Member Info for rivaldo

We already know from the trading statement that the results will be good, showing around 11.2p historic EPS. Plus a £7.5m cash pile and a 3.9p dividend. Forecasts for the current year are 12.25p EPS with a 4.1p dividend. That's a current year P/E of only 8.8 at current 108p, or with the cash pile stripped out nearer 7.5 to 8, plus an almost 4% divi yield. There's been some excellent contract wins recently as well. For example, for TMW: Http://www.thedrum.com/news/2014/05/20/mccain-foods-appoints-tmw-digital-agency "20 May 2014 - 1:06pm | posted by Ishbel Macleod | 0 comments McCain Foods appoints TMW as digital agency McCain Foods has appointed TMW to handle its digital account, following a four way pitch. etc" And for Fever PR: Http://www.gorkana.com/news/consumer/pitch-wins/fever-wins-sky-pitch/ "Fever wins Sky pitch 23 April 2014 Sky has chosen Fever as its retained agency to develop and deliver campaigns for internet TV service NOW TV after a four-way pitch. etc"

A good trading statement out - trading is in line with 10p+ EPS recent consensus forecasts and a 3.5p dividend, so HVN remains excellent value imo at 117p: Http://www.investegate.co.uk/harvey-nash-group--hvn-/rns/interim-management-statement/201406050700058600I/ "Summary Overall, the previously reported momentum gained in the second half of last year, and particularly the final quarter, has continued with the result that performance in the first quarter has been in line with the management's expectations." Encouraging to see the cash pile is also increasing nicely too, with debtor days reducing. Numis have a Buy and 160p target: Http://www.mideasttime.com/harvey-nash-group-plc-stock-rating-reaffirmed-by-numis-securities-ltd-hvn/154164/ And HVN are expanding in Tech City: Http://www.standard.co.uk/business/business-news/increased-jobs-demand-lifts-harvey-nash-9491315.html "Increased jobs demand lifts Harvey Nash Jamie Dunkley Published: 05 June 2014 Demand for full-time workers in the US, UK and Hong Kong today boosted profits at recruitment specialist Harvey Nash. The company said its like-for-like revenues rose 12% in the three months ending June 4 while its operating profits were 12% higher than in 2013. Harvey Nash said the US offshore market had been particularly buoyant although conditions in Norway and the eurozone remained weak. Harvey Nash moved its headquarters from Mayfair to Heron Tower in the City in 2012 and said it plans to open more offices around Silicon Roundabout to plug into London’s tech sector. It now employs 7,000 workers in 40 offices across the world, including Vietnam. “Demand for recruitment services continues to improve in our key markets although there is variation in the pace of that improvement across the markets in which the group operates,” it said today. “Overall, the momentum gained in the second half of last year has continued with the result that performance in the first quarter has been in line with the management’s expectations.”"

Certainly something happening. More buying today, and online now you can only buy 3,000 shares maximum, whilst you can sell 60,000.

You can actually sell 5,000 shares at 295.5p - above the mid-price! Whereas you can buy a maximum of 15 (yes, that's 15) shares at 300p. Any buying interest at all should provide decent rewards here imo.

Almost 400,000 shares were bought in a series of trades in the last 90 minutes yesterday at prices rising to 4p. Someone was keen. Perhaps news of the repayment of the CULS is coming (it's due by the end of June).

