Member Info for rivaldo

Edison produced an update note on the new acquisition whilst I was on hols which hasn't been posted here:

Https://www.edisoninvestmentresearch.com/research/report/premier-technical-services-group527982/preview/

They've increased EPS forecasts to 11.8p EPS this year and 12.5p EPS next year (with 1.8p and 1.9p dividends).

Of course, they also have the firepower to make the already flagged fire services acquisition, which should further improve next year's forecasts.

Here's an extract re the new acquisition and the conclusion:

"There is an obvious opportunity to capture post-inspection repair and maintenance revenues, which Guardian does not currently carry out and also to cross-sell services to Guardian’s client base with which there is limited overlap."

"Valuation: Adding to growth momentum

Share price weakness and an earnings-enhancing deal have increased our three year EPS CAGR from 9% to 11% now and reduced the current year 13.2x P/E and 11.8x EV/EBITDA multiples down to 12.0x and 8.4x, respectively, by FY21.

Finncap have produced a new 14 page note on PHD, reiterating their Buy and 250p target.

They go for 11.8p EPS this year, rising to to 13.6p EPS (with 1.6p and 1.7p dividends).

Here's their summary page FYI:

"Back on track

Post acquisition expectations of a year of cost management and delivery of
synergies in FY18, before driving for revenue growth from the combined group in
FY19, are on track. While the unexpected customer churn revealed in April was a
setback, prelims reveal strength in profitability and underlying cash generation.
With the opportunity globally to export the success of the solution set as
experienced in a series of core verticals in the UK, to the US, France and
Germany in particular, with increasing volumes of new business in those
territories over time, encouraged by the rise of e-commerce and regulation. We
are seeing positive regulatory drivers . Management can now focus beyond
driving the business combination, and dedicated teams are developing advance
the significant market opportunity: we see significant further upside (not yet
factored into the conservative forecasts but potentially starting to take effect in
FY20) through monetisation of The Business Network to drive supplier side
revenue, and deploying the accelerated payment facility in existing and new
supplier network environments. Target 250p reiterated, with forecasts tweaked
(t/o -3%; -0.7% EBITDA; adj dil EPS +7%).

Buyer derived revenue of £42.8m continues to dominate, with £9.4m of supplier
revenue managed from the EU (£5.2m) and UK (£4.2m). The expansion and
monetisation of the supply side, The Business Network, is not factored in to current forecasts, despite dedicated staff appointments to support the roll out the Accelerated Payment Facility (APF). With 1,150 buy side customers generating revenue through the Proactis spend management solutions, but c.2 million suppliers with few yet engaged for revenue generation, significant potential upside remains as the macroeconomy continues to transform to digital.

Proactis delivered EBITDA of £17.3m from revenue of £52.2m, generating strong
underlying cash performance before exceptional costs relating to transaction costs
and one-off restructuring costs. Annualised recurring revenue at period end accounts for 85% of FY19 revenue with initial contract value of £12.1m (£6.9m) won during the year, including £8.7m (£4.1m) of new name deals, each metric nearly doubling to the benefit of an income stream boosted through the acquisition. Cash generation has remained strong on an underlying basis, despite the payment of £3.6m transaction based fees (creditors), and £3.3m one-off restructuring costs (which generated £5.1m net synergies with a benefit of £3.7m savings to FY18). Proof of such cash generation presents confidence in forecasts for FY19 and FY20 with current free cash flow yield expectations, which are at least double appropriate levels compared with peers.

Target 250p, wi

Nice to see almost 100,000 shares bought at the open and causing a nice uptick - hopefully clearing any overhang.

News - the VP of Princess Cruises has now confirmed that Ocean Medallion WILL be rolled out across the entire fleet after its successful introduction:

Http://www.travelweekly.co.uk/articles/314745/princess-cruises-unveils-biggest-ever-ex-uk-and-europe-deployment

"Roberts, who said the UK accounted for around 5%-10% of Princess Cruises’ market, also praised the “successful” introduction of the line’s wearable Ocean Medallion technology, which last month was worn by 100% of guests on board Caribbean Princess – the first time every passenger on a ship has been able to use the technology at once.

