Member Info for shandypants2

looking at last year results weren't finalised until June, but we could really do with an update as the slow drift down on the SP is depressing. Trading update in Jan mentioned orders for Q1 and 2 received and more orders expected in Q3 and Q4. Just to know everything is on track would be reassuring

as we approach YE hopefully Croma has exceeded last year's EBITDA of c£2m and also the 2p dividend. Does anyone know the broker projections? WH Ireland make you pay for content!!
Even at £2m with a modest PE of 10 that equates to a market value of £20m and we are currently at £11m with over £3m cash.

SP is painful, despite clear progress in the core business.

However, i am reassured that both CF and Buckley thought that buying big amounts at 26.5p last year represented a good buying opportunity. We are c50% down from that price, so need a 100% rise to get back there.
Clearly spin off delays and other overly positive statements have not helped, but these guys knew what was coming re progress, new contracts, spin off value, takeover opportunities etc. Hopefully they will still be proved correct.

the challenge studies are a 2 week process where the patient is essentially locked in a room for that period. It does not suit everyone, or if it does most people will have limited windows when they can attend - and these may not align with a CS dates. A non residential trial allows the patient a lot more flexibility too, so i suspect will be more preferential.
A bit of a win-win.

another good day for OO, this is excellent news - expands our offering without impacting bed capacity etc.

I suspect the comment regarding 'significant' contract may have more to do with the type of contract rather than its monetary value.

Mo seems to be adding value as CEO and it supports his comment at a recent presentation that OO has loads of cross selling opportunities to our existing client base.

Hopefully CF is focusing on getting the YE numbers finalised and those spin offs sorted.

in hindsight the March update, whilst warning of issues, was overly positive. To essentially miss your own guidance only 6 or so weeks later is poor.
However, this is still a growing, profitable company in a good sector.

I think the SP got ahead of itself after the Mail on Sunday tip last year and so was a little on the high side. Today's fall is painful but presents a decent top up opportunity.

good day today - regardless of the SP.

What we need now is:
1. 2021 results finalised and published as CF was 'hoping' for end of April. It would be good to get this out in the next week or so
2. Hoping the above will have a current trading updating confirming the £50m 2022 guidance has been reached/on target etc
3. CF to get a move on with Prep and DIM spin offs as the current SP clearly has little to no valued included for them (i've assume Immutex may take longer)
4. Mo needs to keep these contracts coming in - we've been told there is a £75m weighted pipeline so some of these deals should hopefully be close to finalising

Deliver the above and hopefully sentiment will slowly improve

revenues are rising nicely each quarter - up c25% from Q2 to Q3 although with new bars opening it is difficult to get a like for like comparison.
With more bars opening in April Q4 should see a similar increase so YE revenue could be c £35m to £40m (is £25.2m after 9 months).

IMHO cash is still a concern - £7m is decent (was £9m on 26/12) but there are borrowings and also trade payables to factor in so the actual position is less clear. This was addressed in the Investor Meets presentation a month or so ago but the response was a little vague.

The positive is that current bars are cash generative - was over £1m in H1, so clearly the better the trading the more cash that is being generated. This should hopefully fund the new leases and store re-fits etc.

Has anyone been to any of the bars? I'm Manchester based so a bit far for me.

with the current BAR bid price of 65p i make it now c32p, so any premium has disappeared.

Agree, that as IDP has run out of money (again) not much choice.

Regarding access to Boots and SD do they mean that they can get more BAR brands into these stores and maybe more IDP ones into supermarkets? If so that would make sense.

Incidentally was in a small SD store recently and was underwhelmed. A decent ST range but a little hidden away with Bondi and St Tropez getting the top shelves. Couldn't find any Roots or Nuthink which is a concern

good results today, as previously announced, and a very healthy cash position. Very underwhelming SP response that appears to be focusing on a slowdown in April after a good Q1.

However, a profitable, cash generative and revenue growing company with a low valuation is surely the ideal investment so i'm more than happy to stay onboard

alternatively, a raise 2 days after a ramper RNS re performance with no figures is bad business practice IMHO. Yes, only £300k but will we need additional placings whenever we get a big order??

got just over 50% of what i requested (via HL).

Satago looks really exciting - some have estimated its valuation could be the current SP alone. More details of the Lloyds partnership would be good as i don't think it is included in the SP.

Hopefully 2022 will see Playstacks also reach it's potential as the other 2 areas are growing and profitable.

Pricey?? TST is valued at £6m,buthasnet cash of well over £1m, probably higher now.

It is growing, profitable and cash generative. It's market cap is less than it's annual revenue. I'd say it is quite cheap.
Let's reassess when the results are finalised.

"You obviously don't understand the principles of IPO's".

And it appears Moni you don't understand how the stock market works. Shares can go up and down and these can be due to a multitude of factors. Sentiment is one. POLB appears to be in a better place now than it was at IPO. It was always going to take time and it appears some investors don't have that . You really are a broken record at the moment. Hopefully the positive Moni will resurface one day

a very solid YE performance. Over £80m revenue at at 9% margin gives EBITDA of £7.2m. A PE of 20 for such a fast growing business seems quite conservative IMHO - currently valued at c14.

oh come on Moni - a 40% discount!!! POLB was priced at 6p on Friday so that is the price, not the 10p last year. People can buy on the open market so if you expect new investors to pay the IPO price you are in a dream world.
The deal should stabilise the share price over the next month or two and allows new investors to buy a reasonable chunk in one goal, which is difficult to do in the open market. Is that not a win-win??

well i think there is a trading/YE update on Monday 11th April, and based on Q3 performance all seems to be going well.

A well run profitable company that is slowly eating into the big boys market share.

What's not to like?

Yes, on a revenue front GDM is progressing nicely.

GDM did £1.6m in H1 including £400k from Stock Informer (in 3.5 months).
If SI does £100k p.m in H2 and the remaining areas mirror H1 that's £1.8m rev for H2, £3.4m for full year (up from £1.6m in 2021 full year), a 100% YoY increase.

For 2023 25m users at 25p (both very achievable IMHO) will generate over £6m, almost another 100% increase.

EpicStream is going well as per GFIN tweet, below
https://twitter.com/GfinityPLC?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

Roy - i like you am very disappointed with recent placing - both the price and the timing, but it is done now.
I am well down due to the price collapse, however, the fundamentals haven't changed so i feel this is now very cheap. The BOD have a lot to prove though, however, there is no point posting the same comments repeatedly. I do feel your pain

I don't subscribe to that site so can't see where these values are coming from but all these sites should only be used as a guide - for instance it states the enterprise value is minus £4m - which appears to be deducting the £17m cash from the current valuation. This is clearly wrong.

As i said the net assets (so liabilities have been deducted) are £22m as per H1 balance sheet for BAR but i have taken off £10m intangibles so £12m. This £12m includes the pension liability. Current valuation is £13m so no upside is factored in.
BAR shares were almost 200p this time last year so it appears the impact of bad mgmt has already been taken into account.
Incidentally IDP, which i presume you own, had net assets of £2.2m of which £400k is intangibles. So based on this each share should be valued at c7p.
Both IDP and BAR decent value at these prices IMHO. Clearly if mgmt continue to make mistakes then both could go even lower

lemon where do you get that BAR valuation from?

As per H1 accounts they have net assets of £22m of which £10m is intangibles so £12m other assets. Market value is now £12m of which almost £10m is net cash. Surely it can't go much lower