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Up 2p again today on only £10k traded, so perhaps not much stock around.

Posted yesterday by Clarke Telecom - they installed "a cutting-edge private 5G network" at the Satellite Applications Catapult. Likely the first of many:

Https://www.linkedin.com/feed/update/urn:li:activity:7130541334741839873/

"Exciting News! The Satellite Applications Catapult (SA Catapult) is propelling innovation with the help of Clarke Telecom. 🛰️

In 2011, the UK government introduced Catapults to bridge the gap between research and industry, boosting competitiveness and productivity. SA Catapult is one of nine, focused on satellite-based products and space tech.

Recently, SA Catapult partnered with Clarke Telecom to deploy a cutting-edge private 5G network at their Buckinghamshire facilities. Clarke's expertise was pivotal in expanding the existing 5G network, benefitting companies at Westcott Venture Park.

Pano Mystridis, 5G Network Software Engineer, praised Clarke's professionalism and technical prowess, emphasizing their role in the project's success. This collaboration leveraged the latest Open RAN technology for a seamless installation.

Private 5G networks are revolutionizing industries by offering unmatched flexibility, security, and performance. Clarke Telecom's extensive experience positions them as a leader in this field.

About Clarke Telecom: With over 20 years of experience in cellular infrastructure, Clarke Telecom is your go-to partner for complex private 5G projects. From initial analysis to construction and commissioning, we've got your private cellular network covered."

Singer's update nore retains their Buy and 2p target price based on a forward P/E of 8.1 at the current price.

I only have access to the front page of the research, which unfortunately shows only rounded figures for EPS, and it's impossible to see the progression.

So EBITDA and PBT is the way to go, which are:

Y/E 30/9/22 : £1.0m EBITDA, £0.7m PBT (actual)

Y/E 30/9/23 : £2.2m EBITDA, £1.9m PBT (minimum as "in excess of" £2.2m)

Y/E 30/9/24 : £2.8m EBITDA, £2.4m PBT

Y/E 30/9/25 : £3.2m EBITDA, £2.9m PBT

The year end update makes pretty good reading in the current climate.

£19.6m revenues and "in excess of" £2.2m EBITDA (up from £0.95m last year) is just a touch behind Singer's forecasts, but most importantly the outlook is very positive with a "healthy" pipeline and "strong demand for all of our divisions".

This equates imo to likely around 0.13p-0.14p EPS, which at 1.575p is a historic P/E of around 11 or 12 and which should fall again in the current year to only around 9.5 based on Singer's forecasts.

I note that REAT now have £0.7m net cash, which is well ahead of Singer's £0.1m forecast. This is almost 5% of the m/cap in itself and represents an even lower ex-cash P/E.

Per today's RNS, the AGM update will be on 1st December, so not long to wait. Glad to see there'll be another Investor Meet webcast.

It's particularly important that investors realise that what were simply "locksmiths" will now become retailers of entire security systems for all premises.

This is not just for the homeowner, but for all forms of industrial premises, company and property owners who may not only need key cutting, but entry systems, alarms etc who previously had to go to a number of different suppliers who didn't have the reputation, status and resources behind them of a quoted company. As per the large housing maintenance client mentioned in the results.

The opportunity is large for a £10m microcap company which is already making £950k EBITDA, generating almost £1.3m cash in the year, and has a £2.14m cash pile plus a further £5.43m receivable from the sale of Vigilant in the form of Loan Notes and redeemables.

Momentum Investor magazine summarised the Q3 update in last weekend's issue. There's some useful info on Peel Hunt, who have a 153p target:

"Peel Hunt has left forecasts unchanged for pretax profit of US$36.1m and US$53.3m in FY'24 for eps of 12.8c and 19.9c (16.4p). Mining Services, which enjoys longer life contracts and the higher margin PhotonAssay business together make up over 30% of revenues, but this higher quality mix is not reflected in the FY24 PE multiple of 5.0.

The broker's price target is 153p. I am a strong holder."

Mark Watson-Williams on Master Investor is still very keen per his post last night:

"The Q3 report from Team Internet Group (LON:TIG) obviously disappointed some investors, with the shares easing back to 116p from 127p last Thursday.

I spoke at some length with Billy Green, the group’s CFO, on Monday morning and remained totally assured that the group’s shares are still undervalued.

It has been quite a transformation for the group this year as it moves convincingly away from the strong M&A programme of the last few years, to now reflect its concentration upon utilising the various strengths of those previous acquisitions to build up the massive cross-selling opportunities, especially that this globally operating group now has within its organisation.

