They had less than 200 at the start and around 300 headsets towards the later part of 2019, by early 2020 they had 430 headsets. I think that they minimised purchases throughout covid so (at least in theory) most of those currently in place should have been fully depreciated by the end of 2022.
They are expanding the number again now so you would expect these to start to show on the accounts going forward.
Depreciation came up in one of the presentations, someone may be able to correct me if I am wrong? I think that they depreciate their hardware in a linear manner over three years but actually believe it has a significantly longer life which therefore further complicates how you can view the EBIT/EBITDA numbers going forward.
From WH Ireland
Following this morning’s announcement, we leave our 3-year forecasts unchanged – FY 2022E Revenue £9.5m, EBITDA £1.5m, Net cash £0.7m, FY 2023E Revenue £11.5m, EBITDA £2.4m, Net cash £1.3m, FY 2024E Revenue £13.5m, EBITDA £3.2m, Net Cash £2.7m.
They issued an rns last June and it was discussed here at the time, it bares no real relevance to the current situation of the company.
No one uses Simplywall st as a creditable source of information for investing. but it seems strange that as an alleged investor you are quoting it to flag this almost a year after the sale.
Really?
It's hardly news as it was the 7th June last year.
Very nice - that's a 12% increase, so we are (were?) only on a 2% premium.
AGM-
I noticed that the AGM had this as part of their special business-
14-To consider and, if thought fit, to pass the following as an special resolution: THAT, the Company be and is hereby generally and unconditionally authorised to amend its Investment Policy to remove the 40 per cent Gross Asset Value (“GAV”) limit when investing in offshore wind farms.
Also near the end there is a couple of sections which have been struck out, including further mention of the 40% and -
'Investments outside the UK, in construction projects or in non-equity or associated debt instruments (~will not be the initial focus of the Group~) and will be limited to 15 per cent. of Gross Asset Value calculated immediately after each investment. ' (bracketed part struck through).
So does this mean that they are considering purchasing some non UK offshore wind farms??
Average for March came in at 7.8 which is about 18% off the 10 year average. However the strong winds in February mean that the average for the whole of Q1 is around the long term average.
Nav out later today, I have seen some estimates for the estimated nav being just over 149 but without any indication of the source of this value, it will be a significant jump if this is correct.
Revenue up18.5% - but as all ways with inspecs, with no further breakdown of the numbers, it is hard to interpret it beyond things seem to be going well.....
I thought that the conference call was very bullish. The company is clearly still set on a growth strategy. Nothing in the Q&A to indicate that there are any problems (beyond the current cyber issue at Funky pigeon) .
Not sure why the results caused the drop. Either more was expected or people had not listened to previous presentation where the company explained about the planned higher cap ex. Hopefully we may see some upgrades from the brokers now that there is more visibility to to recovery in revenue.
Providing covid does not rear its head in any meaningful way next winter, then going forward smwh looks to have the potential to be a very good investment.
Compared to pre covid these new deals add so many more headsets each time. If we are going to see this number with most of the zoos installations then revenues are going to rise very quickly.
DWS only has 28% acceptance amongst shareholders for their takeover (and they constitute 17% of this amount)
As nex's share price increases so does its value to sgc shareholders were they to elect for a takeover by nex, the 'jam today' option for long-term II's in sgc could soon look less tempting than than a 'some further jam tomorrow' option of the nex bid.
I'm still in this, top slice or top up according to the price. Topping up again today....
WH Ireland just put out a detailed broker note on IMMO with a recommended fair value of 10p/share.
You also need to take into account the share dilution, extra debt, driver issues and inflationary headwinds, even so it does seem to be very undervalued at the moment. It can move quite quickly so lets see how it goes after this TU.
I guess the concern is that with around 80% of valuations being from the end of last year how representative of their current values is the quoted nav .
It looks like a significant number of II's either want a higher offer for sgc or may prefer the offer from nex. DWS only has 10% acceptance beyond the 17% it purchased.
Hopefully the cyber breach will not prove to be a major problem.
Also reassuringly within the rns -
'The Group will report its results for the half year to 28 February 2022 on 27 April 2022 and confirms that they are comfortably in line with Company compiled consensus'
This is an old page -
'It is currently expected that the bulk of the new installations (including Mandalay Bay) will occur through Q1 2020. All of these can be fulfilled from current stock.'
And further down.
“We remain confident in our business model, and that we will achieve our breakeven target around the end of Q1 2020'