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3.8p EPS, debt down nicely, and a withdrawal from solar which I heartily approve of.

Good news re renewals post the year end. And the 3 month Unit 4 shutdown will hopefully not be repeated this year, thus improving the outlook further.

The LTIP has been altered and made a little more challenging as far as I remember? The max 35p price target is still pretty unchallenging to say the least.

But the core business now appears to be in very good shape. We should see a continued share price rise here.

Excellent numbers once again. I'm particularly liking the Average Revenue Per Daily Active User figures which are increasing every singe quarter.

And the commentary is nicely effusive!

"Dermot Smurfit, CEO of GAN commented:

"The extraordinary year on year growth rate experienced in Q2 reinforces our confidence in the U.S. strategy executed on by GAN following the repeal of PASPA, as well as our Platform technology's ability to scale to meet the needs of our diverse clients.

The rapid rate at which States continued to legalize Internet gambling in Q2 continues to validate our confidence in the U.S. market opportunity and the seasonality in Q2 was both anticipated and exaggerated by U.S. Internet sports betting."

140p eh....great to have more cash in the bank (that's the fourth company in my portfolio taken over in the last month or two, with another two inviting offers).

However, it's pretty parsimonious for a high quality company, soundly financed with good management and good prospects.

The bidders have over 39%, so a bidding war seems unlikely. I'd have hoped for say 160p with the usual 25% or so premium over the share price.

Good news whilst I've been away on hols. The acquisition looks a very smart strategic move into the USA, funded partly by a placing at a good price too.

Happy to hold and top up at the right time.

Breaking upwards now, with the gold price rising above $1430.

Farewell then PTSG - cheques should be received no later than 14th August.

A few ups and downs along the way, but a return of not far off 200% can't be sneezed at :o))

Https://www.investegate.co.uk/premier-technical--ptsg-/rns/scheme-of-arrangement-becomes-effective/201907310745042654H/

Two excellent contract wins with the US Air Force in the last couple of weeks.

The transition to SaaS should hopefully be over the main short-term impact in terms of loss of lumpy licence fees and replacement build-up of recurring income.

If SIM can continue to win such prestigious contracts, then the following phrases from last year's Finals should be achievable for this year and going forward:

"the Company expects to quickly resume cash flow positive activities and profitability"

"positions the Company well to deliver improved financial performance in 2019 and beyond""

Hopefully Finncap will re-initiate forecasts following the H1 results next month. With $6m net cash, plus large trade receivables, SIM certainly have the firepower to further their aims in VR, AR etc.

Downing Strategic's quarterly investor letter to 30/6/19 (so issued before the latest in-line trading update) has some interesting reflections on GMAA. This is the conclusion:

"The results themselves, restatements and missed expectations aside, show some promising signs of growth in parts of the Management business (8% fleet growth in US and Europe, and doubling in Asia). The key is really to get scale in these businesses and to see the operational gearing start to come through. It’s a tough market but we think that there is a compelling business opportunity to scale up in Asia particularly, and the Hutchison relationship could help that. Over the long term, we still think consolidation is viable. There have been strategic changes in the Maintenance business, such as moving to Bournemouth and investment in new US facilities, both of which sound like the right long term moves but which bear the restructuring costs and operating cost investment through the P&L in the nearer term.

We think that the Maintenance proposition is a good one, bolstered by some very material special missions’ contracts. Gama has been winning contracts recently – two new ones total over $100 million over the life of the contracts. Elsewhere, cash generation was negatively affected by a large working capital outflow, but
we expect the debtors portion to reverse as debts are collected against a few larger customers. The balance is reflective of investment for growth, particularly inventories in new maintenance locations.

2019 will be a year of transition and rebasing of financials, as clearly some of the reporting practices of the past were not prudent. The half year results should give a better indication of what the business is really capable of, alongside, we hope, confirmation from the new chairman of the strategic plan.

In our view, there remain real opportunities to improve margins and cash generation across the business. M&A activity in the sector remains buoyant and multiples are generous for businesses with scale. This gives us confidence in the strategic value of the group as a fall-back valuation. The de-geared balance sheet and Hutchison’s interest provide comfort while the business transitions."

