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Agree a £250m valuation seems very reasonable and conservative ATM - 166p a share

Agree Pat, but shows EAAS now getting big contracts across multi sites - if £100k per school, that's £4.7m.

Should get 1/2 year accounts in late Sept - a good outlook statement confirming £28m YE numbers should give the SP another push up

Stan - whole market is down? You do realise how stupid your remarks are when the FTSE has just hit a record high. Hardly an indicator that the economy has crashed.

Please keep this board for THG.

Good post HC. The EBITDA margin % reported is often lower than estimated and then MM tries to put a positive spin on disappointing numbers by stating growth post results or in the last few weeks of the reporting period.

For 2025 and beyond i think i read that EBITDA was targeted to increase from c6.5% to 12%.

Well in H1 it appears EBITDA is £24m on c£750m rev - a lowly 3.2%. If H2 £50m is achieved at least that will double, but still c5% for the year.

I would expect a 10% EBITDA margin at a minimum and we remain miles away from that.

It appears beauty in particular is struggling on margins so i would not object if the odd non core brand was sold off, even if a small loss was made.

Get the margin up and the SP will follow. No more excuses.

Great to see the SP finally get back to the 6s. After the EMD sale it reached the high 9s (last Jan) so this is very achievable again.

Assuming a very basic 1 x revenue, is the £28m is achieved in 2025 that's c7.2p per share.

The short term (2 year ) target is to get to £38m - that's 9.8p per share.

With the new CFO clearly adding value, a clean balance sheet and the funding facility now in place the foundations for EAAS have never been better.

This comment is as per ADVFN board a day or so ago (not me) - the SP did rise steadily through Q4 last year and peaked c Feb 2025 before a slow decline and then the April drop due to Trump's tariffs. The observation looks very sensible and hopefully will occur.

One or two contract wins between now and end of Nov (SNX's YE) and then a trading update materially ahead of expectations as per last Dec last year should achieve this.

"Following a similar pattern as last year.

Buying started again towards the end of August, and it found new ground above £3.50 then levelled out to where we are now and been sideways for quite a while.

I expect a similar pattern soon, and new ground at £4/ish end of year and going forward."

It's very good that the YE cash breakeven target was reiterated in the last RNS considering there are now only 4 months left of 2025 as being cash positive will be an inflection/infexion point for this share.

However, based on my simple maths i reckon STX need c25k prescriptions per month (or 75k per quarter) at $240 average to achieve this.

Still a big increase from Q2's 47k at $231.

I'm thinking we need $6m a month rev to give us a gross profit of c$3m to cover c$3m a month costs.

Cash by YE could(should?) be c£15m. Unless they are keeping this back for potential acquisitions a special dividend could be a sensible option. Will please shareholders and as a one off will not necessarily need to repeated every year.

A 10p special dividend would cost SNX less than £1.7m so would still leave a very healthy cash figure

They have said they are close to completing a couple of larger contracts in relation to the £100m financing facility so hopefully at least one of these will get finalised in the next month or so (nothing seems to happen in August as everyone's on holiday) . This will demonstrate that EAAS is growing and the new facility is adding value.

However, in terms of 2025 performance they just need to deliver on the existing pipeline of business.

The only potential negative i can see is if some of the H2 2025 business slips into H1 2026 as this will impact YE numbers.

However, EAAS definitely seems to have turned the corner and it is now a profitable company

Would be interesting if LUCE increased their holding. Bought % at 5p a few years ago. Chance to add at 4.25p yesterday must have been tempting. If so a big vote of confidence in EAAS

It's clearly good that Myers is completely out now and the SP has responded accordingly. Re the 3% rule, most people with large holdings usually sell down below the 3% threshold and then issue a RNS - this allows them to sell the rest at their pace without further informing the market.

The fact he's gone immediately to zero perhaps indicates he needed the money ASAP (and perhaps also that a buyer was available). At c4.25p a share he could have clearly got a better price if he had waited.

Definitely better for us that he's gone.

Still think this is quite lowly priced as long as YE figures are achieved and 2026 guidance looks very conservative.