Roberts could not reveal dates of when other ships would follow suit but confirmed that the line’s plan is to make the technology available fleet-wide."

I assume people are cottoning on to the value here - and to the safety net in volatile markets.

from today's trading update:

'While it is still very early in the evolution of US sports betting, we are encouraged by both the indicative demand for regulated sports betting products and by the initial market share that FanDuel has obtained.

In retail, our FanDuel sportsbook at the Meadowlands in New Jersey (launched on 14 July) generated over $1.5m of stakes per day in October, making it one of the biggest sports betting outlets in the world.

This performance reflects the property's prominent location (we estimate that approximately 30% of bets are coming from New York residents), customer proposition and the strength of the FanDuel brand.

That said, we continue to believe that the key US market opportunity lies online. This is evident in New Jersey where, in October, our online stakes were 40% higher than our retail operation.'

Also, Betfair online casino up by 40%, and marketing and promotional spend for US sports betting in NJ around the 25m mark.

All in all, the USA is looking very promising indeed for GAN and is starting to come to fruition.

Downing Microcap reported results this morning - and had this to say about GMAA.

WH Ireland's forecast for the year about to end is now 21.3c, or 16.5p EPS, giving a current year P/E of 7.4:

<a href='Https://www.investegate.co.uk/down-microcap-invtst--dsm-/rns/half-year-report/201811020700021107G/' target='window'>Https://www.investegate.co.uk/down-microcap-invtst--dsm-/rns/half-year-report/201811020700021107G/</a>

"Progress against investment case

Gama reported flat interim results followed by a trading statement which indicated that underlying profits were going to be behind for the year and, we think, about in line with last year. Whilst we expect that some delayed contracts from the first half did begin coming through in the second half, these had not been enough to offset the lower than expected growth elsewhere combined with the higher costs associated with the current investment phase. Overall, it feels like management underestimated the disruption and costs involved in the growth plan.

The business is well financed post the fundraise and has attractive attributes where we think there is a real competitive advantage to Gama. We hope to see demonstrable focus on maximising these as a priority. The new CFO joined in September and we have so far been impressed with his knowledge of the operations. We think that the business will benefit from his financial rigour and independent thought."

Nice...."Apple’s vendors such as IQE, Lumentum, and Win Semi will all benefit":

Https://9to5mac.com/2018/11/01/upgraded-face-id-coming-to-2019-iphones-new-ipads-to-arrive-late-next-year-or-early-2020-says-kuo/

"Upgraded Face ID coming to 2019 iPhone, new iPads to arrive by early 2020, says Kuo
- Nov. 1st 2018 10:08 am PT

A new note from reliable supply chain analyst Ming-Chi Kuo of TF International Securities today includes the prediction that next year’s iPhone lineup will bring upgrades to Face ID. He also includes a forecast for the next round of iPads — before the newly announced iPads even reach customers.

Kuo believes that the 2019 iPhone models will arrive with an upgraded Face ID experience. Specifically, he says that Apple will increase the power of the flood illuminator which will help reduce the potential for environmental light to interfere with Face ID. For users, that should mean fewer failed unlocks when using facial recognition to unlock the iPhone.

The note says that Apple’s vendors such as IQE, Lumentum, and Win Semi will all benefit from the Face ID enhancements in the future as the primary suppliers of Face ID hardware.

Kuo also says that we should expect the next iPad release to be in Q4 2019 or Q1 2020 which could include Apple’s new 3D modeling tech “Time of Fly” (ToF) in the camera. He says that the feature will likely come to the 2020 iPhone after arriving first on the next-gen iPad.

