Member Info for Toadhall1

agree, though, some profit taking , and low volume.

Hi, your figures seem low? Current year run-rate based on H1, could take PAT to £38MM vs £31MM last year. P/E of just 12 gives MCap of £456MM. 446.112mm shares gives SP of just over £1.

Notwithstanding that, P/E of 12 seems quite cheap based on annual growth rates in PAT of: 20% to Jun 19, 17% to Jun 20, and run-rate of 20% to Jun 21. Gives a PEG of ~0.6.

Certainly shows no lack of ambition. Cost can be easily be funded from debt. In the last two quarters alone (4Q and 1Q), £20MM of borrowings paid off from cashflows. Paying £35mm to enhance earnings by £4mm is a no-brainer. Strategically looks complementary too.

1. 20% WHT
2. I'm unable to hold in my HL ISA. I've contacted them in the past to confirm. You cannot buy into an HL ISA based on interpretation of HMRC tax rules. Possibly other ISA providers have other interpretations from previous discussions on the boards.
Agree solid growth share. Performed well during pandemic. Now able to earn supplementary revenue from vaccine distribution. Plus discount to main listing to boot. Under Bangladeshi rules, 30% earnings need to be paid out as dividends to encourage local reinvestment. Unfortunately the rules allow a get-out for companies to pay out max 10% as shares. So as earnings increase, should see nice increase in cash div. If Q1 run-rate is maintained, one could forecast £39MM PAT. That is without any extra income from vaccine distribution.

Hi @deltaseeker. Where can we see those off market trades? Thanks.

Agree PharmaGiles. And that’s on top of the deep undervaluation as a pharma company and undervaluation relative to main listing. If this is taken over in the future, AIM holders get the uplift to main listing plus takeover premium. BXP would be attractive as a takeover target with its broad markets, yoy recurring growth and high quality GMP assets. Attractive to both domestic competitors- the top two domestic companies it is targeting, or alternatively to foreign competitors looking to muscle in on Bangladesh given its competitive advantage relative to India and China.

AC, Likewise I have a small holding of less than a year and currently in the process of evaluating an increase in my investment here. Hoping to attend the investor presentation next week. I can’t quite work out why organic business growth appears to have been a little slower than expected and why they appear to have disappointed investors over the past year as shown by fall in SP. (I’m hoping it was just down to unrealistic expectations created by mngt and the rate of growth expected by investors. - Perhaps it is not so easy to break into an industry with what is essentially a service business, and it takes time to build up clients). Right now they have a strong management team with good industry expertise and I believe Mike Read is the man to transform the business and he has invested in that. I like exposure to the industry which is undoubtedly a growth area. I do think Solarwinds could be transformative but I think the market needs confidence they can turn this new partnership into sales. It seems apparent that MidGARDv2 for the larger enterprises isn’t ready compared to the expectations earlier in the year. However there should be plenty of growth to be had from the smaller and medium enterprises from MidGARD and existing product set. Particularly i am expecting growth from cross selling products between existing and new clients of the recent acquisitions. Intrigued- how do you know they just rejected a 3p placing? Not sure I’d heard that before. Thanks