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ACSO's Tapu Tapu queueless system for Universal has been announced as one of the winners of the 2019 ACI Innovation Awards:

Https://www.webwire.com/ViewPressRel.asp?aId=242587

"Universal Studios—Universal Orlando Resort implemented a new and innovative wearable that allows guests at Universal’s Volcano Bay water theme park to wait in “virtual lines,” so they can have fun or relax while waiting to experience attractions, make cashless payments – and more. The “Tapu Tapu” wearable debuted at Volcano Bay last summer."

Finncap retain their 125p target price and 15.4c EPS forecast, and conclude as follows:

"Undervalued:

The share price has bounced from its lows but remains very cheap. The finnCap Tech40 and Next50 indices are currently trading on average forward P/E multiples of 23.9x and 18.7x respectively. In contrast, Pelatro is on just 6.6x FY 2019 while consistently profitable, cash generative and demonstrating high growth (turnover jumping 161% in FY 2017 and 95% in 2018). We feel there is much more value to come."

Very confident AGM statement as hoped. In particular, due to H2 weighting the first Danateq earn-out is not payable, so any concerns as to how that was to be met can be laid to rest. And PTRO now has $1.53m net cash in hand.

Onwards and upwards from here - with $6.3m revenues already visible, the remainder required to achieve expectations of $10.5m should be relatively easily attained given we're not even halfway through the year yet.

I bought some of these first thing this morning. Good news this morning from the contract win and trading update, plus.....

Very cheap fundamentals, large cash pile, "encouraging" trading this year to date, confidence in delivering expectations this year (albeit with an H2 weighting), likely RNS's of large contract wins to come.....

More good news today - another domino falls, with Miane becoming the 15th state in the USA to do so:

https://www.investegate.co.uk/gan-plc--gan-/rns/announces-legalization-of-sports-betting-in-maine/201906240700121526D/

"London & Dublin - June 24, 2019: GAN plc ("GAN" or the "Company"), an award-winning developer and supplier of enterprise-level B2B Internet gambling software, services and online gaming content in the United States, welcomes the signing and legalization of internet sports betting in Maine, and is the 15(th) State to legalize sports wagering in the US and the seventh to do so this year. Upon launch, 21% of the total US population will be able to place sports wagers online.

The sports betting bill received approval in both the House and Senate on Friday, June 21 and will go to the Governor who is expected to sign it within the next two weeks. With one of the lowest initial licence fees, the state could possibly begin issuing licenses in late September."

SDI get a brief mention here as a stock which could benefit from a Labour government given the likely increased spending on the NHS.

The likelihood of a bunch of superannuated old Marxists getting into power is pretty small imho. Nevertheless, given the crazy things the main political parties are doing to themselves and the country I suppose anything's possible....

Https://www.fool.co.uk/investing/2019/06/22/what-stocks-could-rise-and-fall-if-labour-wins-an-early-general-election/

Excellent news. I'm particularly liking the part about data centres:

"T Clarke supplies these huge sites with the cables and wires that make them tick and there is so much demand for the firm's services that Lawrence is opening up in Europe.

The firm intends to help customers to build data centres in Finland, Spain and the Netherlands"

This feature on GAN in the Times' Irish edition from Sunday hasn't been posted here. It's primarily about the Irish delisting, but there's some interesting comments from DS on the strategic review....and re a possible US listing:

Https://www.thetimes.co.uk/article/gaming-software-company-gan-calls-dublin-listing-a-busted-flush-mrg9dbmq7

"Shareholders in GAN, which supplies software to gaming groups, approved the move at its annual meeting in London last week. Smurfit, who owns 10.4% of the company, said GAN’s revenues were growing more than 100% a year as US states followed New Jersey’s lead in regulating online sports betting last year.

Smurfit said “the great and the good” had predicted for several years that New Jersey would regulate gambling and every other state would quickly follow. The pace of development had been much slower than predicted, he said.

“We have put in six years’ work and investment. Now we are seeing demand from new and existing clients. GAN is in great shape but I wish it was properly understood as a software business.”

Smurfit said GAN was continuing a review of its options, which could include taking a US stock market listing, seeking a strategic investor or selling the business. Union Gaming, a specialist adviser to the gaming sector, is working on the review.

