Member Info for Newuncle

SFBG,

Agreed. Share prices are far too subjective rather than objective when it comes to the likes of AIM. guess that's because almost all trades are PIs and very little from bigger city players/funds. The MM system is broken but no one seems to care as the operators involved have it set up very nicely for themselves and their mates and make plenty in both rising and falling markets. Right now PI sentiment is shot with many worrying about bills to pay rather than putting any spare cash into stocks. Although there are still some like SYME that still attract plenty of PI cash even though it has been falling off a cliff for months and has a large ? over it's future. But then again SYME seems to be a favourite plaything of traders it's being pumped and dumped almost daily creating plenty of volatility that seems to attract punters over and over again. A company like CSFS with what looks like solid credentials/prospects just doesn't show on the radar at the moment.

Investment summary: Our DCF analysis for the organic base-case scenario produces an implied fair enterprise value of £12.2m and an implied fair equity value of £12.5m (equating to 62p per share), compared with the current market capitalisation of £5.3m. Including our assumptions regarding planned acquisitions, the DCF suggests an implied fair equity value of £24.6m (equating to 121p per share), indicative of the potential benefits of the M&A strategy.

Fair Value is at least between 4x and 6x current MCAP and most likely even higher following April 22 Trading Update.

Our valuation approach centres on a DCF analysis for two primary scenarios. The implied fair equity valuation range is between £15.0m and £24.7m; the former now includes Capital Currencies, while the latter considers further acquisitions.

From Feb 2022 (prior to April 22 Very Upbeat Trading Update re Q1)

Hardman & Co Research: Acquisition of Capital Currencies Ltd

Cornerstone is a provider of forex, payment and currency risk management services, with a focus on small and medium-sized enterprises (SMEs) internationally. Central to our investment case on the company, in addition to the favourable organic demand drivers that it is experiencing, has been management's stated strategy to build market share and operating leverage through acquisitions of forex services providers. The company recently announced the acquisition of Capital Currencies for a total consideration of up to £3m. The transaction is expected to be earnings-accretive in the first year. Our DCF-implied fair equity value for Cornerstone is £15.0m.

Are there any/many other small cap plcs that have an mcap which is = or < current year annual revenue for a fast growing company? An MCAP of £4m seems very, very, very cheap to me and 18p on the bid is a bizarre value IMO.

I like Ratty's post much more than the one below it.

Shareholders
Name Number of Shares % Holding
Philip Barry 3,205,749 13.536%
William Newton* 2,530,787 10.686%
Stephen ***** 2,435,442 10.283%
Linista Group Inc. 1,509,434 6.373%
John Paul Thwaytes 1,470,567 6.209%
Robert Lee 1,426,635 6.024%
David Ryan** 1,100,000 4.645%
Terence Everson 773,690 3.267%
Gareth Edwards 471,688 1.992%
Judy Happe 389,721 1.646%
Elliott Mannis 218,720 0.924%
Julian Wheatland 43,461 0.184%
Total 15,575,894 65.767%

The following all suggest there is plenty of value on offer here.

Directors Deals for Cornerstone Fs (CSFS)
Announced Traded Action Notifier Price Currency Amount Holding
16-Mar-22 15-Mar-22 Buy Gareth Maitland Edwards 18.00 GBX 81,967 471,688
10-Mar-22 10-Mar-22 Buy Gareth Maitland Edwards 16.90 GBX 24,033 389,721
10-Mar-22 10-Mar-22 Buy Gareth Maitland Edwards 16.90 GBX 24,033 389,721
10-Mar-22 10-Mar-22 Buy Gareth Maitland Edwards 16.90 GBX 24,033 389,721
07-Feb-22 07-Feb-22 Placing Judy Amanda Happe 26.50 GBX 11,320 19,516
07-Feb-22 07-Feb-22 Placing Julian David Wheatland 26.50 GBX 18,868 43,461
07-Feb-22 07-Feb-22 Placing Gareth Maitland Edwards 26.50 GBX 37,736 365,688
07-Feb-22 07-Feb-22 Placing Elliott Michael Mannis 26.50 GBX 18,868 218,720

Bear666,

The falls have come off the back of large selling down by the like of Helium previously, especially on MSYS.