For the record, Downing said this in their quarterly newsletter covering Apr-June'19:

"In the period, Ramsdens announced a further acquisition of four The Money Shop stores, and 12 loan books. Ramsdens used £0.5 million of cash for the purchases which are expected to be earnings accretive by around 4%, on top of the 9% accretion from the prior acquisition of stores which we talked about last quarter.

We think that this consolidation adds a compelling growth element to the investment thesis on top of a business which has healthy organic growth and self-help margin opportunities. The business retains ample cash to continue selective bolt-ons from failing high street competitors. We note that H&T Pawnbrokers recently undertook a placing to acquire 65 stores and 29 loan books from The Money Shop. This adds credibility to the strategy, and we believe that Ramsdens had the pick of the best stores before H&T picked up the rump.

The results in June met expectations and show further progress against our thesis, with double digit organic growth and improving mix. We continue to believe that the shares are rated too cheaply on sub 6x EV/ EBIT, double digit operating margins; a net cash balance sheet and over 15% free cash flow returns on invested capital."

Fantastic news whilst I was on hols re the contract from the German OEM5. Presumably we'll get another RNS when the master purchase agreement is signed.

Hopefully this is just the start as the other OEMs play catch-up.

The long journey to this point is now bearing fruit. Congrats to DB, Kevin and the rest of SCE.

Finncap retain their 535p target price. They summarise as follows:

"Strong sales growth. Acquisitions are contributing well with total Q1 sales up +8%
and organic growth of +4% in Design and Manufacturing (in line with our full-year
forecast) and +3% in Custom Supply (ahead of our full-year assumption of flat sales).

.New project design wins remain strong. There have been a number of successes
in key target sectors, in particular, the renewable energy, transportation and industrial markets. Project design wins are a key driver of future organic growth.

.Rising operating margins. Q1 gross margins are in line with last year. We forecast
flat gross margins for the full year and operating margins of 7.6% (2019: 7.0%). This continues a well-established trend of rising operating margins, driven by the strategy. Over the past five years, operating margins have increased in every year, in total from 3.4% to 7.0%.

.Positive outlook supported by the order book. Book to bill was 1.09 in DM and
1.07 in Custom Supply. The group order book (80% of which is for delivery over the
next 12 months), rose to £154m (+13% at CER and +8% organic) over last year.

.Firepower for acquisitions. Post the year end, a £28m fund raise was completed
and two acquisitions completed at an initial cost of £21m. We forecast net debt/EBITDA of 1.1x in FY 2020.

No change to target price of 535p. The continuing success of discoverIE’s strategy
drove a 17% CAGR in EPS over the past three years. We don’t forecast acquisitions
as their scale and timing are variable, but in essence we so no major reason for
above-average growth not to continue, given the successful focus on structurally
growing markets. In this context, the FY 2020 P/E of 14.5x is not demanding against
small/mid cap 14.6x."

Good to see WJG tipped by Simon Thompson today - and the sharp price reaction perhaps suggests that the supply of shares has dried up at last.

H1 revenues were well ahead of forecasts at EUR153.1m - the forecast for this entire year is EUR298.9m, so KWS are running nicely ahead.
H1 adjusted PBT is EUR18.4m, so with the H1 capacity increase/investment costs leading to further H2 business and margin improvement, plus H2 seasonality, the forecast EUR44m should be achievable.
The core businesses seem to be booming. Plus there's lots of scope for acquisitions.
There's a new note from Edison - they note that H1 was "stronger than anticipated" and that KWS looks "set for a strong H2".
And in view of "the strength of the H1 performance, we may need to review our forecasts for FY19":

Https://www.edisongroup.com/publication/firing-on-all-cylinders-6/24737

Excellent results whilst I was away on hols. Recurring revenues are now up to a heady 67% and rising. Finncap have reiterated their 180p target price, and the 6p EPS forecast for this year will undoubtedly be increased nicely by further acquisitions (that EPS has already been boosted 15% by prior acquisitions).

With £100m revenues targeted by April'22 - more than doubling from last year - there's still plenty to go for.

Excellent results as expected whilst I was away on hols, and particularly the comments re the encouraging performance so far this year.

Interesting to see post-results Ken paying almost 55p to top up his stake, and also the CFO buying another £21k's worth.

Happy to continue holding long-term as I have since 8.5p-9p. The share price will fluctuate up and down, but I have confidence in management and their strategy.

N+1 Singer leave their forecasts (revenue and otherwise) unchanged at 6.8c EPS this year, rising to 9.3c and then 12c EPS.