“I am personally persuaded by the option of getting GAN equity listed in the US, where there is a much higher ceiling in valuations for enterprise software companies,” he said. “The board will act in the interests of all shareholders.”

Smurfit’s uncle Sir Michael Smurfit owns 13.35% of GAN and Tony Smurfit owns a 4.7% stake. Financier Dermot Desmond has a 4.4% shareholding.

Smurfit said about 30% of its shares were held by small-scale institutional investors in the US, who specialised in identifying “mispriced” equities."

Nice £25,000 buy at 1250p just now. Quite a profitable exercise if you can continue buying at 1250p or so having tendered at 1290p.

Looking good.

Forecasts here are now for 40p EPS this year rising to 49p EPS next year. So the P/E is now just 16.5, falling to 13.5.

There must come a price at which such a low valuation for what is still a market-leading company growing into new sectors becomes attractive for new investors!

Particularly for a company with such high recurring income.

I also note that Six Flags have been upgraded by a US analyst given "a positive news flow from the company's international business; and easy weather comparisons".

"A park-by-park weather analysis conducted by the firm showed that Six Flags had comparable good weather days year-over-year through early June, he said.

“This gives us confidence to upgrade SIX shares now, ahead of the bigger weather-related catalyst in 3Q."

RNS notes Gresham House have gone above 6%. I note they had 5.7% per their last holdings RNS, so they're steadily increasing their stake and have bought another.700,000 shares or so.

And there's a new contract win with Cancer Research:

Https://www.ideagen.com/company/news/cancer-research-uk-chooses-ideagen-s-software

"Cancer Research UK chooses Ideagen’s software
Thursday, June 20, 2019

Ideagen has secured a new project with a leading cancer charity which will see the company supply it with two of its software applications.

Cancer Research UK, the world’s leading cancer charity dedicated to saving lives through research, will implement Ideagen’s Q-Pulse and PleaseReview products.

The project will see the charity adopt Ideagen’s software for general quality and compliance management tasks as well as for use during complex document review and collaboration projects.

etc"

Arden have increased their target price to 120p.

Their forecasts for next year have also been raised, giving a P/E of 11....

"Kape published an update to the market following the integration of recent acquisition, ZenMate. The group has realised US$1.7m of annualised cost savings related to ZenMate, and launched two products (see details below).

We believe the synergies and management execution on deals will be very well perceived in early trade this morning, given the sheer magnitude of the savings
(ie 13% of FY19E Group EBITDA – and effectively quadrupling the profits of ZenMate from acquisition in 12 months). We up our FY20E EPS (+7%) and raise our PT to 120p. We reiterate our Buy rating on Kape as one of few companies offering robust organic growth potential, a large net cash position and M&A optionality at a discount to the AIM Tech average......

....We have upped our estimates for FY20E (revenues +1%, EPS +7%), conservatively assuming that management will reinvest the cost savings into advertising then marketing to support the new products.

We up our PT to 120p (revising up the SOTP contribution of ZenMate, with a more benign M&A option value) from 110p. The shares have fallen c. 10% YTD and now trade on a FY20E valuation of 1.2x EV/sales and 11x P/E. We believe the shares will re-rate given management’s increasingly strong execution of M&A."

Indeed hayashi. But most people saw through Eezymunny some time ago.

The poster RatMaster on this board has some catching up to do on PTSG's news flow methinks!

Here's a link:

hTTps://www.investorschronicle.co.uk/comment/2019/06/20/kape-s-growth-materially-undervalued/

"Kape’s growth materially undervalued
Simon Thompson

Kape Technologies (KAPE:83p), a provider of cyber security software and a constituent of my 2017 Bargain Shares portfolio when the shares were priced at 47.9p and the company’s name was Crossrider, has issued a bullish update this morning on its October 2018 complementary acquisition of Berlin-based ZenMate – a digital privacy company that is focused on encrypting and securing internet connections and protecting individuals' privacy and digital data through virtual private networks (VPNs).

etc"

Nice write up in the IC which emphasises the crazy P/E of only 6.5

https://www.investorschronicle.co.uk/comment/2019/06/20/pelatro-repeat-buying-opportunity/

“When Pelatro announced a £700,000 award in late March with Advanced Info Services, a member of the Singtel Group and the largest mobile network operator in Thailand, this increased its revenue visibility to $6m for the 2019 financial year. That’s as much as revenue as the company reported in 2018. The latest award improves visibility even higher still. Furthermore, Mr Menon notes that “we are benefiting from increasing levels of repeat business and cross selling opportunities from existing clients, underpinning the directors’ confidence as we close the first half of the year.”