Then you have all the fall out from the War etc etc.

Markets have become very risk averse and MMs likewise have marked down many small caps from last year's levels on any selling. Buyers have not come through in enough numbers to make MMs switch and we all know PIs will sell a falling share far more easily than they will buy a falling share. DVRG and MSYS, along with nearly all AIM shares are PI trade driven.

Trots,

That may just be slightly above Muggs ability to understand.....actually it will be totally beyond his ability to comprehend. Shame if he really was a significant shareholder but then we all know that's another loda****** fantasy.

Can someone please explain to Muggs what a significant shareholder actually is please as he clearly has no idea.

"He seems to have no idea how he is going to make money." what a loda****** statement that is.

History shows otherwise:

2018 Revenues were £274,000
2019 Revenues were £823,000
2020 Revenues were £4,483,000
2021 Revenues were £9,330,000
2022 Revenues fcast £24,000,000

Labskin still working with some of the biggest companies out there....

Unilever

Glaxo SmithKline

L'Oreal

Kimberly Clarke

Walgreens

Boots

Keep the faith

From the Trading Update earlier this year: Q1 incomes almost £1m and significant % growth continues....MCAP £4m...just do the math as they say in the USA....

As announced on 14 January 2022, the Group expects to report annual revenue growth, subject to audit, of approximately 38% to £2.3m for full year 2021 (2020: £1.7m). As the Directors anticipated, this strong trading momentum has continued into the new year. For the first quarter of 2022, Cornerstone achieved underlying revenue growth across the business and received the first contribution to revenue from Capital Currencies, which the Group acquired during the period. As a result, total unaudited revenue for Q1 2022 was approximately £946k; the Group's highest ever unaudited quarterly revenue. Excluding the contribution from acquisitions, the Group's three month Q1 2022 unaudited revenue of approximately £888k has surpassed the six month revenue reported by the Group for H1 2021 of £837k.

Revenue generated by clients that the Group serves directly continued to increase significantly during Q1 2022 to approximately 77% compared with 28% for the first half of the previous year. A key contributor to this was the Group's Asia team that was brought on board in the second half of 2021 As announced in its trading update on 14 January 2022 this change to majority direct revenue has had a positive impact on the Group's gross margin, increasing to approximately 51.5% for the full year 2021 (unaudited) from 29.8% for the full year 2020.

The Board remains confident in the Group's prospects and looks forward to updating the market on further progress in its audited results for the year ended 31 December 2021, which it intends to announce in June 2022.

I will retire from the BB, I can't handle 3 of you today, the board as they is yours, fill your boots.

Mug,

Tell us again how many DVRG shares you actually own and why you still refuse to sell them?

Mug,

That's why it was called a "production order", ie units to be manufactured in advance of sales orders. You really must try harder with your negative agenda.

Mug,

That's why it was called a "production order", ie units to be manufactured in advance of sales orders. You really must try harder with your negative agenda.

and this, are you paying attention muggins because I bet the investors liked the numbers and this too:

Acquisition of Glanaco Engineering for £1.1m
• Production orders up 3A% worth £5m for Modern Water equipment
• Sales up ÿ4% to £2.3ÿm (Q1 2021: £1.2Am)
• Skin Trust Club sparks interest of Silicon Valley
• Labskin expansion in US
• Engagement with US cities for pathogen detection
• Medium Ticket (£1m+) installations bids
• £25m Mezzanine Loan facility

Just the benefit of Muggins who claims DVRG don't how to realise cash from their products, please pay attention Muggins and see if you can join the dots:

2018 Revenues were £274,000
2019 Revenues were £823,000
2020 Revenues were £4,483,000
2021 Revenues were £9,330,000
2022 Revenues fcast £24,000,000