Share Name Share Symbol Market Type Share ISIN Share Description
Earthport Plc LSE:EPO London Ordinary Share GB00B0DFPF10 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.25p -1.25% 19.75p 19.50p 19.75p 20.50p 19.75p 20.50p 642,385 08:56:49
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 22.8 -7.2 -1.7 - 96.42

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Date Time Title Posts
19/10/201709:34EPO with Charts & News13,524
12/10/201721:42Who in their right mind would buy this stock (EPO)?3
11/10/201616:42EPO - could 2008 finally be the Year they come good?!13
11/10/201616:40Tesco - is it real?97
26/2/201515:52Earthport 20151

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Earthport Daily Update: Earthport Plc is listed in the Software & Computer Services sector of the London Stock Exchange with ticker EPO. The last closing price for Earthport was 20p.
Earthport Plc has a 4 week average price of 19.25p and a 12 week average price of 19.25p.
The 1 year high share price is 30p while the 1 year low share price is currently 14.75p.
There are currently 488,190,409 shares in issue and the average daily traded volume is 272,502 shares. The market capitalisation of Earthport Plc is £96,417,605.78.
silkstag: Epo4eva, 1) Sugar slashed costs to the bone. Early adopter of asian outsourcing to rip even more out of his cost base. EPO needlessly locates all admin, IT, compliance, management and sales staff and infrastructure in one of the most expensive places on planet earth-the city of London. Empire ego and vile hubris, bloating costs with otber people's money. 2) Sugar did not face plummeting revenue per item. The price of all of his products did not fall 35% in one year, then another 15% the following year, and so on. He sold physical products with a perceived intrinsic value. EPO is doing invisible admin. Consumers hate paying anything for it, it is money in the bin, and the market price will spiral down to zilch as more large companies are tech enabled. We see the price slide already. EPO provides worthless admin. Efficiency and cost are everything. EPO just turned its overheads to turbo-bloat; it should be slashing the £26m by 30-50%. Instead it is hiking them by that. Suicide. 3) EPO has lied about fy23 target average transaction price to fiddle the forecasts to justify hiking the costs. Dirty bungling scumbag EPO management. 'You are fired' will be the market message to the share price. MANDATORY SELL All imho. Dyor
silkstag: You ignore the problem. Market currently (mis)values EPO at x4 turnover. EPO conceals the fx split. FY7 was about £12m FX. FX is not worth £48m. More like the 'generic business' x1 it paid for it so £12m. £36m over-valuation. 500m issued shares so 7p per EPO share price correction required. That is my point. EPO paid £6m up-front for FX when it had £6m turnover. They paid c£2m later and it blundered (lost) £5m in one transaction in early 2016 but if FX can string together three solid years of profit (FY17 being the first) then it will be an OK investment by EPO. It will be worth £12m. OK. But not worth £48m. 7p price fall needed just for this. The 25% claimed operating margin is a porky. Already explained. They capitalise implementation costs then don't include its amortisation in operating margin, so it is meaningless. Dirty presentation of a false metric. Fake news out of EPO's fake news cannon! EPO will fail any trade investor due diligence so can never be trade sold. Dirty management. Dirty numbers. Dirty company! STRONG SELL all imho. dyor.
silkstag: EPO had a real chance in 2013. It failed to convert. Fy16 average transaction price crashed 35%. They went to lowball hell to build turnover. Think about losing 35% on everything sold, and it happening in just one year. Why should a business survive that? Well, if the next year it clawed back a large price amount then maybe. But fy17 the average unit price fell a further 15%. That is a death spiral...for any business. Maybe, just maybe, some businesses could batton down the hatches and ride out the price storm in the hope it improves in a year or two. But EPO also has bloated central london £26m overheads. It is an admin processing business and all its UK staff are paid city wages with city rent and overheads. Its servers and all IT infrastructure pay city rent to be housed there. So instead of being lean they are obese. FX turnover in fy17 is about £12m of the £30m total turnover. Assume fy18 about £15m. They cover up this split to mislead the stock market but epofx accounts filed at companies house in late March 2017 show fy16 fx turnover at £9.3m. FX is generic, EPO bought it at x1 turnover and that is what it is worth. Maybe x1 fy18 forecast if growing reliably and no more £5m blunders. Not worth £48m. About £36m over valued so 7p reduction to shate price needed to correct for this error. As a final share price batter-point, Fy16 reported group loss was suppressed by massive unrealised fx gains. I expect some of this to reverse so fy27 loss could be even worse than fy16 £8.2m. The market is not expecting this. Business model fell of cliff in fy16. Fy17 made it worse. Fy17 massive reported loss not priced in by market. 7p in bin correcting fx valuation error. Disaster funding round needed to pay for unit price crash/slide and bloated city overheads. Already diluted x6 from 80m to 500m shares 2010-17. That offsets turnover growth in the period, especially as fy17 had about £18m transaction turnover. The rest low value fx of £12m (bought at and worth x1; not x4). EPO fake news cannon trying to cover up all the flaws. STRONG SELL. Save yourself before the results come out in October. All imho. Dyor.