News of an extremely long-term project which started in 2012 and will continue through 2014 and 2015: Http://www.jmp.co.uk/forward-thinking/update/centro-project-success-workplace-travel-planning-winner-west-midlands "Centro Project Success: Workplace travel planning a winner for the West Midlands Submitted by JMP News on Wed, 21/05/2014 - 09:00 JMP was commissioned in 2012 to provide support to Centro in delivery of Smart Network, Smarter Choices, a multi-million pound programme, funded by the government’s Local Sustainable Transport Fund (LSTF). The programme aims to help tackle congestion, reduce carbon emissions and kick start the regional economy and has required the delivery of a wide range of sustainable travel schemes along 10 key corridors in the West Midlands with a view to changing the hearts and minds towards travel on those corridors. JMP was commissioned to support the Employer Travel Plan (ETP) element of the programme which involves working with major trip generators located within 400m of the 10 key corridors in Birmingham, Coventry, Dudley, Sandwell, Solihull, Walsall and Wolverhampton. The trip generators include single site employers, business parks and industrial estates, leisure facilities and local centres. Organisations involved in the programme include Jaguar Land Rover, Carillion, N Power, the Environment Agency and RAC. The ETP project aims to create modal shift away from car usage through achieving increased bus, rail and Metro use, and increased use of active travel modes. This modal shift will result in improved accessibility with regard to skills, jobs and training; better physical health and fitness; an improvement to the local environment and a reduction in road accidents. To achieve the project aims JMP were tasked with engaging over 150 trip generators to secure 138 active travel plans which are currently being finalised. During 2014 -2015 JMP will focus on ensuring measures set out within the travel plans are implemented by the stakeholders involved. We will also be monitoring modal share by staff at each of the sites to ensure targets agreed as part of the travel plan process are delivered."

As well as Betsson and Mr Green, which I noted were trading strongly in prior posts, Unibet is another large client of XLM's (Unibet is also quoted in Sweden). Unibet also recently reported very strong Q1 results, again boding well for XLM: Http://www.intergameonline.com/i-gaming/legal/11420/strong-q1-for-unibet "Strong Q1 for Unibet April 29, 2014 by Stewart Darkin Results for the first quarter of 2014 show continued growth for Malta-based online operator Unibet. Gross winnings revenue rose to £67.6m, up from £59.3m for the same period in 2013, while EBITDA was £21.3m - up 24.5 per cent year on year. Profit after tax for the first quarter of 2014 was up 44 per cent from £10.6m in 2013 to £15.3m. The number of active customers at the end of the quarter was also up significantly, to 552,338 from 489,923. In a statement, CEO Henrik Tjärnström said: “Profit from operations is up 33 per cent, purely organically. “The strong organic growth and a sports betting margin of eight per cent after free bets have resulted in new all-time-highs for Unibet in active customers, GWR, EBITDA and profit after tax.” The Unibet mobile channel also continued to develop strongly in the quarter and represented 31 per cent of total GWR. “Sports betting turnover is up by 18 per cent (26 per cent in local currency) and casino GWR is up 15 per cent (23 per cent in local currency) for the period to April 27, 2014,” added Tjärnström."

Online now you can only buy 1,500 maximum at 294p, but you can sell 5,000 at 285p. Good volumes too by VLE's standards, with 60k already traded today. I wonder if VLE will be buying back further tranches?

Now the 5th highest gainer on the market today....should attract further interest

The LED/Optics division evidently continues to do extremely well, moving premises and doubling its floor space..... Http://www.carclo-optics.com/carclo-optics-moving "Carclo Optics is Moving... We’re Moving… Due to continuous development and success over the past 18 months, Carclo Optics is moving to Aylesbury. Our new premises are more than double the floor space of Slough. Our warehousing and dispatch, currently at Buckingham, will also be moving to the new site. The existing phone numbers will remain the same, so you will be able to contact the main sales line or phone individual team members directly without any change. We will be operating from our new Design and Distribution Centre from Monday 9th June 2014. Please update your contact details with the new address below (invoicing address remains unchanged at Buckingham)."

Another acquisition from the £12m cash would really get things going. Currently JMP could easily be worth another £10m to a larger consultancy company given historic annualised profits of £860k. Shire is now profitable on £8.5m of revenues, so could be worth say another £5m. Add in perhaps another £0.3m for Sira Defence. Overall, including VLE's net assets that's around £27m-£30m of value, i.e a range of between 650p per share to 800p per share. Happy to accept any corrections to my assumptions, but I'm glad to have added more today!

Trading statement out, and it's not bad at all, with some new contract wins on top. The MMs marked the price down because of the phrase "very small profit" to 31/3/14, when actually this represents a decent result for the year, as outlined in the interims and representing at least a £450,000 profit after tax in H2 alone given the £447k loss in H1. Receivables and accrued income are down, though I would guess not materially. Net cash is £2m (gross £3.6m) - against the £1.3m m/cap - but is down from £2.5m last year (gross £4.6m), so once again this is extremely poor given the growth in SaaS sales and apparent reduction in debtors. We need to see the cash flow statement, but this poor performance will hold perceptions back. GNG appears to - once again - have reported a clean full year audit, as presumably any material write-downs would have been noted. Let's hope the arrangements for paying off the CULS go smoothly this time.