They see $35.8m net cash at this year end.

They see the EV/ Dec-19E sales multiple of 1.6x as "attractive for a company delivering an increasing proportion of high-quality recurring revenues", and they see a re-rating towards 2.5x-3.0x, so very attractive upside.

They also see an H2 weighting of revenues due to Q4 seasonality and high growth in data privacy subscriber numbers/recurring revenues.

An excellent update all round. With 6.9c EPS forecast this year, rising to 9.8c for next year - and with almost a third of the m/cap in $40m net cash - KAPE looks very good value indeed, especially at current translation rates with the pound going lower and lower.

A cyber-security company trading at this low rating is a buying opportunity imho. Very confident outlook too:

""We continued our rapid progress into 2019, with high double-digit growth in Adjusted EBITDA coupled with the increased importance of our products to our customer's digital lives and a broadening of our R&D capabilities. The Group is better placed than ever to take market share and generate significant ongoing value for all stakeholders. We remain confident that our ongoing investment in people and products will continue to ensure Kape remains at the forefront of the burgeoning digital privacy and security arena."

https://www.investegate.co.uk/kape-technologies--kape-/rns/trading-update-and-notice-of-results/201907300700061038H/

Pintofhsb, Woodford has been out for a while now. It'll just take a buyer or two to get things moving - the upcoming interims might just do the trick.

A new Equity Development research note out today highlights the multi-year visibility and that the shares trade on a modest 13x PER (and that's before stripping out the cash pile), whilst paying a 3.9% dividend yield. No change to ED forecasts or 250p valuation, full note accessible here:

Https://www.equitydevelopment.co.uk/edreader/?ltkn=0427b4ac977374323973aadd14cfa618YbkZFjCv&d=%3D%3DgMxYjM

from Master Investor:
https://masterinvestor.co.uk/equities/capital-drilling-this-could-really-be-a-rigged-market-winner/?utm_source=Daily+Bulletin&utm_campaign=b256f34c96-Daily_Bulletin_20190723&utm_medium=email&utm_term=0_25eff0bb7f-b256f34c96-34898813

Conclusion:
"For the year to end-December 2018 the company’s international revenue was $116m, from which it generated pre-tax profits of $12.6m, earnings of 6 cents and a dividend of 3 cents a share.

The current year could show sales much the same but with pre-tax profits improving to $15m and earnings lifting to 7 cents and a maintained dividend.

However, brokers are looking for revenue next year of $122m, with profits of $17.4m and 8 cents in earnings. For the 2021 year some $128m is estimated, 9 cents of earnings and 4 cents of dividend per share.

The group’s first-half results are due to be announced on Thursday 22ndAugust. The company’s shares, now at 48p, look to me as though they are heading higher during the rest of this year.

Brokers Peel Hunt rate the shares as a ‘buy’ with a target price of 76p – which certainly looks good enough for me."

Https://masterinvestor.co.uk/equities/pelatro-looks-to-be-an-excellent-tech-speculation/?utm_source=Daily+Bulletin&utm_campaign=91c34fd62b-Daily_Bulletin_20190718&utm_medium=email&utm_term=0_25eff0bb7f-91c34fd62b-34898813

Conclusion:

"Remembering that all of its revenue is based in the US currency, earnings of 10.1 cents per share for 2018 and estimates for this year of 15.4 cents, when converted, come out as 8p for last year and 12.2p for this year.

So, with the shares trading at 76p that puts them on a mere 9.5x price-earnings ratio for 2018 and possibly just 6.3x for this year. That is incredibly low for such a fast-growing technology based innovating software group, a specialist in its chosen telecoms sphere.

With 32,532,431 shares in issue, the Company is valued at £24.7m. Institutional holders in its equity include: Chelverton (6.62%), Rathbones (5.37%), Herald (4.80%), Artemis (4.74%), Killik (3.84%), Hargreave Hale (3.16%), and Maven Capital (3.09%). Meanwhile, Kiran Menon and Virun Menon each hold 14.88% of the equity, whilst Sudeesh Yezhuvath holds another 10.17%. Subash Menon and Sudeesh Yezhuvath were co-founders of the group and both are still executive directors.

I think that Richard Gill was right on the button last November in rating these shares. They have since been up and have fallen back – now they seem to me to be an excellent tech speculation."