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Ian.B - if Israel carries out on it's threat to neutralise Iran's nuclear ambitions I could see this down to 12p. On a company level the increase in operating profits appears to be linked to the significant reduction in cash position. If this is how they sustain growth I would be worried, for instance how are they masking the falling net cash from activities? If they can repeat operating profits and turn the balance sheet around to cash gains then yes this will look cheap
so let me get this straight...... this profit making aim company, with net profits up 51% and with prestigious clients, lockheed,, us airforce et al, check6 who provide reoccuring revenues and who have £4.5 mil cash and pay a dividend.... the true worth is £6.5mil mcap at 12p sp i suspect somone has an agenda. lol. give me a shout when its 12p im in.
jolly - The cash position i've included but the accounts suggest this is still expensive for a couple of reasons IMO... the recent investment spend distorts cash inflow and growth projections. Strip out the investment and the $1.6m decrease in cash and it appears net cash would have increased by around $800k otherwise, not including the dividend payment. That's around a £500k net cash increase to come although perhaps it is a little harsh to exclude the dividend for p/e purposes. Trade receivables were up by £150k too which begin to account for the reported headline operating profit. Just taking the past three years of comprehensive income it looks positive, reported figures show growth following each year but take a look at Net Cash provided by Operating Activities and the trend is reversed. $2,515,000 in 2012 down to $1,929,000 in 2013 down to $1,087,000 in 2014 Like you say jolly MWE fails to attract market excitement and they trade below cash + office asset value. Based on that comparison your 12p shout here looks a certainty
found that now, yes yagm had 4 mil left on 4th june. so potentially a lot more selling yet. will keep on watch.
not in but have a fair knowledge of the company. most of the work is done at the florida offices. net profits up cash at £4.5M gbp - mcap at £9m dividend payer. if it drops a little more on the seller could be tempted back. A distinct lack of new large contracts following the £6.7m win 2 years ago was my main concern when i was in. looks cheap but still falling so will wait and watch.
about YA (and others?) potentially selling for v long time into illiquid/sluggish "market"...and agree that israeli element hardly helps ...I guess that your use of p/e has not accounted for the sizable cash/cash eq, so on that we disagree BUT if you look at MWE (another israeli based company) you can readily see a comparator/tiddler that has traded at huge discounts to its v strong balance sheet for years and years ...so can I see SIM below c12p (net net)..well it would be bizarre but why not? given the obvious dynamic of limited buying and persistent heavy selling that feeds on itself ...AIM offers all the fun of the fair lol
One point of view out of Israel http://www.timesofisrael.com/iran-deal-will-set-off-nuclear-conventional-arms-race-warns-top-israeli-official
YA have been selling into this recently and still have over 4 million shares remaining (7.95%). Whatever their reason if they continue to offload which it appears they are given selling pressure recently this will continue to fall. Anyone know when YA were gifted shares? I'm presuming they didn't buy, past experience tells me it was some form of loan for equity swap. On metrics SIM's growth in profits last year was impressive but otherwise p/e isn't that cheap, nor is revenue growth (ultimately new business). It looks like they are streamlining costs but given risks to location (especially after the Iranian deal) it's not surprising investors are washing their hands with this in favour of better growth prospects in a safer part of the world.
that's a decent sized holding in yr pf?
Added a further 2,000 at 18.59p...now have 6,000 at a smidge under 20p...
Just looks like sims turn to take some pain from the ii's, Norman hunters.
is this company tanking? Is there something wrong with it? I can't see anything wrong with it.
at this rate, it'll be 14p in Sept lol
watching closely...Looks like may be able to buy sub 20p if I'm luck (he says greedily) Next results September so perhaps I have time...notwithstanding any surprise contract wins or an abrupt stop to the ii selling
Just thought I'd sneak in with a blatant rampety ramp. LoL
has been dropping...now close to 19p...so I guess we have a persistent background seller? ...I am not buying more until the effective bid is rising into significant trade volume
lol...just (i) lower than the other trades/buys, (ii) there are large seller(s) about still and (iii) the effective ask hasn't moved up
Ummm...are you sure that is a sell, Jolly?
by persistent seller
shrewd move
didnt think you would be sloopy missed the st inv. see it now. thanks been here before and made but slow going. will stay on sidelines for now until happy seller done.
nope...I have converted already lol.. ..1. the st investment (cash eq) boosts net cash..so over US$9m ..2. the ebit last year was £0.9m (US$1.3xm)
all figures should be usd not gbp. so $6m cash is actually approx £3.8m gbp
yes plus others perhaps...need volume to shift them...which we are starting to see a little ..."should" be trading in 7-10 range for EV/EBIT given decent aligned management, ok markets and competitive position in markets and the ratings of other tiddlers that I follow...(all imv ofc)... ...so if EBIT is close to £1m now and net cash is c£6m, the sp "should" be 12p for the net cash plus 14-20p for the EBIT..so 25-30p ...but clearly the "should" is based on many Jolly assumptions and should not be trusted lol ...dyor, all