Results are out - and the news is terrific in terms of: - £12.2m cash against a £10.8m m/cap - JMP Consultants is going like a train - Shire Foods is now profitable - even Sira is nreakeven and improving NAV is now 400p per share, but that excludes any uplift in value at all for both JMP (now 75% owned) and Shire Foods, which must be substantial. We could see a big re-rating here imho if any savvy investors realise the extent of the turnaround which has happened here. I've added a few more.

Up in Canada last night, not reflected in the UK price today. Here's a new interview summarising the acquisition and sounding rather bullish for the imminent update: http://www.proactiveinvestors.co.uk/companies/news/68769/company-qa-orosur-mining-waymar-acquisition-fits-well-with-strategy-says-chief-executive-68769.html Extract: "PI: Can you now briefly tell us more about the progress being made at the San Gregorio gold mine in Uruguay? IS: Yes, absolutely, we are getting close to the year end - our year end is at the end of May. Things are going well in terms of the basics of the business, production costs are going as expected. We are also adding reserves and extending the mine life. We will have an update on an operational perspective at the beginning of June that I hope is going to be good. I think, also, in June, we will be able to go back to the market and explain the progress in the last year, not only the basic business and operational improvement, also monetising some of our non-core assets in Talca and now, the acquisition of Waymar. I think it’s a lot of progress, while, at the same time, we’ve been building cash in the last year at a relatively low price. When we started the year, it looked like, I think, quite a lot of these achievements were not going to be easy. I look forward to the report to the market in June, with all that has been happening in this year."

Good stuff in this new article - "significant upside": Http://www.shareprophets.advfn.com/views/5540/lombard-risk-management-ceo-catch-up "Lombard Risk Management – CEO Catch Up By Steve Moore — Monday 19 May 2014 Following results from Lombard Risk Management (LRM) last week, I have now managed to catch up with CEO John Wisbey. The issue of capitalisation of R&D spend versus reported profit is one he has frequently had to deal with – with him again noting that the company is following adviser guidance in reporting as it does. A reported pre-tax profit of £4.42 million for the year ended 31st March 2014 compared to £4.22 million more than depreciation + amortisation of capitalised investment and the company is, I understand, generating free cash on an underlying basis. The balance sheet looks solid enough and, although current opportunities will see the company continue to invest, Wisbey pointed to the results announcement statement that “we expect research and development costs to reduce in the 2014/15 financial year as a percentage of revenues”. This supports my view that there will be growing free cash generation here and Wisbey was unsurprisingly, in the context of all-time high recurrent revenues, a highest ever year-end order book and continuing international financial industry regulatory change, confident in outlook. Last seen, house broker, Charles Stanley, was reviewing forecasts, though a move towards reporting £5 million of profit looks realistic for the current year. At a current 10.75p-11.25p, Lombard is capitalised at sub £30 million and, as previously noted, the growth being recorded and positive outlook provide confidence and a trade sale looks the likely end-game outcome. At such a point metrics such as multiple of revenues likely come into play and there looks to remain significant upside on such a basis."

Panmure Gordon have tweeted that HVN are the cheapest recruiter.... Https://twitter.com/HPanmureGordon "PanmureJonesP @PanmureJonesP On-going recovery in UK Recruitment bodes well for others, with Harvey Nash looking the cheapest play at current levels" And HVN have issued an RNSNON which gives significant and encouraging clues about how HVN's markets in tech recruitment are doing: Http://www.investegate.co.uk/harvey-nash-group--hvn-/rns/harvey-nash-cio-survey-2014/201405200944555650H/ "As the global economy begins to recover, organisations are ramping up their investment in digital, mobile and online which has had a further knock on effect in the growing skills shortage, with almost two-thirds of companies reporting that lack of access to the right technology talent is holding back their digital strategy." ""After six years of sluggish activity, this report clearly shows that 2014 is a watershed year. CIOs and Technology leaders are seeing growing budgets and growing prominence in their organisation as CEOs are turning to technology to drive growth."