The analyst previously predicted that TrueDepth IR features would not be coming to the rear camera on the iPhone in 2019, adding today that it is likely destined for the iPad first then the iPhone a generation later. Bloomberg previously reported last year that Apple is developing a new 3D camera system for the rear camera on the iPhone.

Kuo has also previously predicted that the 2019 iPhone lineup will echo the three models we see in 2018: two OLED models and one LCD model. The analyst also expects a new low-priced iPad mini to replace the iPad mini 4 sometime in the near future, although that product isn’t expected to have Apple’s new 3D camera features.

The new upgraded camera Kuo predicts should dramatically improve Portrait mode photography for users."

The current share price is now crazily cheap imho after recent falls given all we know about PEG's trading.

Volumes have been tiny, and the stock is vulnerable to small selling given its size and lack of liquidity - and with it still being under the radar of most investors.

A reminder of the outlook from only a month ago:

"The Group continues to benefit from a good balance sheet and a strong forward order book of £20 million which has been further enhanced with the recently announced award of three contracts totalling over £6.5 million from Bombardier and Siemens."

"The Board is also pleased with the performance of its more recent acquisitions, QRO and RTS, and continues to review other acquisition opportunities."

"With the June 2018 order book containing revenues of approaching £10 million for the second half of 2018 and almost £8 million for 2019, the Board remains confident in the future prospects for the Group."

Nicely up today, and on very healthy volumes too with £3.5m traded already. Encouraging.

Https://www.yorkshirepost.co.uk/news/proactis-set-to-gain-work-from-brexit-1-9420566

"Proactis set to gain work from Brexit

Software firm Proactis said the complexities of leaving the EU will hand the firm more work as customers attempt to make their businesses Brexit compliant.

The Wetherby-based firm is keen to help customers, who include Grant Thornton, Marshalls, Air France, Chelsea FC and Savills, prepare themselves for Britain’s departure so they can trade successfully after Brexit.

The group’s chief financial officer Tim Sykes said: “Our product is designed to help difficult transactional processes, so taking a country out of the EU actually helps us. “We don’t have exports - business is dealt with by service providers in that country.

“The opportunities are quite high. People will need help to make their business Brexit compliant. The complexities of Brexit facing our customers gives us more work.”

He was speaking as the group announced annual results for the year to July 31. Underlying pre-tax profits almost trebled to £12m following strong growth in new business. Revenue rose 106 per cent to £52.2m. The firm said its retention performance has recovered to more normal levels after a disappointing period. The group expects to see a return to sustainable organic growth with significant opportunities in the US and North West Europe. “We’ve returned to normalised levels,” said Mr Sykes. “We shouldn’t see that size of loss again.” ....

Chief executive Hamp Wall said: “The group’s new business performance is as strong as we had planned for and our retention performance has recovered to more normalised levels after a disappointing period.”

The group reported a strong performance in the UK and hit its first year target in the EU and the US.

Mr Sykes added: “Last year’s deal was transformational in size and scale. The EU and the US are 10 times the size of the UK market so the opportunity is massive.” The group’s biggest markets are the UK, France, Germany, the US and the Netherlands. Mr Sykes said: “We are lucky in that we don’t have to go anywhere else.”

Analyst Andrew Darley at FinnCap said: “Post acquisition expectations of a year of cost management and delivery of synergies in 2018, before driving for revenue growth from the combined group in 2019, are on track. “While the unexpected customer churn revealed in April was a setback, prelims reveal strength in profitability and underlying cash generation. With the opportunity globally to export the success of the solution set as experienced in a series of core verticals in the UK, to the US, France and Germany in particular, we look forward to news flow of contract wins.”

Mr Darley at FinnCap reiterated his 250p target share price."

https://citywire.co.uk/money/the-expert-view-william-hill-standard-chartered-and-debenhams/a1171129?ref=citywire-money-latest-news-list#i=6

"Watkin Jones a ‘beacon of stability’, says Jefferies

Construction and development company Watkin Jones (WJG) is a ‘beacon of stability’ in an uncertain market, says Jefferies.

