Member Info for skid35

Agree, share prophets behind a pay wall is not where SOH should be, especially with the opaque nature of the update.

L2, the offer price is fixed at 15p for the base and excess. I have applied for both but the scaling back on the excess will mean little handed out.

Aquae,
After today I haven't got a clue. Would like to see the final annual report with financial notes etc, as well as further breakdown of results and interviews. The problem with the current economic situation is boards are very naturally reluctant to provide guidance, leaving it up to shareholders and boards like these to speculate on the up and downside.
The market always tends to underestimate the value of such shareholdings, I remember racal being worth less than their holding in vodafone. If anything opti should distribute the shares, gives shareholders the choice.

Aqua.
I don't think we're ignoring the stbx shareholding, this appears a great and growing asset.
What we can't have is RNSs which lump the growth in the asset in with, and offsetting, the opti performance. SOH and the opti board have no day to day operational impact on sbtx , 100% of their focus should be opti.

Belgrano.
I always look to a valuation on forward earnings rather than current revenue. So take £5-8m revenue in 2022 and then work to a profit number from this at 20-30x pe (depending on growth) plus stbx. The problem is these numbers really call into question growth expectations.
We need much more clarity on the numbers here.
Just read elricos post, surprised he was Really surprised and not closer to the numbers with his relationship with both opti and pierce.

Palms, great spot.

Belgrano.
Obviously a great investment at the time and kudos to soh for this, but Stbx is now effectively outside SOH control and direction. He should be judged on the core opti buisness now.

Aquae.
As I've said before the statements on divisional profit can be taken a number of ways depending on if and how the very large central costs are recharged.
Using ebitda as a measure is also dubious although everyone does it as it approximates to cash, especially where there are cApitalised r and d costs.
Second half does seem to have stalled, all comparisons are full year hence why we should see the last four half years revenue by product for comparison.
Always aware where companies constantly change the KPIs they report, these should be consistent and set in stone.
Need much more clarity.

Remember the allocation of excess shares will come from the £3m of shares not taken.
Unsure of how they will allocate, but don't hold you breath that you will get a great amount - I would think between 15-30% of your basic allocation (but this is a total guess on my part).

Shares, agree - the h1 numbers make investors look picky compared to full year growth.
Still a long term holder, unlike some I am in profit, but can understand frustration with the price the market has for opti. Might be a good time for new shareholders to dip a toe in, I can see this as traders share between 50p and 65p (plus any impact from sbtx) for six months until the next update. I might trade of this goes down greatly, but keep my core holding.
Hoping any interviews ask the difficult questions, elrico is better than proactive / directors talks as he understands the company (rather than spending time on his hair!).

Belgrano, agreed some traders leaving. Having read through again this is a very underwhelming rns, especially revenue growth h2 vs h2 against the exceptional h1 vs h1.
Looking for more detail here, and how they get the next step changes in revenue.

- firstly you can tell they haven't got a cfo or fd, the presentation of results could be much better. I would like to see h119, h219, h120, h220 p&l with revenue split by division to see trends and % growth.
- Revenue a little lighter than expected based on the h1 growth, unsure what is still to come on royalties but assume these are immaterial.
- Good progress and margin and control of operating costs, enough cash for the foreseeable future.
- Sbtx is a great investment.

Well, my post on not relying on assets as the basis for valuation aged well...

Well, my post on not relying on assets as the basis for valuation aged well...

All the not money is in tech, pharma and crypto - many / most without an established business model.
My only fmcg stock, deeply impressed with the way it is run and manages its portfolio of brands - and as you say cash in the bank, no stupid debt and with some launches which look great for spring / summer drinking.

Train, won't pretend, haven't got a clue - speculate now they have growing revenue streams they may only communicate when these are revenue earning rather than just deals. Maybe one for elrico?
As I said, I hope the update provides a detailed commercial update as well as base financials. A revised investor update pdf would be great helping us understand deals and where they are in the development cycle.

Belgrano, you're incorrect, a large number of companies state the date when they will issue a trading update well in advance.
As an fd it shouldn't take any longer due to the an increase in revenue.
I think investors who are unhappy bought on the spike which is a market issue rather than any underlying issues with the company itself and how it is run, accepting it has taken longer to build up to sizeable revenues and an acceptable level of loss / profit.
Anyway I hope that the trading update, when it comes, provide a real level of commercial detail on the results rather than just financial numbers.

Born, all the "risk" shares I have as a defined % of my SIPP have all been deeply underwater last year (boom, opti, cns, enet) by between 50-75%. All now in the black, there was no way I thought boom would be where it is this time last year, hopefully will rise further to your £8.

Belgrano, I am filtered. Can you tell wooly yet again top line is revenue, bottom line is profit.

I see stbx as a bit of cream on the cake but in this market we have seen that opti doesn't necessarily rise with stbx asset. Would eventually like to see these shares passed direct to shareholders.
I hope the underlying business will justify a higher trading range. Keep on looking at 7:30 each morning for the update, I would be good for opti to state the exact date of the update a few weeks in advance.

It is difficult to understand how much aqua is worth, and therefore candys % shareholding in this vehicle which then owns boom shares - he is still retaining other shares plus an indirect stake. Just looks like diversification into a related company, where there may be JVs or agreements in the future.