isaready: Wig, this is the same person way back in 2013 who was slagging off this company. She thought honestly EPO would have died by now. Through bitterness, slagging continues and though their revenue has gone from 2 million to 22 million, she still moans like its the end of the month every day. Poor thing. On one hand she was a serial bull, ignoring facts as below and talking to herself and now, a serial bear, again, ignoring facts and talking to herself. SilkStag - 12 Oct 2012 - 13:22:52 - 8624 of 12757 EPO with Charts & News - EPO EPO forecast revenye £3-3.5m for 30-6-12. SilkStag posted it would hit low-end £3m. SilkStag was right, EPO hit £3m. EPO forecast revenue about £7.5-14m for 30-6-13. Silkstag posted it will hit low-end £7.5m. These are all facts. If SilkStag is right again, about £7.5m in 30-6-13, then EPO share price will be substantially above current level. Predict x2-3 return. Opinion. If EPO decides to close funding in Oct/Nov, predict share price will rise post funding round. Opinion. EPO has made substantial commercial progerss so would have no difficulty securing further funding, if desired now or by Spring 2013 when it is needed. Opinion. ps BP, have you steam-cleaned your head yet? Dont forget to wash behind and inside your ears. We know what they have been pushed through and rubbing up against. Yuck. Dirty BP!
silkstag: Arf, you raise a savvy point. If a driver leaves keys in the ignition while popping into a shop, the insurer will refuse to payout for theft. If EPO breached agreed procedures then its insurers will refuse to payout (even if it is covered which is not clear as it may depend on proving who committed the alleged crime). EPO share price pumping around its 9 September 2015 porkies day fell back quite fast as once institutions stop supporting then vapour will not maintain fake gains. A lot of the buys will have been traders betting on the porkies pump, who of course will dump when it changes direction. There is no upside for investors in these vapour pumps, jut high risk trading. EPO missed its September 2014 fundraising forecast profit (and approx year end cash balances) for fy15 by -£9.2m and is on track to miss fy16 by -£25.6m. Total miss -£34.8m. It also missed funding forecasts in previous years by absurd amounts. And they failed to downgrade when they knew they were falling far short, in breach of AiM rules. Thus this management team has a proven track record of serial fraudulent misrepresentation and misleading the market on expectations, especially when fundraising. EPO will raise funds before signing the accounts in autumn, so any reader who says they can safely rely on management forecasts today is crooked or stupid or both. Like the previous investors who did rely in the past e.g. Sept 14, you will lose a high percentage of your cash. What is rough, is that high loss percentage is already dead the second you invest. The serial downgrades are certain as is the price crash that goes with them. EPO porkies pump day in March 2015 said they had already passed breakeven. Then came the downgrades and a -£9.2m fy15 loss. They are lying about breakeven now, as they have done before. Disaster funding rounds @4p, massive dilution and 1 for 7 share consolidation are on the way. Management and board changes overdue. Management death spiral. MAYBE LAST SELL OPPORTUNITY AT GROSSLY INFLATED SHARE PRICE. LARGE LOSS PERECENTAGE ALREADY HIDDEN IN SHARE PRICE SO INEVITABLE. all imho
silkstag: SS posted that the -£0.5m FY16 loss expectation was a sinking Earthtanic management lie. SS posted that the -£6.5m FY16 downgrade was still a management lie and that H1 FY16 would be -£5.5m alone; so full year loss -£10m or worse. SS posted in 2014, 15 and 16 that management serially breached AIM rules by failing to correct knowingly falsely inflated market expectations. SS posted that Earthtanic was a MANDATORY SELL at 45p or anywhere near and passengers should bail into lifeboats before it sinks back to 2010 10p turnaround price. SS posted expect FY16 loss at -£18m. SS posted expect PG to resign having been serially deceived by Earthtanic management. The truth: EPO downgraded FY15 from £0.5m profit to -£2.2m loss to -£4.2m loss to -£8.7m loss. EPO downgraded FY16 from -£0.5m loss to -£6.5m loss to -£11.5m loss to abandoned expectation on 21 March. EPO reported H1 FY16 loss before tax at -£5.6m and operating loss -£6.7m. In about six months EPO share price sank from 45p to 16.5p with heavy seller overhang remaining and still no FY16 forecast or target price issued by PG 2 weeks later. The honest conclusion: It seems that this SS 'oracle' keeps anticipating the truth. SS is filling the integrity void left by crooked Earthtanic management. SS has serially corrected for the benefit of this BB the falsely inflated market expectations set and left by crooked EPO management in breach of AIM rules. Only a crook or moron would be cross with SS for these gifts of analysis insight and integrity. DYOR especially if you are an ungrateful git or crook. All im(not very as have been bang on)ho.