That confidence is based on Pelatro lifting annual revenue from $6.1m to $10.5m to double annual pre-tax profit to $6m this year, as analyst at house broker finnCap predict. The projected eye-catching profit growth not only highlights the operational leverage of the business model, but also the high gross margin the company’s software commands on its sales.

On this basis, expect earnings per share (EPS) of 15.4¢ (12p), implying that the shares are being rated on a price/earnings (PE) ratio of 6.5, a massive discount to finnCap’s Next50 group of technology companies which trade on a forward PE ratio of 19. That huge valuation discrepancy to peers is not only unwarranted, but with contracts building and the bid pipeline strong, then an imminent re-rating looks on the cards driven by the step change in Pelatro’s financial performance this year. Offering 50 per cent plus upside to my 120p target price, Pelatro’s shares rate a buy.

The RNS confirming Swednak's exit and clearance of their overhang was issued yesterday, and since then XLM's momentum has accelerated.

Hopefully this is going to be the cue for a very nice - and swift - recovery.

PEG is the fourth largest holding in Downing's UK Micro-Cap Growth Fund at 6.23% of the Fund, and their monthly newsletter just out today features PEG as follows:

"Petards announced that the year has started well, with performance in the first three months in line with budget. Order coverage for 2019 and forecast levels of transactional business for the remainder of the year are in line with the board’s expectations. Management’s focus remains on building on the current order book for 2020/21 where it is in discussions over new business, particularly in Rail Technology, where there are significant new contract opportunities."

Looks like it's just me here then, to appreciate that DSCV has "some of the “most attractive growth prospects” in the UK industrials sector according to Berenberg:

Https://www.proactiveinvestors.co.uk/companies/news/222497/discoverie-has-some-of-the-most-attractive-growth-prospects-in-uk-industrials-sector-says-berenberg-222497.html

"discoverIE has some of the “most attractive growth prospects” in UK industrials sector, says Berenberg
10:05 20 Jun 2019

Analysts forecast that discoverIE would have around £30mln of acquisition firepower in the near term, which if deployed in similar terms to previous purchases could lift earnings by 10%

discoverIE Group PLC (LON:DSCV) has some of the “most attractive” growth prospects in the UK industrials sector according to analysts at Berenberg, who on Thursday hiked their target price for the group to 520p from 490p.

The German bank said the custom electronics maker’s last set of full-year results had shown its Design & Manufacturing (D&M) division had accounted for 61% of revenues and they expected the division to further grow to management’s target of 75% in the medium-term, which would push operating margins up toward 11% from 7%.

Analysts said given D&Ms relatively small position in a large and highly fragmented market, there was “plenty of scope” for the segment to grow both organically and through acquisitions.

The broker also said that the firm’s focus on its target markets of renewable energy, transportation, and medical and industrial connectivity was “appealing” given the present uncertainty in the macro industrial environment as each of the sectors had long-term structural demand for electronics.

Looking ahead, analysts forecast that discoverIE would have around £30mln of acquisition firepower in the near term, which if deployed in similar terms to previous purchases could lift earnings by 10%.

They added that the company’s smaller size relative to competitors such as FTSE 100 Halma PLC (LON:HLMA) and FTSE 250 Diploma PLC (LON:DPLM) meant it was easier to find family-run businesses whose owners would be willing to sell at a reasonable price.

Berenberg also reiterated its ‘buy’ rating on the stock, saying the opportunity presented by the company was currently “underappreciated”."

The takeover price for PTSG today shows how the markets (and the trolls) are just simply wrong a lot of the time.

I'm confident that in time INSE will be shown to be similarly undervalued.

In the meantime, on a current year P/E of 7.8 the downside here would seem to be minimal and the upside substantial.