The ‘share buyback’ programme still has another £13m to go, which I compute should take it into mid-February 2024 to complete.

The average buyback price this year has been 124p, the shares closed at 118p last night.

I still see them going a great deal higher yet."

I haven't posted since the last update and the financing. It's all tremendously disappointing of course.

The current management have done an incredible job in taking SCE from nowhere to where they are today, given the barriers to entry and the absolutely massive contract and order pipeline.

But they've failed in getting a commercial operation up to speed quickly from scratch. Which is a difficult task in any circumstances, especially during and following a pandemic, but not one which was insurmountable with depth and quality in the management team.

The finance team in particular should have been pushing to raise larger amounts at much higher share prices to cater for any eventuality. There must have been plenty of opportunities to do so (although no doubt there would have been grumbles from many here at the dilution!).

IMO the likes of DB and KJ have likely built up such tight relationships with the top 12 or whatever OEMs - with more OEMs apparently in the pipeline - and have such intimate knowledge of the product and the manufacturing process, which is vital, that they should stay. In what capacity I don't know. The new CFO and other appointments using the new funds should support a smoother production scale-up from here.

I'll probably top up in the placing on the view that the upside here remains a multibagger given the pre-money £26m m/cap.

Overall great to see further confirmation that SABER "has progressed well with the technology operating as expected during successful field-testing in Oklahoma. SABER tools are currently in manufacture for commercial deployment".

The numbers and financial updates are now irrelevant other than to note that NTQ has plenty of cash for the upcoming initial commercialisation - $5.6m cash as at 30th September, with a further $2.3m due from the XXT disposal - we just have to wait for additional commercialisation and technical updates, hopefully early next year.

From Finncap's update FYI:

"Outlook.

SABER continues to progress successfully through its field trials, most recently the technology operating as expected in its customer field testing in Oklahoma. SABER now appears very close to commercialisation. SABER tools are currently in manufacture for commercial deployment for customer testing.

- Commercial opportunity.

SABER is expected to be a disruptive technology in the Rotary Steerable segment of the directional drilling market. This market is worth an estimated $3.6bn pa according to Spears & Associates (2023), expected to grow around 11% this year. It is unique and IP protected, mechanically simple, thereby using fewer moving parts and is expected to offer customers lower through life operating costs and improved operational availability versus the market incumbents. The company is planning to introduce the SABER to market both as a rental unit or as an outright sale, with the independent and regional drilling companies expected to be keen to compete with the major market incumbents in this area.

- Forecasts.

Our forecasts remain under review for the time being, until commercial launch and initial customer acceptance provides a better understanding of have quickly this huge market will adopt this product. If commercial success occurs, the group’s value should see substantial upside from current low levels."

Nice chart breakout now, with buying at the full 794p offer already this morning.

Looks like one 100,000 buy at the 11.75p mid-price followed by a further 100,000 buy at 12p?

Hopefully an expression of confidence in things to come.

Looking good after the recent contract wins and in the run up up to the ahead of expectations results.

Cavendish (Finncap) have today reiterated their forecasts and 270p target price.

Summary:

"A robust investment case – Fonix is focused upon leveraging its highly scalable, cloud-based platform to expand with existing clients and win new clients as mobile payments continue to scale. The structural strength of the platform is demonstrated by no churn from major customers in seven years, and it is diligently expanding its market-leading technology outside of the UK when led by existing clients. The successful execution of the strategy has driven Total Payment Value (TPV) to £268m in FY23 from £125m in FY18, adjusted EBITDA to £11.6m in FY23 from £3.3m in FY18, and underlying EFCF to £9.0m in FY23. We conservatively forecast adjusted EBITDA growth of +9% in FY24 and +10% in FY25, and expect that any upside to our forecasts would benefit from strong operational gearing through to EFCF, which would be returned to shareholders through the progressive dividend policy".

Yesterday's Investor Meet presentation is well worth a watch. It was interesting that the share price was rising during and after the presentation!

"Several" acquisitions per annum are promised, with apparently "dozens" in the pipeline to be assessed. There is no competition out there for these locksmith outlets.

These outlets can post-acquisition be (1) upskilled and upbranded with a much larger product range including entry alarm systems etc and (2) will enjoy substantial benefits of scale and cost synergies in terms of cheaper buying costs, use of central services and therefore cheaper overheads etc:

Https://www.investormeetcompany.com/investor/meeting/investor-presentation-482

Crucible Clarity Fund Plc have been buying and now own 5.21% of VLE, or 121,228 shares - up from a prior 3.06%:

Https://uk.advfn.com/stock-market/london/volvere-VLE/share-news/Volvere-PLC-Holdings-in-Company/92543110

They declared with 3% in Oct'22, so this is their first addition since then.

