Computacenter Share Discussion Threads

[v11slr] 04/12/2012 16:02

That's strange, I was buying at 379. :-)

[imastu pidgitaswell] 04/12/2012 15:59

Another inspired decision to sell at 380...




Mustn't grumble, eh?

[imastu pidgitaswell] 20/11/2012 10:29

Odd RNS last night - sounds a bit defensive, if it has any relevance to CCC's business prospects.

I've sold up, not out of any particular conviction, but simply to grab the cash/profits because it is back to where I last sold out of it and I don't see that much else has changed since the last set of results. If anything slightly worse with the last trading RNS about the Germany issues.

But a great company on a cheap valuation, and will be back if we get 350-odd again.

[redips2] 16/11/2012 19:39

Well I missed trick at 3.35, so I'm somewhat miffed---Hey ho, watch and pounce next week maybe.

[imastu pidgitaswell] 16/11/2012 16:43

Funny old share this one - really illiquid, 10% plunge on no news at all, and almost all recovered, again on no news and not much in the way of volume that I can see. Fell while the market was OK, rose while the market has been falling.

Not complaining, took advantage of it, and still holding all that I bought, but may lose some of them next week, as other opportunities are developing, as the market continues to fall following the US election.

Not just the profit on buying these, it's as much to have effectively sheltered monies here - as I would have invested elsewhere too early had this risen too early. I'll still do that anyway (buy too early) I'm sure, but nice to have missed some of the falls elsewhere.

[global mega boom] 15/11/2012 19:44

Flatline year to date always gets a reaction, all trends start and end there... Will it hold tho? :)

[imastu pidgitaswell] 15/11/2012 16:28

Turns out to have been nicely timed - that's the thing with investing in companies with no debt, shedloads of cash (£90m+ in CCC's case) and on low earning ratios, it's quite safe to add more as they go lower (imho).

Just as well, 'cos my timing is appalling usually (as my wife keeps saying, etc etc...)

[imastu pidgitaswell] 09/11/2012 09:12

It is isn't it? No liquidity to speak of - to buy in quantity is very difficult. Probably just as well, as best to ease in gradually.

[redips2] 09/11/2012 08:37

getting v tempted to dip a toe in---it's a job though .

[global mega boom] 09/11/2012 08:30

the The Universal Decision Maker also agrees, for now! :)

[imastu pidgitaswell] 09/11/2012 08:28

We've bought...

Not as many as I probably will end up with - but that's the fun. How low will it go?

[global mega boom] 08/11/2012 17:59

wotcha Computageeks... Stu 335 are we buying it or selling it? buy or sell?, buy or sell? its decision time :)

[imastu pidgitaswell] 08/11/2012 15:19

Looks like a bit more news leaking. Dontchya just love the integrity of the stock market?

Going to add back the 3.79 sale very soon, as now well below 350 - just be nice if it stopped falling first...

[imastu pidgitaswell] 05/11/2012 15:53

Which didn't go so well...

Next sale was at 3.79, so would happily buy that back at around current 3.55, but unfortunately cash is tied up with another underwater techie manufacturer.

Probably for the best, I suspect we might see sub 350, certainly intraday, soon enough.

If I can just get the timing to work, this could prove a nice swing down (and back up in due course...)

[imastu pidgitaswell] 23/10/2012 13:19

I've had a first nibble back at these, after selling out the last of a large holding at 385. Way too soon, as usually the case, no doubt, but impatience got the better of me - decent enough gap between last sale price and buying them back to make it worthwhile.

Happy to buy more if (when...) it goes lower.

[pj 1] 12/10/2012 11:48

Bit of a steady as she goes statement really imo, no doubt Germany will be under the microscope.

Still looks good value

[v11slr] 12/10/2012 11:46

Investec retains buy rating, tp 475p.

[imastu pidgitaswell] 12/10/2012 09:17

Interesting comments - thanks.

It's not clear whether the central (UK) management are fully converse with the German operational issues - with German management in between, and with other issues (France) to deal with, it's unlikely. But as problems persist, they will get more involved, the problem being that they probably don't speak German. Plus the CEO's background is in sales, rather than technical (as you would expect) so there may be issues there...

This part of the statement "to bring the situation in line with our requirements" suggests an aspiration, but life's a bit more complicated than that with servicing client needs, especially new clients.

It remains, purely in financial terms, a fairly safe investment - with £90m or so net cash, current earnings levels (which despite the above, are still increasing) and which will be around 40p next year. But the turbulence brought it down to sub 300p in the Summer (when I loaded up) and if anything the turbulence has worsened. Likewise, my money isn't going back in yet...

[marklith] 12/10/2012 08:52

I'm interested in the ERP implementation at CCC; it can tell you a lot about a company as any key ERP implementation (Oracle or SAP, in this case SAP)will rip through the heart of a company and have a significant impact on operational effectiveness.

I can see that the initial spend of £25m is now over £32m. ERP implementations This can mean one of 3 things:

- Nearly all ERP implementations overspend as the receiving client and the supplier rarely get it right at estimation stage.

- It's overspending and the CCC management isn't close enough to the project team. A worry as this affects every part of their business but very common - indicative of a weak management team.

- As a receiving company, you rarely understand the magnitude of the capability of ERP platforms at the outset and as you see more, you understand more what could be delivered and subsequent, cost justified, business cases emerge. Indicative of strong management and one that would attract my investment.

I have filled in the forms on the 'Investor Relations' pages and I have emailed CCC for a summary of the ERP business case and expected business benefits along with as much of the project reports as they would be willing to share - no response though, not even a 'sorry, that's confidential' reply.

My money stays in my pocket for now.

[redips2] 12/10/2012 08:38

Well I missed this at £3 ish----secretly hoping this may slither a bit more---bit selfish but there we go!

[imastu pidgitaswell] 12/10/2012 08:15

Marked down on the trading statement - which wasn't the best, problems on recent contracts in Germany, but all else is either as before or slightly better.

The new contract stuff isn't great, particularly following on from the earlier (June) statement which talked about the size challenges to the business overall from their new contract wins. This is now contract specific margin stuff - so that's two sets of unanticipated challenges on new contracts - not impressive, and casts further doubt on whether they are appropriately aware in bidding on these contracts.

Extract re Germany:

"we have seen a material deterioration in the more recent contracts, as the transition stage demands increased volume, stabilisation and customer satisfaction is requiring more time and cost than anticipated. Much still remains to be done, particularly with three newer contracts, to bring the situation in line with our requirements"


Still happy to stand aside for now, certainly this side of 350.

[imastu pidgitaswell] 27/9/2012 08:11

Could be, now have a lower high as well as a lower low.



Sit back and await developments seems to be the best option. As it happens, all funds are tied up elsewhere (thanks RIO...) so that suits.

Put the kettle on...

[trademap] 26/9/2012 16:49

Edging closer to your 350p target IP.

[imastu pidgitaswell] 24/9/2012 08:33

Hell of a plunge on Friday - must have taken a further dive after I last looked at it.

Might see 350 again?

[trademap] 21/9/2012 17:52

Me too as I sold out yesterday - thankfully!