More anecdotal evidence that HGR8 continues to dp well Http://www.ainonline.com/aviation-news/ebace-convention-news/2014-05-22/london-oxford-and-hangar8 "London Oxford And Hangar8 On The Up by David Donald May 22, 2014, 7:45 AM London Oxford Airport has continued to grow its business aviation activities over the past 12 months, while its tenants, such as Hangar8, also continue to expand their operations. To celebrate six years of running the OxfordJet FBO, the airport is making an offer for the duration of EBACE to halve landing and parking fees for the rest of the year for operators of business aircraft of more than 4 metric tons mtow, subject to availability. Here at EBACE London Oxford is co-exhibiting with major tenant Hangar8 (Booth 1018), which has recently reorganized as a multi-branded company. The traditional charter and operations arm is now handled by Hangar8 Aviation while Hangar8 Aero Medical looks after medical-evacuation missions. Hangar8 Logistics is involved with leasing, logistics and cargo. A newly created division is JetClub, which caters to the aviation needs of ultra high-net worth individuals. Hangar8 has recently added two new types to its UK AOC in the form of a Bombardier Global 5000 Vision and an Embraer Legacy 650, both of which are available for charter. The company is expanding its activity considerably in Malta and also Nigeria where the company operates 14 business jets flying in support of the oil/gas and mining industries. Hangar8 will also open an office at the London Battersea Heliport, which is owned by the Reuben Brothers, who also own London Oxford. "

New note from Edison - note the EV/EBITDA of just 9.7, and even on a P/E basis the current year P/E of 12.9 is looking pretty cheap, especially when backed up by the content library valuation: Http://www.edisoninvestmentresearch.com/research/report/entertainment-one38 "Valuation: Take another look eOne shares have drifted back over the past two months and the FY15e EV/EBITDA is still below the peer group at only 9.7x. eOne offers investors an attractive way to tap into the strong global demand for content; it has achieved critical scale and its breadth of product and geographies diversifies risk, while organic growth may be augmented by complementary acquisitions at some stage. The valuation is underpinned by a library worth over $800m on our estimates."

New note from Edison with much increased forecasts. Note that OPAY trades at a discount of around 80% to its US rival wirecard on an EBITDA basis - and of course that OPAY has a large cash pile which when used for acquisitions could transform the P/E and EV/EBITDA: http://www.edisoninvestmentresearch.com/research/report/optimal-payments1 "Valuation: Better value Since we last published, the stock has fallen back 11%. On our upgraded forecasts, Optimal now trades at a small premium to peers on an EV/EBITDA (FY14 12.6x vs average 10.2x) and P/E basis (FY14 19.8x vs average 17.6x), although this can be justified by its higher than average revenue growth. We note that Optimal continues to trade at a discount to its closest peer, Wirecard (FY14 EV/EBITDA 22.4x, P/E 31.8x). With several drivers of growth (existing customer base, US online gambling, principal membership of Visa/MasterCard), the potential for further upgrades remains. Optimal has a growing level of cash available to fund organic and inorganic growth, and continues to seek acquisitions to grow the STP business."

A further addition to the Health division: Http://www.creston.com/uploads/1400082291_Creston_Walnut_announcement.pdf "14 May 2014 Consumer neuroscience specialist Walnut to strengthen insight offer Creston plc (LSE: CRE), the insight and communications group, is pleased to announce the addition of Walnut Group, a consumer neuroscience consultancy, to the Group. Walnut will further strengthen Creston’s insight offering, with its market-leading neuroscience capabilities available to other Creston companies to support branding, marketing, advertising, research and PR work for clients. Walnut was founded by Dr Cristina de Balanzó, one of the country’s leading exponents of the measurement of the unconscious. Prior to establishing Walnut in January 2013, Cristina was a strategic planner at McCann Erickson and then global head of neuroscience for TNS. She is an expert in the application of neuroscience to marketing and advertising campaigns and is well known as a lecturer and conference speaker. etc"