cleverclog: SilkStag, 15 months ago (June 2014) you stated the following: You were wrong on all the 7 points, would you care to correct yourself and demonstrate you lack of credibility. Wrong 7 times, yet you sit here today, 15 months on and say the same stuff. Why were you so wrong 15 months ago??? 1-EPO 9 million revenue - You were wrong 2-Baydonhill Revenue You were wrong 3-slow growth in core turnover You were wrong 4-valuation IMHO the market has been duped intio thinking EPO is doubling turnover this and next year. But what is really happening is that the valuable core turnover is gowing much slower, and adding £3.4m worthless BH turnover is hiding that slow growth. You were wrong 5-The full year numbers will be dire. Given past bad behaviour in interims, EPO management will likely: 2a) boast that it has 'more than doubled turnover in a record breakthrough year' from £4.1m (30-6-13) to (Panmure) £5.6m + £3.4m = £9m. I expect a bit less, c£5.3m + £3.3m = £8.6m. You were wrong 6-I expect this price support to fail over the summmer, as sellers and insiders learning about the huge cash losses and dire numbers, put more sales pressure on the share price and it slides through the Henderson net. I also expect a bear market over the summer so some shorters may also attack EPO. I think EPO is worth about 18p.You were wrong 7-Management have harmed their credibility. You were wrong 10/6/2014 12:01 silkstag: 123 Prezzie, thank you. I was pondering filtering TM to ignore his often vulgar serial posting. Lets talk about matters that matter! 1) Actual and forecats turnover and cash loss: 6m to 31-12-12 £1.83m. Cash loss -£4.1m 6m to 30-06-13 £2.31m. Cash loss -£3.15m 6m to 31-12-13 £2.5m + 0.8m* BH = £3.3m reported. Cash loss -£3.5m * EPO included c£0.8m for 2 months of Baydonhill FX admin processing, which was valued at 1x turnover as low margin (0.48% commission), no growth and about breakeven, so commercially irrelevant. Panmure original forecast turnover for 12m to 30-6-14 was £6m EPO core + £3m for 7 months of BH = £9m. When EPO included an extra month of BH (revenue and cost under an accounting technicality), but reported core numbers below expectations in the interims, Panmure effectively downgraded their forecast to £5.6m EPO core + £3.4m BH = £9m. The total turnover stayed the same but that was only as it included an extra month of BH. Panmure did not increase their forecast loss by that £0.4m of extra BH costs - which imho was just a careless error. So the core business only grew 9% to £2.5m in the interims; and PG only expect £3.1m (up 25%) in the second half. 2) Slow growth negative impact on market, losses and valuation IMHO the market has been duped intio thinking EPO is doubling turnover this and next year. But what is really happening is that the valuable core turnover is gowing much slower, and adding £3.4m worthless BH turnover is hiding that slow growth. What is equally serious, is that slow growth in core turnover has only been achieved by hiring heaps of new sales people so overheads have gone up. They have gone up more tha the extra turnover in the core business. So EPO's cash-based loss (i.e. ignoring any non-cash accounting stunts and burdens) will be worse this year. EPO's cash-based loss has not got worse since y/e 30-6-12. So this y/e 30-6-14 will be a two-year backward step away from breakeven. With slow core growth and increasing losses taking EPO further from breakeven, its valuation must logically fall significantly. IMHO only by management failing to disclose the BH part of the numbers, and trunmpeting fake growth at fake levels, has caused the price to rise so far. The interim numbers were dire. The full year numbers will be dire. Given past bad behaviour in interims, EPO management will likely: 2a) boast that it has 'more than doubled turnover in a record breakthrough year' from £4.1m (30-6-13) to (Panmure) £5.6m + £3.4m = £9m. I expect a bit less, c£5.3m + £3.3m = £8.6m. But that is not the issue. The core business growing only 30% [4.1 to 5.3] is the problem. The market valuation requires core turnover to grown x3 then x3 (ie two years in a row) to make sense. 2b) gloss over and try to ignore that the cash-based loss has increased to c£7.5m, having been previously expected to fall to c£4m as EPO allegedly got closer to breakeven. 