Horizon Technology Share Discussion Threads

[explorer88] 13/3/2008 10:23

offer at E1.18 :-)

[chesty1] 13/3/2008 10:21

Whats happened here then....

[svendid] 07/2/2008 17:21

Peculiar trading....mm's moving it back up 10% in last week.....
Caveat Emptor!!

[svendid] 05/2/2008 10:31

Tole, Pugugly....

[svendid] 01/2/2008 08:41

The high end business must be flying over here!
Caveat Emptor!!!!

[svendid] 01/2/2008 08:36

Reports I am hearing that Fujitsu Siemens are recently cleaning up in the high end server market in Ireland.



Caveat Emptor!!!

[svendid] 30/1/2008 12:17

Looks like the days when they had a virtual exclusive over the Irish
market are gone, and new competitors are coming in to serve the
reseller market in Ireland....mostly European level stockists that are
trade only.

[charlie11908] 07/11/2007 07:50

You have to make profits galore to pay dividends!!!

[charlie11908] 07/11/2007 07:50

High Court allows Horizon to wipe losses

Tuesday, 6th November 2007 01.34pm



Dublin-based computer system provider Horizon Technology Group has won High Court approval to reduce its share premium account by the amount necessary to eliminate historical losses and restore the profit and loss account to a nil position.

The Company has not been in a position to distribute dividends because it has had cumulative retained losses.

To get over this, the ISE quoted group had previously sought and received shareholder approval to reduce the share premium account.

The directors do not intend to declare a dividend in the short term but believe that it is important to eliminate the legal impediment on the payment of dividends.

It says the position of its creditors is not adversely affected by the reduction.

[tole] 06/11/2007 17:53

Horizon Technology "buy"

Tuesday, November 06, 2007 7:04:13 AM ET
Goodbody Stockbrokers

LONDON, November 6 (newratings.com) - Analyst Gerry Hennigan of Goodbody Stockbrokers maintains his "buy" rating on Horizon Technology Group Plc (ticker: HOR-GBX).

In a research note published this morning, the analyst mentions that Horizon Technology has received an approval by the High Court to reduce its share premium account, restore its P&L account to a nil position and, as a result, position the company to distribute dividends. Although Horizon Technology has indicated that it does not intend to declare a dividend in the near term, the company may do so going ahead, the analyst says.

[charlie11908] 26/10/2007 09:04

Distribution is a risky business.......
is it not???!!!!



Caveat Emptor!!!!

[charlie11908] 25/10/2007 04:48

Rumour has a lot f things!!!

Caveat Emptor!!!

[tole] 20/10/2007 15:23

For the full year, revenue should be around €285 million; pre-tax profits €11.5 million and diluted, adjusted earnings 11 cents (equivalent 7.5p).

Based on what I see as the house brokers revised earnings figures of 11.5c and 12.7c - PER 2007e of 8.52 and 2008e of 7.77

As the above IC article picks up - HOR's low rating partially reflecting the low trading volumes - so any pick up in this (as seen by the recent tip-sheet articles) should see these motor pretty quickly in my book.

[tole] 19/10/2007 13:38

Not been posted here...



Services boost Horizon Tech
Created: 7 September 2007 Written by: Tim Bradshaw

Like Morse, Horizon Technology is moving out of pure hardware reselling and into consulting services - but without the same heartache that has soured Morse's results recently. "We are not walking away from our investments in infrastructure," says Horizon's chief finance officer, Cathal O'Caoimh. "We are very happy to invest in two distinct areas."

Earnings from applications consulting grew 78 per cent, comprising a third of group earnings; the change in mix has improved operating margins from 8.8 per cent to 14.2 per cent.

Cash conversion of 167 per cent put Horizon back into a net cash position, but that's also because it hasn't retained its traditional pace of acquisitions. "There's a gap between the multiples we're prepared to pay and what some of these companies are looking for," says Mr O'Caoimh, adding that the company is "certainly still in the market" for more deals, particularly in the Irish public sector and in Oracle consulting. Oracle infrastructure software, a relatively new area for Horizon, has been slower to take off than it had hoped, but business has picked up since the half-year.

Panmure Gordon expects EPS of 10.8c (7.3p) in 2007 and 11.9c (8p) in 2008 (2006: 9.2c).

Horizon Technology (HOR)

ORD PRICE: 66p MARKET VALUE: £ 54m
TOUCH: 65-67p 12-MONTH HIGH: 80p LOW: 61p
DIVIDEND YIELD: nil PE RATIO: 14
NET ASSET VALUE: 51 cents* NET CASH: €1.0m


Half-year to 30 Jun Turnover (€m) Pretax profit (€m) Earnings per share (¢) Net div per share (¢)
2006 131 3.13 2.77 nil
2007 146 3.91 4.47 nil
% change +11 +25 +61 -
*includes intangible assets of €25.9m or 31 cents per share (£1=€1.48)


IC VIEW - GoodValue
Horizon's low rating partially reflects low trading volumes in its London listing, but the shares are nonetheless good value.