Analyst Anthony Codling retained his ‘buy’ recommendation and target price of 250p on the shares, which rose 5.8% to 211p yesterday.

The company had a ‘strong finish’ to 2018 as revenues and earnings came in slightly ahead of expectations, he said.

‘Aside from full year 2018, in our view, the group has also made strong progress towards achieving our 2019 and 2020 expectations,’ he said.

‘At a time when we have an oversupply of uncertainty, we believe Watkin Jones provides a safe harbour. We may not know the outcome of Brexit but we do know there is an undersupply of what Watkin Jones is selling.’ "

Catching up after hols - Liontrust have increased to 20.41% (13.33m shares) from 12.72m shares per their last disclosure, so that's another 600,000 shares in their kitty:

Https://www.investegate.co.uk/imimobile-plc--imo-/rns/holding-s--in-company/201810260902353087F/

And the interims notice of results notes announcement on 20th November, with no problems mentioned - the outlook from the last prelims was rather bullish:

"The 2019 financial year has started well with trading in line with expectations. We continue to have good earnings visibility due to our established client relationships, healthy pipeline of new deployments and high proportion of recurring customer revenues."

Another contract win, and although this is an RNSNON it sounds pretty impressive and a great reference point:

Https://www.investegate.co.uk/eu-supply-plc/rns/contract-win/201810311201258867F/

"Contract Win

EU Supply (LSE AIM: EUSP), the e-procurement software provider, is pleased to announce that the States of Guernsey has entered into an agreement with the Company to license its CTMTM service platform as SaaS with support and related services. CTMTM will become the States of Guernsey's national eProcurement service.

The contract was awarded following a competitive tendering process with the award criteria including ease of use, breadth and depth of functionality and speed of implementation. EU Supply's CTMTM platform will go live early in 2019.

Thomas Beergrhen, CEO of EU Supply plc, commented: "This contract is of particular significance to the Company as it highlights demand for CTMTM, an advanced competitive tendering service platform, also from a jurisdiction outside of the EU and the European Economic Area."

Re-working the calculations then....

Let's say VLE now have around £37m of cash - £19m net of borrowings at 30/6/18, plus £23.1m from Impetus (incl, the deferred), plus say a round £0.9m from trading since 30/6, less the £6m buyback.

There are now 3.12m shares in issue.

So VLE now have 1186p per share of cash.

Simso valued Shire at £4.8m. That's another 153p per share.

Adding in a bit for Sira gives 1350p-1400p per share of core value.

With a track record like theirs, the Landers should really command an additional premium to the share price, especially since we'll hopefully hear further acquisition news in the not too distant future.

With 38.6p EPS forecast for the current year, and most of RNWH's activities being budgeted and necessary renewal and maintenance work, I can see RNWH being the focus of institutional buying given this month's encouraging year end trading update.

Incidentally, only last month RNWH's Shepley Engineers won a safety award at Sellafield, so it should be in prime place to win some of the huge work which will be available there over the next few years:

Https://www.gov.uk/government/news/nuclear-companies-honoured-for-safety-at-sellafield

Loads of news flow over the last couple of weeks on the web site, but these in particular are worth mentioning.

Firstly, PTSG have secured a multi-services contract at VISA's centre in London - this is the type of cross-selling win which PTSG's strategy is all about:

Http://www.ptsg.co.uk/news/access-safety/ptsg-puts-money-visa/

"Highly trained engineers from across PTSG’s four divisions will attend the site to provide lightning protection, fall arrest works, high-level cleaning, fixed wire testing and portable appliance testing (PAT).

The Group was awarded this contract as the client was specifically looking to source multiple niche services from just one provider."

