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Real-Time news about Flintstone Tech (London Stock Exchange): 0 recent articles
|rivaldo: I think the market is still taking it all in Bill :o))
Excellent that a placing has been got away at 14p, and that the vendors of the new businesses have accepted shares at 14p too. Should put a floor under the share price for a while.
Profits look a bit lumpy (to say the least) in the acquired businesses due to those one-offs. And the consideration looks expensive imo. FLT and the placees must be confident there's more to come given that H1 showed a trading loss.
FLT's interest in Keronite is now 12.6%. Great news that Keronite will float, but the upside is not fantastic with a relatively small holding.
So a mixed bag. The multibagger possibilities have gone. But the acquired companies look interesting and should integrate well with Firestop, Biocote etc. Is there a possibility that FLT will now acquire Firestop and/or other investees?
I'll hold for a while. The price should make its way to 14p, and there may be decent news flow post-acquisition which is being saved up (new contracts etc).|
|jonwig: Nice find, Rivaldo.
But of course it won't set the FLT share price alight!!
BTW, did you invent the penultimate paragraph?
|e-boffin: Positive news in the Hardide results on Tuesday will no doubt have a good effect on the FLT share price prior to their own results. This must have been orchestrated by the company. Hardide Tuesday and then FLT Wednesday.
Looking good IMHO.|
|the prophet: -be even better when we break through multi-year resistance around the 14p/15p mark
-that's a whopping 4p to go...or a tiddly sub £3m, in terms of market cap.
-this article has been posted before, but here it is again, for good measure
-surely this is what is/will be driving the FLT share price (+ a few bikes as well, we hope!)
-when I questioned our friend Mr Chestnutt on said article, he didn't deny any of it, other than to say FLT can't announce till deal is finally inked and stamped etc etc
-this all looks a pretty big deal to me,and given Ultramotor is currently valued at £1.4m for 100% of the company, surely there is potential for a multi-bagging event here.
-seems to me Ultra could easily be worth £25m-£50m if it was listed on AIM right now, given that much of the development for the first range of products has been done, there are other products in the pipeline and it all looks close to a commercial reality........
-perhaps FLT will announce done deal with the results?......|
|sophie_k: Between us all we have come up with some well balanced views, and all agreed on the fact that the share price should rise significantly from the piffling 12.5p level that it is now to something around 20p or more. So, a matter of not if, but simply by how much.
Companies such as the investee companies within the FLT portfolio - like Hardide - will always 'appear' grossly overvalued based on their current business levels and short-term revenues. Although some will never reach their potential and prove to be overvalued, companies like Hardide with a proven product in a multi-billion pound marketplace will thus prove to be a real steal. This company will look cheap on a discounted cash flow valuation I feel
If one waits until the revenues are proven and in the bag, then the price simply includes a very heavy premium for that certainty factor. So, I agree that Hardide will start with a flourish and assist the FLT price get to a more reasonable level.
Markets should be a bit kinder to us this week too, I hope.|
|sophie_k: Well, with some holders last week selling into the rise and profiteering we should start to get another big lift in the share price by the end of this week. If/when the Hardide flotation is confirmed at the £12.75m level then the FLT price should start to close on the NAV value of 20p per share like other VCT's have been doing recently - and should imo start to show a premium to the NAV. The current 40% discount to NAV will ensure a pretty rapid uplift in price and severely limiting the downside. Momentum should push us ever so closer.
The 20p level could actually be reached very quickly on a good start for Hardide thus reflecting strongly on FLT management. So, I am looking forward immensely to this week like all other FLT holders.
Only my opinion so DYOR.
|the prophet: -some interesting and thought-provoking posts....good stuff all round, least we are all agreed the FLT share price should go up....just a question of by how much and over what period of time.
-regarding the PDT comparisons, as a long-time PDT holder (should that be sufferer!!!) I'm not sure flt is in the 'pdt club'
-well, although PDT have had a few successes, they've had quite a few failures as well, and some quite expensive failures at that, together with a lot of write-downs. The successes have not been on a scale to significantly out-weight those failures, least not so far.
-looking at FLT, the success rate is very high, FLT take a different approach to PDT, developing the core technology from almost 'base idea' to fully formed commercial company. With PDT, they are essentially doing seed cap vct investing, but trying to help the companys they invvest in as well, but in a much more limited way than FLT.
-Perhaps Intellikraft may be a failure, but, right now, that looks the only possible, whereas PDT still have a clutch of co's on the 'sick list'.
