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I don't really care about divi tax when the excellent earnings don't pay tax. The market doesn't seem to understand the great intrinsic value. The earnings growth was excellent despite an ongoing significant R & d investment. The balance sheet is a thing of beauty : no debt; cash & short term investments of $9.44; equity growing $1m a year. Factor in next to no growth but with current returns & you easily get ' annuity' type return valuing share at 40 p +. But that's not how SIM works - they will announce 'lumpy' substantial new contracts on top of the recurring revenues. We just have to wait for the inevitable new contract win. Be patient ! PS the 2nd half revenue is always softer

50% increase in profits ,decent dividend for a small stock(prudent 22%), continued very significant investment in R&D($2.3m); increase in current assets to $9.9m( tucking a couple of million away in short term.hopefully interest bearing,investments.Nice one,Sim!

Looking forward to strong ROC,ROE & operating margin%.Hopefully a positive outlook as well.

What can we expect: a very healthy balance sheet with significant cash? Strongly rising ebit margins? Confirmation that existing blue chip,recurring revenue contracts working well?Reminder that we get paid in us$ which has been the currency to be in for the last year ? News of further contract wins would be the icing on the cake but we know Sim is very well respected in the sector & the need for pilot simulation training( both in the military & commercial sectors) is only set to grow given cost & trainee expertise advantages.Being small Sim doesn't get much coverage but folks should like what they see on Monday.Value stocks hop don't run so hopefully a nice jump next week when Sim gets in the investor radar again.

Took the plunge yesterday @51.6p.CMS offers a compelling mix:Valuation : Relatives below average :PE & EV: EBITDA.My intrinsic value calculation suggests 89-150p depending on progress. Prospects: set fair for decent 2015 growth given Axa win & contribution from Life/Communication group.Profitability: new acquisitions operate on much higher margins plus energy costs( material in print) going down. Free cashflow should move forward strongly on core business as revenue grows,margins improve towards the declared double digit (incentive )target & WC drops through move to digital.A favourable low inflation backdrop hopefully will tease its blue chip customer base into more activity..Thats the plan anyway !Forward ,safe dividend of 4% allows us time to see the positives unfold .The sensible non cash write down spooked some but has no impact on value creation.

Value stocks hop don't run. We know results are strong & will demonstrate the value opportunity at low risk. Expect a nice leap.

Delving deeper into their recent acquisitions: the communication group git £7.25n for £.45m ' adjusted( code for make it look more palatable )Again a hefty multiple...nite it was ebitda not EARNINGS ( which probably didn't exist).Gross assets if £2.5m!Key question for future : can print guys successfully integrate creative services? Discuss.

I guess another reason CMS has been marked down was the price paid for latest acquisition. Proven Ebitda of £1m, maximum consideration £23m( subject to undisclosed performance criteria ). Not cheap & not in a space they are known to operate successfully in. Again time will tell but some clearly skeptical inc the team acquired ( who have insisted on s lot of cash rather than CMS shares!)

Tailender,recent results disappointed primarily due to the fact operating margins didn't grow & CMS took a significant write down. The company could well grow nicely but it has to demonstrate it has profitably digested a string of recent acquisitions. These acquisitions -funded by extra debt -have been necessary because 1 leg of the business: 'Produce' is in terminal decline ( due to digitalisation). It remains unclear whether CMS can profitably outstrip this attrition. Any proof of this will be rewarded but many investors will wait & see before investing.

This is s key valuation measure for banks & it's still high vs other bigger,safer banks.

A very honest assessment of risk...sadly it's not asymmetric : if Russia doesn't back down( unlikely with Putin) then very likely balance sheet will be further hit by valuation downgrades.Also didn't like the signal that may be forced to accept rouble denominated in lease renegotiations which could hit earnings & operating CASHFLOW on translation.A good business stuffed by poor macro economic outlook.

Jolly, that's your trading finger itching again .I reckon more folks will want on board .. the margins are strengthening nicely, profits convert into free cash & new contracts will cause a spike.

Just to put the current valuation opportunity in SIM: on current share count cash worth :18c per share;assume below average growth of 5% for 5 years then modest terminal growth of only 3%; discounted by WACC of 8%( no debt/ low beta(: book value if cash :.18+ Growth value:.22+terminal value:.34 gets to a conservative Fair value of $.64 or 42p.Can we expect higher sector growth given track record to date? stronger margins given recent trends & RNS?opportunity to calm down heavy R&D if any hiccups ; a continued strong dollar?That's why its valued by analysts at up to double Todays price....oh & they pay a dividend which given rising cash pile ($1million pa) might benefit from a special dividend one day ?

Sim is a steal at this price.its challenge is not its quality but its size.After today's signals we can expect another spike in April when the results can be analysed in their full glory ( especially strongly rising margins evidenced in last 2 half year results).Hopefully SIM will tuck away some new contracts this year.If AIM was driven by fundementals rather than Cowboys & bS Sim would be far higher. Tuck it away & sleep easy.

Sim has many attributes to commend it but will require new contracts to appreciate. It has genuine sector expertise( blue chip clients like US & UK airforces);meets an expanding need( simulators hugely cost effective vs real flight time);excellent ,rising net margins;commits consistently to significant R & D investment;strong balance sheet & delivers clockwork free cashflow topping up an already strong net cash position. Its EV:EBITDA signals undervaluation & on Stockopedia it gets A+.It's full year results will add to this cash pile yet its share price is languishing. Why ?! it's a small company off the radar & needs news flow to get noticed. With its track record & excellent fundamentals it will rise. The year end figures will show modest revenue growth & only serve to demonstrate it delivers -but it's requires a few new contracts to light the touchpaper & deliver the real ups1de. Be patient but expansion started in 2014 into Latin America, China & USA universities will pave the way for accelerated growth again

Looking forward to trading update next week: cash pile rising to over $11million will be nice ...half the market cap for a business that consistently performs in an advantaged fashion in a strong 2015 currency.Couple that with core strong commitment to R & D investment to secure its future :should breeze through 30 p soon

Good article in today's Times on just how much time Air Force pilots train on simulators rather than in the air: cost effective,functional & environmentally friendly .News of contract win will power SIM through 30p .$ income rather than £ sterling also helps!

Pleased to get on board @21.50p. Excellent fundamentals, $ denomination ,strong reputation , significant & consistent R&D investment & decent cash pile .Its only draw back is the low free float & unresponsiveness ' ex news'. Next contract win will tease others in but even on conservative basis must be valued at 30p + so hopefully asymmetric risk : reward in 2015. GLA

With such a material stake theybshould know

RNS cleared up the HQ issue: £12 per sq ft without maintenance or refurb costs looks a great deal.Even liquidated Thal worth more than current price( cash & valuable physical assets) yet in the med/ long term it should offer good growth prospects: after all oil explorers hsve to explore!They play the long game.If or more likely when Russian EU sanctions ease it should move back towards £1.20 at the very least...a jolly nice bounce