Last IC View: Good value, 77p, 23 March 2007



NB - Believe the figures quoted above by Panmure have since been upgraded post results to 11.09c and 12.04c, which is the lowest of the estimates I have with the majority and house brokers Shore Cap looking for 11.5c and 12.7c respectively for 2007e and 2008e.

[tole] 19/10/2007 12:23

Also - Recent update summary from Panmure Gordon below where they hold a BUY recommendation and a 92p Target price here...

Reason for recommendation -
This is a period of significant change at Horizon: it disposed of its low-margin distribution business and is developing new vendor partners and service lines through a mix of M&A and organic development. The aim is to become a leading technical integrator and IT distributor in the UK and Ireland. We see an opportunity for outperformance in SI, applications and business intelligence. As the transition to the 'new' Horizon gathers pace, we anticipate earnings upgrades and a re-rating.

[tole] 19/10/2007 11:37

Tipped In Aimnewsletter at the beginning of the month -
Oct 07 Horizon Technology - BUY

"We maintain our view that a current year multiple of 8.6 falling to 7.9 in 2008 on the back of 12.3 cents (8.4p) of earnings is too cheap for a consistent growth stock. BUY."

[tole] 13/9/2007 11:04

Hello - Now Up 10% and L2 moving fast and a good break through 70p.

[tole] 13/9/2007 10:51

Nice to see this one ticking up today.

[tole] 07/9/2007 11:41

Horizon Technology profits jump by 25pc in first half
Friday September 07 2007


HORIZON Technology, the specialist in the integration and distribution of information technology products, has reported interim results showing a 25pc jump in profits before tax to €3.9m for the half year to June 30, 2007.

The improvement came on the back of its decision to focus on service provision and exit the hardware distribution business which had acted as a drag on earnings.

Horizon's chief executive Gary Coburn said. "The successful integration of acquisitions completed in 2006 and our increased services orientation is delivering performance and growth."

The group generated €8.8m cash flow from operations and eliminated net debt at the end of the period, with net cash of €1m instead of net debts of around €7m a year ago.

Horizon said its enterprise applications and services division increased earnings by 78pc year-on-year and generated one third of the group's earnings.

It also said the expansion of services within the group's Irish operations means that 58pc of group profits were generated in Ireland during the period stated.

The company's own broker Shore Capital said the results were "some way ahead of our expectations" and has decided to upgrade both the 2007 and 2008 forecast as a result.

While it had predicted revenues of €139m and earnings of 4.5c eps, the company reported revenues of €145m with earnings pitched at 51c a share.

"The cash performance of the business has been particularly strong," the broker said.

Horizon's market position is continuing to strengthen, which should bode well for future margin development, the broker said, adding that a proposed capital reduction raises the possibility of dividend payments in the near future.

[tole] 07/9/2007 11:38

Davy Stockbrokers upbeat on Horizon
Friday, 7 September 2007 07:41

Davy Stockbrokers has said they regard Horizon Technology shares as undervalued compared to its peers.

In a research note they said that first half revenue of €146.31m was slightly ahead of their forecast of €44.5m, with EBITDA 10% ahead of expectations.

'Based on the growth to date and future prospects for both the Irish service-based business and the UK infrastructure-oriented business, we feel that the stock is undervalued compared to its peers', Davys said.

Davys reiterated their 140c price target, 44% above today's price.

[tole] 06/9/2007 16:59

Would have hoped chart wise this has bottomed and now a good move today to close above 65p




Further summary on results...



Enterprise growth on the Horizon
By John Kennedy


06.09.2007 - Irish technology services player Horizon Technology Group plc has seen gross profits increase 44pc for the first six months of the year, based on revenues of €146.3m which were up 11pc on last year.

Horizon chief executive Gary Coburn attributed the half year performance to growth in the company's enterprise application and services businesses, up 78pc in the six months, which now account for a third of the group's earnings.

"The successful integration of acquisitions completed in 2006 and our increased services orientation is delivering performance and growth," Coburn said.

The company reported a 27pc increase in earnings before interest and taxes (EBIT) to €4.6m, up from €3.1m a year earlier.

Horizon's chief financial officer Cathal O'Caoimh said that operating margins are up 40 basis points to 3.2pc.

"Very positive cash flow generated €8.8m funds from operations and eliminated net debt at the period end," O'Caoimh said. "Horizon is well positioned, both operationally and financially, to deliver continued earnings growth."