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Revisiting the most recent trading update the business stated the following about its strategy and outlook:

“Given the evolving nature of this transformation, a more detailed view of FY 2026 and future year expectations will be provided alongside the full year results in March 2026. The Board remains confident in Synectics' strategy and prospects”.

They also referred to making further investments in their strategy - to a product led software platform business rather than a project-led business. There’s every prospect that the results in March could be a key moment for the business as it seeks to grow and deliver its plans.

Not that I can see, Kingfisher. Expect this will pop at some stage when the market realises just how undervalued it is.

Simon Thompson provided an update on the share last week, this being one year after he’d recommended Carr’s Group (subsequently renamed to Fevara) in his 2025 bargain shares. He remains positive on the shares and sees 35% potential upside if they deliver on their plans. Similar to the analysts that cover the share.

I was disappointed to see no trading update at the AGM. Thought it was an ideal time to provide an update

I’d like to see some reduction from the three shorts.

Almost 300,000 share bought today vs approx 15,000 sold …. And the sp increases by 1p ! That feels somewhat odd and underwhelming.

BPM is significantly undervalued. The board needs to do more to realise value for shareholders.

So Winton, who increased their short position slightly on 2 Feb, reverse that position and reduce it by slightly more on 3 Feb continuing the downward trend.

Notable that we are now down to 4 declared shorts at 0.5% and above. However, despite the general downward trend one short increased its short position by a fraction, going against the herd somewhat. Despite the overall downward trend it feels like a controlled exit. There’s no dramatic squeeze on the sp.

I should have trusted my instincts on this.

These are drifting down badly. Need some positive news flow.

There were 5 trades today and the stock dropped almost 5% - with sales of less than 3,000 shares in total? Have to say I’m a little concerned at the drift in sp here and the fact that the company haven’t yet provided a trading update to end Dec - it was 22nd Jan last year.

That’s quite a chunky increase in the Artemis holding - up approx 3.5% to just over 10%.

These are going from strength to strength on a slew of positive news. Language of recent RNSs suggests they could upgrade 2026 guidance. They’re also widely

expected to announce a dividend which should be positive for the share price. Despite having been on a good run recently these might just rerate and reach the target valuation levels of 30-32p. Lots to like here.

I’m merely highlighting the risk RedNinja. That doesn’t mean it will materialise. The provided a trading update on 22 Jan last year so I’d hope for an update any day now on trading to end Dec 2025.

Not surprising but worth noting the only short reducing its position.

interesting to hear christopher mills of harwood capital discuss these recently on ********** with paul hill. his thoughts are that they have an almost entirely new management team, have cleared out the loss making parts of the business, have made an interesting investment in brazil - 3 x the size of the us market with very little competition. margins and earnings are set to grow. there was also some material director buying around last quarter of 2025. edison group have these on a peer valuation of 157p and a discounted cash flow valuation of 181p. these could be a good mid term long hold.

The shorts continue to reduce their positions. Now five declared shorts at 0.5% or greater.

Share price drifting again on lack of news. We badly need a positive trading update that shows the SAW potential turning into hard revenues and profit as the royalties from iTrack/Bridgestone start to reduce. Without that that sp will tank.

I agree CaptainNemo. We have to assume the board have made a sensible buying decision. It’s odd that the market always seems to interpret additional debt as a bad thing. The RNS infers that they have a pipeline lined up that will mean this new vessel should quickly

Become operational and generating additional profit.

Gms has shown that it is highly cash generative and has its debt well under control, reducing substantially each year. I will increase my long holding in Gms.

In his interview with Vox in Jan 2025 Chris Mills referred to other recent comparable transactions being based on 6.5x EBITDA (which at the time for SPI was approx £1m if memory serves me right). This plus property value of £1.2-1.4bn showed his thoughts on valuation at that time. Given recent profit warning this may have dropped somewhat but he certainly envisaged a very healthy premium for the business at the time and I expect that this hasn’t changed.