I note that the two properties for sale appear to have disappeared from the "for sale" listings below, which is hopefully a good sign that completion has happened or is about to happen.

Good to see the newly appointed CFO buying her first 15k tranche of shares:

Https://uk.advfn.com/stock-market/london/croma-security-solutions-CSSG/share-news/Croma-Security-Solutions-Group-PLC-Director-Dealing/92540364

FNX today report they've "had a positive start to the financial year, comfortably in line with expectations".

Which implies a potential beating of expectations later in the year.

So a "Positive start to new financial year with strong growth in both the UK and Ireland" and "strong income growth from new and existing media clients in both the UK and Ireland".

Finally:

"With high levels of repeating revenue and a strong, expanding run-rate from key clients, the Board continues to be confident in the growth potential for Fonix for the rest of the financial year and beyond"

Https://uk.advfn.com/stock-market/london/fonix-mobile-FNX/share-news/Fonix-Mobile-PLC-AGM-Statement/92548000

New Edison note raises this year's EPS by 1.4% to 21.4c EPS, rising to 24.7c EPS next year.

Net debt is now $80.9m at the end of this year reflecting the buybacks etc, falling to just $35.1m next year.

They summarise:

"Team Internet Group Q323 results

Diversity delivering resilience

Team Internet’s results for the nine months to 30 September 2023 (9M23) showed good, continued progress, with revenue, adjusted EBITDA and adjusted EPS growing 16%, 11% and 28% y-o-y. Online Presence continued its return to form, with 20% growth over the period. While the weak advertising market and a strong comparative period was reflected in a moderation in growth in Online Marketing (15%), this still implies outperformance of the overall market. Management expects full year

results to be at least in line with consensus. We make no material changes to our P&L estimates and continue to see scope for upside. We have increased our year end net debt forecast (previously below consensus) to reflect higher capital investment in content and software development, acquisition costs and working capital than previously modelled. In our view, the company’s value P/E rating of 7.1x FY23 dropping to 6.1x in FY24 is in stark contrast the company’s growth track record and prospects."

"Valuation: Resilience, growth prospects not priced in Given the weak advertising market and strong comparative period, these are creditable results. We make no material changes to our P&L estimates. Entering the peak Q4 period, we see good scope for upside this year and our FY24 forecast, which calls for 9% revenue growth, look prudent. Our year end net debt estimate increases from US$59m (which was below consensus) to US$80.9m, reflecting the accelerated share buyback plus higher capex, acquisition costs and working capital outflows than modelled. We see this as a one-off adjustment and expect the business model to continue to generate healthy cash flows. In our view, the company’s value P/E rating of 7.1x FY23 dropping t

Good to see only around £15k's worth of shares bought this morning having a nice effect on the share price.

MWE should see a benefit this year in direct trading/translation terms from the decline in the shekel against the dollar, since the rate has fallen from around 0.29 in January to the current 0.26.

The defence-related side of the business should be doing pretty well.....hopefuly enough to offset any difficulties in terms of staff call-ups or component supplies etc due to the war.

Allenby Capital have a new summary out today:

"MTI Wireless Edge Ltd* (MWE.L, 33.5p/£29.6m)

Contract win: Military spend continues (07.11.23)

• Orders secured from the Israeli Ministry of Defense worth c. $1m over 14 months for the service and maintenance of surveillance platforms via MTI's Distribution & Professional Consulting Services Division (Summit/PSK).

• The contracts reflect the increase in military-related spending by the Israeli government and the company expects to receive additional defence-related orders for its radio frequency and antenna solutions in due course.

• No change to forecasts or 90p/share fair value, equivalent to an FY24 EV/EBITDA of 13.8x.

Allenby Capital comment: MTI benefits from its diversified business model with the core underpinning of comprehensive communication and radio frequency technology. The contract announcement demonstrates that spending continues in Israel, in spite of the very challenging domestic situation, and we anticipate further spend across the three divisions (Antennas, Mottech and Summit/PSK) both domestically and overseas given medium term growth drivers - increased defence spending, water scarcity and the ongoing 5G roll out. Balance sheet also remains strong with net cash of $6.2m, equivalent to 5p/share, at H1 that is being used to fund the progressive dividend and share repurchase programme. No change to forecasts or 90p/share fair value."