Member Info for Monkshood

Agreed, I was hoping for 12 at least (it was 11 in Q1) -they are targeting 10% cagr so have just missed on this.
I don't think that it will be motoring up on these results but it may look better on a ebit basis when the full results are out. I still believe it will be a good long term hold as they accrue the benefits from the integration of OSIsoft.

There is your answer-
AVEVA's revenue grew by approximately 9% in the first half of the financial year on a pro forma organic constant currency basis

All of the Group's fee types grew, with a particularly strong contribution from the recently acquired OSIsoft business. Maintenance and Services revenue increased at a low single digit rate, while Subscription and Perpetual licence revenue grew at a mid- to high-teens rate.

Weird, why did mention of a certain Asian country (next to India) end up with some of the letters being replaced automatically by ** when I submitted the post?

But this is only one of the airports they serve. TSA passenger data for the US has been constantly around 80% pre-pandemic levels for the year. With international travel opening up both in the US and other destinations they serve (such as Australia and ****stan) I don't think that it will take mnzs anything like that long to recover.

Yes, hopefully this will lift the sp out of the doldrums.

I am hoping that it will look good!
They said that Q1 was good and things have improved in most countries since then. The energy sector must be reasonably flush with cash at the moment so I am hopeful that some of this has trickled through to aveva.
I think that there is a lot of potential for the combined company and have it as a core long term holding just trading a percentage on of the highs and lows. I topped up on the last dip so I hope that there are no nasty surprises...

I guess yesterdays rise was related to some having sight of todays headline stories about the money going into public transport infrastructure .
With a push for CO2 reduction the increased spending in this area is happening across Nex's other region's of operation, it does show that at the current depressed share price, in the long term, Nex has got to be a very good investment opportunity.
In the UK the demographics play to public transport, with an increasing elderly population plus a growing young population (200k more 18 year olds this year than 2 years ago and set to increase further to 2030). It is why I think that taking over SGC will be a great opportunity. As it will mean that Nex has 40% of the UK bus market I am surprised that there has not been more discussion as to whether it would be blocked by the CMA - but perhaps the companies have already had a nod from the government ?
Although, due to the pandemic, more people say that they are dependent upon a car (BBC), new cars are now in short supply; high second hand car and fuel prices are significantly increasing the cost of ownership - this will accelerate the push for getting more people back onto public transport -especially the young for whom car ownership is now very expensive (and that is if they can book a driving test in the next year!).

They could have quoted the section that I did - but it does not make such good 'clickbait'

That is the media's selective use of the report and modelling, It is why I always read the reports themselves.

They will not implement plan B - from the latest sage meetings looking through to March-
'If protection from vaccination does not wane much further than already observed, then hospital admission rates are unlikely to get significantly higher than those currently seen. If booster vaccinations are effective, have a high uptake, and do not wane over the timescales considered here, then hospital admission rates are also unlikely to get much higher than currently seen.'

The Q&A's are now on their website -

Lots of discussion about EV's and how they will be funded.

One of the other interesting answers was about the future pipeline-
'Ignacio Garat:
So in regards to the pipeline that we have, basically by customer proposition, we have to give
more context around £400m pounds of Reinvigorate Public Transport. Multi-Modal Expansion
represents £300m, Operational Transformation, £200m. Fill the Transit Gap, £300m. And the
Consolidate and Compound is £300m.
Out of this is 47% North America, 38% ALSA, and 15% the UK. And approximately, it's out of
£1.5bn of pipeline, we have 1.2, which is bidding and the rest is £300m, approximately, in M&A.

It is rather ironic that nex sp falls as Morocco (an important part of Alsa) is banning flights from the UK because the incidence rate there is 1/10 of that here.
The rate in US and Spain are also low or dropping so unless we are just ahead of the curve of another wave then nex's main markets (with the exception of the UK) are well set to recover.

To put this into context there have been 60 additional spike mutations of possible functional significance detected in Delta genomes in the UK as of 11 October 2021.

On a broader variant note, there have also been some odd results in analysis of SNP's (nucleotide polymorphisms) in wastewater the NW of the country which are being followed up.

From -SARS-CoV-2 variants of concern and variants under investigation in England - Technical briefing 25

A transcript of the Q&A's will evidently be going up on their website soon.

Did anyone listen to the Capital Markets day yesterday?
I had to go out when they were about to start the Q&A and so missed these and they are not included in the recordings. Just wondered what the questions were asked and the companies responses.

Net debt to EDITDA for nex is(was) 2.4 but is only 1.7 for sgc so they anticipate that it will be 2.2 (ex-synergies) for the combined group.

At the start of covid nex arranged to alter their banking covenants, they now predict that they will be operating back within their pre-pandemic limits with the next few months.

No material refinancing until the 400m bond in 2023. Interestingly, going forward, they plan to they plan to operate on a net debt to EDITDA ratio of 1.5-2 rather than 2-2.5 as in the past.

re-sgc. Listen to the Capital Markets presentation, particularly the section from Chris Davies (cfo); Nex are very bullish about the boost that a merger could give their (already quite bullish) growth strategy. Beyond the synergy cost savings, reduced competition and being better placed to bid for government funding they see it as a route to more rapid deleveraging.
They stated that they hoped to restart divi's in 2022, so probably yes, H2 2022.

Good summary Moonman- you also need to include reduced competition allowing for more scope to increase fares with the removal of Megabus.

Also piece in the Times today-
Key points-
‘Underlying revenue growth is expected to ease — analysts expect a rate of 9.5 per cent this year, falling to between 5 per cent and 6 per cent in 2023 and 2024. Then again, that level of top-line growth trumps what’s expected of Marks & Spencer, DFS or even Kingfisher ‘

‘Higher capital expenditure means that the special payment is expected to be lower this year, with analysts at Berenberg predicting a total dividend of 74p a share. If that’s right, it would leave the shares offering a potential dividend yield of 5.7 per cent at the present £12.98 share price, while satisfying a reassuring target dividend coverage ratio of between 1.75 and 2.25 times by earnings.’
' A higher earnings multiple than some other peers is justified by superior cash generation and a better dividend'

In todays Times-
Analysts at UBS, the investment bank, said that the performance of the bus business had been better than expected, although they cautioned that the group’s UK coach business was “struggling to ramp up”.