Secondly, there's been a plethora of wins in sprinkler systems, fire services etc:

New residential development in Wembley:
Http://www.ptsg.co.uk/news/fire-solutions/ptsg-installs-sprinklers-london-housing-development/

New development in Tottenham:
Http://www.ptsg.co.uk/news/fire-solutions/ptsg-protect-residents-apex-house/

DLR railway station:
Http://www.ptsg.co.uk/news/fire-solutions/ptsg-installs-sprinklers-dlr-station/

New hotel in London's Trocadero:
Http://www.ptsg.co.uk/news/fire-solutions/ptsg-sprinkles-magic-london-trocadero/

Rugs, the share price has only fallen because institutional demand has been sated by the recent 157.5p placing to fund the Guardian acquisition - alongside the downturn in the markets of course. It's interesting that PTSG has been pretty solid compared to most. Any hint of good news, including any of the promised further acquisitions, and PTSG should zip back up pretty quickly imo.

https://accesso.com/news/accesso-tackles-ticketing-for-major-league-rugby-teams

"Two Teams to Utilize accesso ShoWareSM Ticketing Suite to Manage Ticket Sales, Access Control and Call Center Operations

ORLANDO, Fla. (Oct. 23, 2018) – accesso Technology Group plc (AIM: ACSO), the premier technology solutions provider to leisure, entertainment and cultural markets, has continued the growth of its sports portfolio through ticketing partnerships with two new professional Major League Rugby (MLR) organizations.

The New Orleans (NOLA) Gold and most recently Austin Elite Rugby, have both entered into three-year agreements to begin utilizing the accesso ShoWare ticketing and eCommerce platform to streamline assigned seating ticket sales, manage access control and provide full-service call center operation for their ticket sales beginning in mid-October.

The accesso ShoWare suite enables operators to manage the ticketing process on a single platform while providing fans an intuitive purchasing experience, whether they buy tickets online or on-site. The Software-as-a-Service (SaaS) solution offers operators ultimate flexibility and control over ticket sales in assigned seating venues, allowing them to streamline the ticketing process while maximizing revenue. With integrated, white-label call center service, fans can interact with informed representatives trained to provide outstanding technical support, drive team ticket sales and provide exceptional customer service.

“We couldn’t be more excited to partner with Accesso for our event ticketing needs,” said NOLA Gold Owner Tim Falcon. “NOLA Gold is always looking for new and innovative ways to invest in the fan experience. In Accesso, NOLA Gold has found a trusted partner that understands the industry and can provide us reliable, accessible service whenever and wherever we need it.”

“As our team and fanbase continue to grow, we realized the need for a solution that prioritized ease-of-use, both for operators and fans,” said Richard Osborn, owner of Austin Elite Rugby. “Utilizing the Accesso ShoWare solution will help our organization have total in-house control over the data management system, enabling us to better understand our fans and simplify their ticketing experience.”

Rugby is one of the fastest-growing sports in the United States and one of the most popular sports in the world. Through outreach programs that bring new players to the game and high-performance pathways that keep the best athletes in the sport, MLR has created the competitive environment necessary to start a new chapter in the story of American rugby.

“As rugby continues to move into the mainstream in the USA, we are honored to partner with these two teams to bring them innovative ticketing technology that will enhance their operations and bottom line,” said Paul Noland, accesso CEO. “Our focus has always been to drive innovation that will enhance the guest experience and we’re pleased to bring that to the eve

The Times market report this morning notes that Kier shares rose because of:

"Budget nods to a more than 20 per cent rise in rail spending over the five years to 2025, with an emphasis on renewal work"

This has to be good news for RNWH too given its core specialism in renewal and maintenance work.

Great stuff - trading is ahead of expectations....

https://www.investegate.co.uk/watkin-jones-plc--wjg-/rns/pre-close-trading-statement/201810310700037691F/

Plus everything else going well. Even the known reduction in units in FPG has had a silver lining with a one-off £4m profit-share!

And interesting comments re evaluating options to maximise shareholder returns on BTR.

Given the forward visibility over revenues and profits, it's not surprising that "the Board remains confident in the future outlook for the Group".