-Therefore I would rate FLT's management more highly, in this respect, than PDT's. Also FLT generally take much higher stakes than PDT, by the time PDT's co's float, there ain't a lot left for shareholders!!! Ok, slight exagerration.
-Given that we have had a bear-market up to March 03, and FLT floated in around June 02, there has been a much more limited time-frame for FLT to float companies, compared to PDT.
-Given the above, I think its unfair to label FLT as being in the pdt club!
-having said that, I agree with rambutan that it always takes longer than what you think!|
some fair points, but im with jonwig.
with regard to pdt, it floated at 100p 7(?) years ago. its current share price is approx 115p. thats why it deserves its discount. the 'too early' alpha sale just summed up the weakness of the management when it comes to actually making money for shareholders.
in contrast, the foresight management have proved themselves as moneymakers for their shareholders and thus are rewarded a very good rating.
at the mo, flt is in the pdt club. we are all excited because it looks like the management might at last manage a float. a big and long awaited step. but only the first one. i suspect that the mkt will want more evidence that flt can become a moneymaking machine. despite its merrits, im not sure that hardide is going to set aim alight, at least for a while, and thats probably what flt requires to add the likes of another 10p to our share price.
remember, flt has had a big rerating already - it was down at 6p quite recently.
that said, im happy to hold onto my shares and expect/hope to get a much better price than the current one at some stage. its just that these things usually take much longer to happen than one imagines - i only need look at my portfolio to remind me of that!|
|sophie_k: FLT's peer group is comprised of the likes of MMG, IP2IPO and BTG with market caps of £148m, £293.6m and £145m respectively. These market caps are far, far above the NAV of each company which are £3m, £62.5m and £69.5m respectively. The valuations of these companies are higher than NAV because they have relationships with a higher number of companies and universities, and more IP all at a maturer level. FLT has always been lower rated (to NAV) because it has fewer relationships with very early stage companies.
Now that FLT has a broader range of relationships with investee companies reaching a maturer and advance stage of development and with possible further IPO's this year, then the price will start to reflect this with a re-rating. A successful IPO for Hardide, or even Ultra Motor, or Biocote could multiply this value several times over. Something that we haven't considered here either is that the latter two businesses could be in real demand with predators meaning that FLT could come into another incubator's sights. Running costs are also minimal with FLT's mini but rapidly maturing portfolio.
The share price therefore should start to rise to reflect a premium to the NAV (just like the others) over the coming weeks and even without the multiplication that we see above with others in the peer group (which are justifiably higher) we could start to see a 50% premium to NAV at least. This would give us a market cap of around £20m at Hardide flotation thus giving a share price of 28p for Flintstone. The mind does boggle with this one but don't forget that FLT did have a much higher market cap when originally listed a couple of years back. Really the shares are just returning to the mean.
One could argue that this calculation is a bit generous but you could easily argue that even that is a bit low. The fact remains that the current rating given by the market at £8.8m is far too severe.|
|the prophet: -Nick, well, 100p would equate to a market cap of some £45m, and considering they are holding large chunks of companies who clearly have a lot of potential, then that sort of figure could well be on.
-guess, in the meantime,be good to get north of 20p! market cap would still be under £10m at that level!
-I think there are perhaps some similairities with another of my favourites, Bioprojects.
-Both companies floated around the same time, Bioprojects floated at 6p, and has only recently got north of that 6p level again.
-I think Flintstone floated at around the 25p/30p level (would have to check it out to get exact figure) and obviously have some way to go to just get back to the float figure.
-but, like Bioprojects, the companies that Flintstone have invested in have , on the whole, made good progress over the last few years. Not that you would guess that from the FLT share price and the share price seems to bear no resemblance to the performance of the underlying companies. It is quite clear to me that Flintstone have taken on Keronite and Hardide from a very early stage and turned them into fully-fledged businesses....no easy task, as anyone who has invested in early stage companies will vouch. I don't think the FLT management are really receiving any credit for this.
-Perhaps the management need to be a little more pro-active on the investor side of things, but, let's be fair, over the last few years no-one would have listened anyway!
-with the likes of Bioprojects and also Prelude, starting to get more recognition, Flintstone surely deserve their share as well. The investment case stacks up with just a couple of their companies, like Hardide + Keronite, but in Ultramotor looks like they've got the 'wow' factor in there as well.
-£6m market cap? tempted to buy it all for myself!!!|
Flintstone Tech share price data is direct from the London Stock Exchange