Unable to buy at 5.4p - this has further to go. Hold on to your seats!

Wow - definitely looks like Myers may be out and the BOOM is finally here

At the last Investor Meets presentation the question was asked re the low EBITDA percentage and what % could be achieved going forward (about 48 minutes in).

It was a very interesting reply.

The CFO stated it is c12.5% and is slowly being increased to 20% and 25% is the longer term target.

The CEO then commented that as a listed company we have c£1.5m fixed annual costs that should be 'removed' when considering EBITDA margins.

He stated that there is very little extra cost to increase revenues from £28m (the 2025 target) to £38m and if achieved we would see the 25% margin hit. I think he said this would then be a value inflexion point for the company.

So for H1 2025 we only made £0.5m EBITDA on £10m revenue (5%) but if these £750k fix costs were removed then it gets us to the quoted 12.5%.

For YE 2025 the £28m has £3m EBITDA but £4.5m if the £1.5m fixed costs are removed - 16% margin.

So say in 2 years EAAS grew revenues to £38m and the 25% was hit - that's £9.5m EBITDA. Subtracting the £1.5m fixed costs gives us £8m EBITDA.

Based on a conservative valuation of 8 x EBITDA that's £64m or 16.5p a share.

Reading between the lines is the CEO saying the inflexion point is to get the EBITDA margin up to a point when we will be attractive to suitors. The CEO does have over 20m shares so a buyout would make him a very rich man

A low ball simple valuation would be say 8 x EBITDA, which at £75m gives us £600m or 45p a share. I suppose you could base it on H1 which was £25m so double that and it's £400m or 30p, the price we are at now. Therefore JP's 24p is clearly somewhat farcical.

Obviously this ignores the improved debt position, selling a non core asset for over £100m, a simpler company structure without Ingenuity and the supposed growth potential of Nutrition etc.

Yes Myers has sold another 4m shares and is now down to 6.7%. However, it appears there are now people readily available to buy these shares, hence the recent SP rise. I notice someone today bought 407k of shares at 4.9p (so c£20k purchase).

We really need Myers to either stop selling or to complete his disposal as quickly as possible as a drip feed seller can damage the SP.

There is a lot of good news to come here so hopefully he will stop soon.

Incidentally, i am also in Trufin, a really good growth company. Despite rising revenues and it's maiden profit the SP has sat at 90p for months due to a seller in the background. The company initiated a share buyback programme and have been buying aggressively since. However, for months the SP refused to move. I got bored and sold out. After a recent positive RNS (which was expected) the SP is now 115p, a 30% increase.

Don't get bored here!!

Very quiet here so just re-looked at the last RNSs. This year (from 1/12/24) we have had 6 separate contract wins or extensions which is very impressive.

H1 was well up on the previous year and the comment that the current trading is 'comfortably in line with market expectations' appears very conservative.

H1 was £35m revenue and an operating profit of £3.3m. YE guidance is £65m and £5.3m.

Based on H1 if H2 is similar (and this was mentioned in H1 commentary) then i'm expecting an above expectations RNS to drop in Nov or Dec, as there was in early Dec last year.

A £70m valuation, which still feels reasonably conservative IMHO is 417p a share.

We is hopefully soon to be BOOM as people realise that EAAS is very undervalued

Agree, good to see a bit of an uplift.

This is still only valued at £16m and we have c£3m cash. If we hit YE numbers this will be conservatively a £25m company, which is c6.5p - so c 40% uplift from here. 2026 numbers (which look very conservative) should get this to a minimum of 8p.

It was c 3 months ago the £100m funding was announced and that saw an immediate uplift of c30%. We know we have 2 large contracts close to being finalised via that funding so if one or both of these get announced in the next month or so i can see us back in that range.

Today's H1 update is a mixed bag.

Whilst they've tried to be positive Q1 was poor, partly blamed on the good weather.

As we are currently in a heat wave i'm guessing the school holidays aren't going great either.

For full year they state they are 'cautiously optimistic' to meet market expectations. Not a great vote of confidence to meet their own targets.