to defend the company valuation?

In the murky world of MMs shenanigans, how is it they can get away with a £3.55 trade to set the price at 70.90 at 8:00 am when KETL closed above 67p the day before? The quantum of sells was greater than buys to start the day, so one would expect the price to fall.

Admittedly a while since I last visited OPG. It always used to be cash generative and good to see it still on the board. Reasons for the SP being suppressed for so long?

I have been overseas so not paid attention here; what am I missing with the results? Sales up albeit a smidge. Profit growth good. Margins up. Debt down. Restructure complete. Still incredibly cash generative.

I watched the presentation and very impressed with the candid responses from the new CFO.

I see navigatable waters ahead sailing back to the dividend.

I have briefly revisited this one. £7m market cap with £14m in sales, cash earnings and over £3m cash on the balance sheet.

The business appears in decent shape from a skim read of the last results but there are minimal buyers and no director buys. Does anyone on this here forum with more knowledge than I know why?

It sounds like this is the NHS App. I too said goodbye to that.

I think the zesty and attend anywhere video products can just connect to it like lots of other products, and all their features will be limited by what the NHS App allows them to do.

Is it the NHS App that we are agreeing is second rate or is it definitely the zesty platform or video calls using their attend anywhere?

A modicum of interest here after reading the latest results at the weekend.

Slick, I wholeheartedly agree that baseless predictions for a stock to be a certain price by lunch time adds nothing to the discussion. Most of these LSE chat boards are full of them each day. I'm not sure what it would achieve here as the spread is an eye watering 25%. I hazard a guess thew few attempts to ramp are mere wishful thinking.

I have shared my thoughts about management in previous posts, and my impression was not far off your own. I am reading the most recent results for the first time now and the new chair/CEO appear to have sailed INHC into much needed calmer waters.

I have no experience of their products at my local hospital. Would you share your thoughts on what makes it a second rate product?

I agree with Morbox, a CFO does not retire with immediate effect. Personal or family reasons would be in the statement if that was the case. Something's not quite right here.

My hunch is it'll be good for the business overall and reassuring to have an experienced non-exec temporarily takeover before a permanent replacement is found. Though I wonder if financial insects are about to crawl out of the woodwork.

The covenant dropping to a 2.25x ceiling at the end of December instead of September makes me question how much others already knew. Mr Thompson’s IC article was either incorrect at the time or he already knew more than other investors had been told.

I am unsure whether to be optimistic or pessimistic following this RNS. The next update will be interesting.

Trade price 28.40. Up or down the key measures for INHC are 1. make zesty patient platform desirable to NHS hospitals and close the sale. 2. keep as many attend anywhere video contracts. 3. do not run out of cash.

Would this suggest a big sell order from a while back is now complete? It did not take much trading activity for the price to rise so quickly. INHC could do with piecing together a steady stream of positive RNS to keep that going.

I do not know for sure Jason but I did consider scenarios when Labour/Mr Corbyn and co. had a chance at power and were proposing to nationalise water as well as most everything else.

The plan, as I understood it then, was to buy water companies at a "fair" price. It would not be a Venezuela-esque seizure of assets. The uncertainty is around what would be "fair". Of course the share price would fall in the run up to an election and nose dive after the result. An ensuing legal battle with each water company would presumably make it impossible to achieve nationalisation in a government term. Unless the price was fair. I think that protects from severe downside, and, of course, it is often all hot air with politicians, who would row back on their proposed plans once in office. Too much like hard work.

Interesting. Thank you Morbox. I will look into this as I must be more savvy in the new world.

It did not stop me buying more shares in KETL today.

What do you suspect is happening Holden? I am ignorant to this. How are computers used to manipulate the price?

£2bn is allegedly available: https://www.digitalhealth.net/2022/06/digital-health-and-care-plan-2billion-digitise-sector/

The article quotes the NHS as having completed this by March 2023. I guess this did not happen, proving Slick's point that wasting time and money is the NHS' modus operandi.

I found the Patient Knows Best platform on the GOV.UK website to understand how much one of these things costs a hospital:

https://assets.applytosupply.digitalmarketplace.service.gov.uk/g-cloud-13/documents/92960/876804355359888-pricing-document-2022-05-13-1242.pdf

The license for this platform would cost the Bournemouth and Poole area £350,000 each year based on their model that assumes 70p per person per year.

Money being handed to an institution infamous for wasting money and lots of companies popping up to take that money. Why is the zesty platform not growing faster than £700,00 in annual sales growth or the equivalent of two large hospitals a year?

To go back to Slick's point, maybe they are wasting time first.

I agree with your analysis unhooked but the covenant drops to 2.25x at the end of September rather than the end of the year. I see Mr Thompson's article in IC was wrong on this by saying it resets in 2024. The CEO appeared very relaxed by the situation. He confirmed there was "plenty of headroom" going forward and said their banks were supportive if there was a small technical breach. Mr Bartlett followed that up with a share purchase the next day, albeit £30k of shares when taking a c.£500k pay packet. It would have been reassuring to see the CFO do the same.

Interesting insight Razza, I had not thought of it like that.

The top team may not seek out a buyer but I think the market will consolidate as more of these patient platforms are popping up. I found patients knows best, my health call, doctor doctor, buddy healthcare, Wellola, patient access.

There is a list apps using NHS login that seems to be different from the NHS app.

https://www.nhs.uk/nhs-services/online-services/nhs-login/websites-and-apps-you-can-access-with-nhs-login/

If the plan for virtual wards is to connect everything into one NHS login/app the NHS will want to deal with a few providers rather than hundreds. With money to be made the market will be ripe for the bigger fish to gobble up the small fry.