3) Funding and Henderson market support EPO will likely raise yet another £8m to fund its increasing losses. This will happen before the accounst can be signed so either this month or September seem likely. Meanwhile, Henderson sold several million shares in the 45-49p range and are buying them back at around 40p to try to provide share price support. Their average investment price on c40m shares is about 15p so this fiddling about at 40p is nothing to do with them liking the share at 40p, it is just about keeping the price up to help the funding round and support their position. I expect this price support to fail over the summmer, as sellers and insiders learning about the huge cash losses and dire numbers, put more sales pressure on the share price and it slides through the Henderson net. I also expect a bear market over the summer so some shorters may also attack EPO. I think EPO is worth about 18p, when you unravel the facts from management spin and deceit. I agree that EPO has future growth prospects and believe management would have better served the company by being honest, balanced and transparent - as was their legal duty - and allowed the share price to move more steadily and sensibly. Management have harmed their credibility. Given EPO's horror history, all manner of stock market deceit in 2009 with nearly all the responsible parties being sacked in 2010, Uberoi scored a vile own-goal in the interims, and will likely do the same in the full year commentary and numbers (unless the auditors do their job properly and take a firm stand). All imho and DYOR
neverneverland: SilkStag, On the 21st July 2014 you said the following: What's it's like being so wrong 15 months after on EPO? What's it like saying the same thing day in day out and also saying the below 6 months before from Jan 2014. That's nearly 24 months of being wrong. In the meantime they have grown the busines, the revenue and are not in a great position to target growth and opportunities, something you chose to ignore. When you invested at 11p, they have no such clients, no such shareholders, no such oportunities, no such revenue. Their revenue at11p was 1-2million a year. Now its 17-20million with a change of it moving to 30+ million. All you can do is complain, but really you have ignored everything, since you decided to sell at 39,43p was it? Are you not embarrassed? 21/7/2014 15:27 silkstag: culford, I repeat that Monitise is clearly a relevant valuation benchmark (as you and I have posted before). It is currently valued on a turnover multiple of about 9x reported turnover (down from x13). EPO is valued at about 22x core turnover. So yes, EPO share price should crash down to core x9 + BH x1 i.e. about 15p to be on same valuation metric as Monitise. Your comparison to Monitise is a valid and thunderous own-goal. EPO stinks of being desperate to raise a heap of cash before the lousy next 6m results blow their credibility imho.
silkstag: Folks, "upon maturity, the loan can be converted into equity of Haystack Investments II". It says 'can'. That means it is a covertible loan, which makes sense. The finacier needs EPO share price to stay above 15.6p in order to have its £2.25m loan covered by the asset of 14.4m EPO shares. The financier will only elect to convert if the share price goes above 43.3p i.e. the conversion tipping point is set at current market price [14.4m x £0.433 x 40% = £2.25m]. That also makes sense. Mr Uberoi has basically borrowed the exercise price (plus tax payable on exercise) and secured that borrowing only on the resultant EPO shares. The borrower has a conversion right to give it a share of the potential upside, and is secured so long as the EPO share price stays above 15.6p. It probably also gets interest on the convertible loan. This deal is economically in one way similar to HU selling 40% of his warrant shares to pay for the exercise cost, and keeping the other 60%. But it is worse as HU has the down-side risk of price falling and lender taking back the cash and interest at maturity. One would only do this if one could not sell the 40% at anywhere near 43p, if you could, it would be plainly better to have done so. There may be some other tax problem. But 'HU has tried to sell 40% to keep 60%, but could not sell them, so fudged it' is I think a fair summary of this deal. EPO's share price falling below 15.6p is the lender's loss point.
tradermania: To show how one sided SS is. I even complained about the numbers and progress, yet he decided to tell me I was wrong to be realistic. Now he is totally the opposite, yet I believe we are making progress, SilkStag - 29 Nov 2013 - 12:31:44 - 9740 of 10402 BP, EPO bought Baydonhill very cheaply [c£3.4m cash; plus from £1m to c£3m in earnout shares and £0-1.4m in earnout cash paid for out of target positive cashflow - or not issued or paid if not met] and if being part of the well-backed larger EPO group helps ramp BH revenue then that benefit will flow to EPO shareholders, aa does the benefit of having bought cheaply even if BH just grows slowly. My simple point is that BH is part of the group, I expect it to contribute significantly to valuation uplift, so it should be included. But to help you set a combined revenue expectation, Charles Stanley 22-11-13 note says "Our [revenue] estimates for the full year now include seven months contribution for the newly acquired Baydonhill acquisition, which amounts to £2.7m for 2014 and £4.6m for 2015". CS say "we are not yet including any potential revenue synergies until we get greater clarity of its potential contribution" so I think those numbers are a fair base-point. One can always work out the EPO-BH split from publsihed accounts (and house broker notes) but many shorters and small shareholders dont receive such things, and interim numbers or trading updates may not give full splits, so if we are betting again, it is sfare to pick the combined number so there are no argumnets about who won the bet. Since I have been bang-on in range with my revenue forecasts for both 2012 and 2013, you will understand I want clarity. As explained above, ramping group revenue is great for shareholders. Shorters, tough luck, in addition to core revenue growth, BH will kick-up the group valuation as EPO bought it on such low valuation metrics! SilkStag - 10 Dec 2013 - 10:47:21 - 9756 of 10402 Jaknife, you allege 'management is useless' and its 'terribly run'. Please explain how you have made fair comment (not just lazy lies) given the following positive facts and house broker views upon those positive facts: 1) "the business model appears to be at a positive turning point" 2) "Bank of America, Yandex.Money, HyperWALLET are now live and Viamericas, America Express and BB&T are in implementation phase....several other key customer are currently in pilot stage" 3) "Earthport is building a world-class customer base...Clients such as Bank of America N.A., Western Union,, American Express, and partners such as Fiserv provide us confidence that the company's service is disruptive to existing payments methods". 4) "We have yet to see a growing company in the sector that has been able to announce the same amount and quality of new clients and therefore believe that Earthport is redefining how low-value, high volume payments will be made going forward." Your allegations, that the company is 'terribly run' and management team led by Hank Uberoi since spring 2010 is 'useless', look like lazy lies to me. If you disagree, please comment on items 1-4. 5) Further, as noted before, EPO share price surged up 50% to a new level from Dec 2012 to Feb 2013, as they announced major strategic progress with Fortune 500 banks. I agree woth TM that we do not know when the next wave of such strategic progress will be announced, but I expect a similar price surge upward when it does. 6) Irrational to be short on EPO imho. The AGM is Friday 13 December and I note that last year this coincided with the base camp of the price surge, in the wake of announcing Bank of America. Items 5-6 are mainly factual then opinions running from them. Feel free to comment but I assume you will just purport to disagree with my views, which is fine. SilkStag - 06 Nov 2013 - 15:54:19 - 9653 of 10402 Year to 30-6-12 EPO reported revenue at £3m and loss before tax of £9.6m. Year to 30-6-13: SS expects c£4.2m revenue. BP expects £3.8m revenue. SS expects loss to go down a bit. BP expects loss to rise due to costs rising (more than the extra gross profit from increased revenue). SilkStag - 24 May 2013 - 14:27:45 - 9412 of 10402 With the global banking network, software, Fortune 500 client base and £7m cash at bank EPO is in good shape. It also has 5p per share tax asset which is of use to a trade buyer as it shelters future profits). x3-5 is achievable in 3 years, but it could be taken out sooner. A lot of the hard work is already done so that is a good return profile. SilkStag - 25 Mar 2013 - 14:28:04 - 9247 of 10402 TM, financial services software-based solutions always go like this. Here made harder by dire reputation under previous management (Bergman fired as CEO January 2010). Uberoi has overcome that and has momentum. Look at the facts: 10 December 2012 announced Bank of America (Fortune 500 bank) 14 December 2012 AGM gives Uberoi authority to issue stake to strategic investor who brings millions in revenue 17 January 2013 announced BB&T (Fortune 500 bank) 27 February 2013 Uberoi said he was in dialogue with 6 of top 10 US banks 6 March 2013 announced American Express. Amazing strategic progress. Why are you whinging? Any partner bringing revenue will help ramp revenue from all clients. Any one of the above plus Western Union, Fiserv, Yandex, IBM could 'turn the dial' and rocket EPO revenue. Normal for financial institutions to take things slow until they can see everyone is happy. Also, an industry leader might buy EPO for its STP software, multi-national banking network and now top client base. Be patient, EPO has gone great COMMERCIALLY over past few months WHICH IS BEING REFLECETD SLOWLY IN SHARE PRICE.
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