Share Name Share Symbol Market Type Share ISIN Share Description
Indigovision LSE:IND London Ordinary Share GB0032654534 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -4.00p -1.83% 214.00p 210.00p 218.00p 218.00p 214.00p 218.00p 5,562 15:10:18
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 37.2 0.0 -30.2 - 16.26

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Date Time Title Posts
16/8/201715:33Indigovision- IP Video & Alarm Management3,861
18/1/201522:05IndigoVision - troll-free thread9,911
13/2/201316:02Worried About Paul Scott3
29/9/201017:39IndigoVision - Now the time to take profits?116
12/7/201009:18Indigovision - wankers-only thread9

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Indigovision Daily Update: Indigovision is listed in the Software & Computer Services sector of the London Stock Exchange with ticker IND. The last closing price for Indigovision was 218p.
Indigovision has a 4 week average price of 214p and a 12 week average price of 214p.
The 1 year high share price is 297.50p while the 1 year low share price is currently 140.50p.
There are currently 7,597,310 shares in issue and the average daily traded volume is 5,583 shares. The market capitalisation of Indigovision is £16,258,243.40.
jaykaytee: share price is still falling...Richard Farmiloe still selling his holding? I wonder how many he has got left?
jaykaytee: Unfortunately the share buy back doesnt seem to be holding the share price up at the moment.
puffintickler: JayKayTee Number of shares on market goes down so market cap per share goes up. Cash goes down (spent on those shares) so market cap should go down. Net effect is that market cap per share is unaffected so theoretically the share price will not change. exotic has explained why the share price has actually fallen.
jaykaytee: Excuse my ignorance, but could someone explain to me why, if IND are currently buying up their own shares, the share price has actually dropped over the past 2 days ?
gengulphus: I'd be surprised if they dont continue the buyback until the cash is exhausted. I'd be surprised if they did continue the buyback until the cash was exhausted. The buyback programme is for a maximum of 375k shares - at the current share price, those will cost under a million quid, and they had 6.2 million as of the final results! Of course, it might happen if the share price rose enough - in which case I would be both surprised and delighted! :-) One other thing to note is that with the price they pay to buy shares being limited to no more than 105% of the average market price in the preceding 5 trading days, they'll automatically be forced to pause any time that the market price jumps up significantly. For instance, it's no surprise that they haven't announced any shares actually being bought back yet, since the share price jumped up significantly merely on announcement of the buyback programme. Gengulphus
gengulphus: last bid was at 560p i think As far as I am aware, the last documented proposal to take over IndigoVision was the one at 265p/share documented in . It never got as far as being a formal takeover bid, not did any such bid emerge from the "offer period" that started then (December 23rd, 2011) and ended with the announcement on January 20th, 2012. I've also skimmed through all the RNS announcements under the "News" tab at the top of the page, looking for any other "offer periods" - they're pretty obvious even on a quick skim because they produce a flurry of "Rule 8", "Form 8.3" and similar announcements. There's one other such period back in 2002, but the only price I've found mentioned for that is one of about 20p/share's worth of the bidder's shares - see . So I'm afraid I don't see any evidence of there ever even having been a "possible bid" at 560p, let alone an actual bid. Gengulphus
gengulphus: If New Pistoia do cross 30%, don't they then have to bid at a price equal to the highest share price in the last 6 months......or am I thinking of something else ? Roughly right, but only roughly. They normally have to make an offer ( rule 9.1 of the Takeover Code ) but there are some exceptions (e.g. I think I've seen one somewhere in the Takeover Code for genuine mistakes, quickly put right). And rule 9.5 sets a minimum offer value, but it's not the overall highest share price, just the highest price paid by the potential offeror - though it is the previous 12 months rather than 6. It is noticeable that their original big push up to 29% ended with the purchase on April 28th last year that they announced in . So if they do want to make an offer by any chance, they should be freed from the obligation to make it at the much higher prices they must have paid then within the next few weeks. But that might well be a case of putting 2 and 2 together and getting 5 or more! Gengulphus
exotic: Can't see accurate trade price data for that period, but looking at an ADVFN 'date range' chart, it seems their 'selling' RNS had the effect of reducing the share price, which was over £4.00, and allowing them to pick up more around £3.40 - £3.50:
paulypilot: The seller doesn't know something we don't. He's a muppet in Switzerland, who got lucky on some previous positions, and now seems to be liquidating in the most stupid way possible - i.e. trying to get rid of a 29% holding by dribbling it into the market. I have some experience of this - if you check the RNS, I bought 8% of IND back in 2003/4, and still have just under 3% indirectly. When the time comes to sell, you ring up Brewins (now N+1), and say you have a block of 100k shares, and leave it with them. When a buyer comes along, Brewins ring you up, and broker a deal, trying to screw both sides for commission - thousands of pounds for just making a couple of phone calls. That's what pays for the fancy office - useless parasites. New Pistoia is acting like a distressed seller - trying to dribble out stock in the market, and having to put out RNSs with each 1% reduction, just tells me that this guy shouldn't be managing money. What a complete fool. Everyone is just sitting & waiting for him to blow up & liquidate the lot at 100p or less. Then it will bounce to 200p once the muppet seller is cleared out. Free money maybe? I got into a mess in 2008 with my IND holding, as it was leveraged. Terrible mistake. So I've been there, and carry the scars. What I did was to Place the stock in big lumps - 100k at a time. The price was 450p at one point, and I sold 100k shares at about 400p to HH I think? Can't remember exactly. They were the only buyer in town, so I took that price, after trying to jiggle it up, of course. They replied take it or leave it, which is what you do when you're the only buyer in town. This muppet seller in Switzerland is trying to sell stock in the market, then putting out RNSs for each 1% increment. He's obviously in serious trouble. Tough - don't play the game, if you don't know what you're doing. I can Place that stock at 100p, but have to be careful about concert party rules. So it would have to be done in dribs & drabs. Short term - things look terrible here, and the share price is almost certainly going down. Medium term - the company seems to be doing alright, has moved back into profit, has a fab Bal Sht, so I'm trying to relax and think of lying on a beach, despite searing pain from share price torture, which may continue. Sorry if the above is not what people want to hear, it's just my view of where we are right now. Regards, Paul.
williemanjaro: Investor Comment Q&A session with Oliver and Marcus Company Website Case Studies-Analytics IP Video CCTV Systems for Casino`s Complete IP Video Security Systems Control Center IndigoVision IP-CCTV has Major Impact on Crime in Latin American Cities -Newest Las Vegas Casino Invests in IndigoVision IP-CCTV Barry Keepence of Indigvision Date 6th August 2009 Share Price:BUY 405p 12m Price Target: 600p Upside: 48% Fundamental View: Positive Forecast Sensitivity: 4 Shares in Issue: 7.3m Market Cap: £29.6m Forecast Cash/(Debt): £3.2m Enterprise Value: £26.4m Post-Close Update IndigoVision, the supplier of complete IP video security solutions, today announced that a strong close to the financial year has seen FY09 revenue reach £26.3m, delivering y-o-y growth of 43% and comfortably exceeding our FY09 forecast of £20.6m. With y-o-y operating margins also improving, we are increasing our FY09f operating profit from £2.0m to £3.0m (vs £2.1m in FY08), resulting in FY09f EPS^ (fdil) increasing from 26.2p to 38.7p. We are upgrading our FY10 forecasts, but will remain cautious until we have an indication on early H1 trading, which should be delivered when IND publish their FY09 results at the end of September. With this in mind, we leave our forecast sensitivity at 4, to reflect the prospect of further upgrades. We increase our 12m price target to 600p (from 500p) which is 13.5x FY10f (ex-cash PE 11.8x). We believe our price target is undemanding. IND has been trading on a FY09 PE of c.15.5x since mid-May – in fact given the exceptional growth of IND over recent years, the large potential market for IP CCTV, and the returning confidence in the equities market, we believe a PE ratio of 20x FY10f, or 892p/share could be justified • IndigoVision manufactures complete end-to-end IP video and alarm management solutions for a wide variety of commercial and governmental applications. • IND reports strong growth in APAC, the Middle East and particularly North America, with airports, casinos, banks and the US-Canada border crossings underpinning the success in these territories. • That IND has been able to deliver such strong growth against a tortuous macroeconomic backdrop gives testament to the strength of IND's product offering and management's ability to plan and execute its sales strategy. • We expect that IND will build on this growth in FY10 with a bigger sales team, more experience amongst the existing sales team, a wider product range and a continuously expanding network of system installers and integrators. However, with the global economy still fragile, our new forecasts are based on a cautious 10% y-o-y revenue growth in 2010; we will review these forecasts when we receive an update on early 2010 trading at the end of September. Brewin Dolphin BUY 2.50 March 12th 2009 -12th Month target-£3.64-potential for upgrades- Interim Results IndigoVision today announced strong interim results with H1 revenue increasing 16% on the same period last year. The company is exposed to a wide number of geographies and a broad spread of industries and this is helping to limit the impact of weaker corporate spending amid the global economic downturn. IndigoVision's share price has suffered during the market-wide de-rating experienced in recent months however we are now more bullish on the expected revenue growth of the company than at our last update in November 2008. We are prudently holding our revenue and earnings forecasts unchanged however we are upgrading our forecast sensitivity from 3 to 4 to reflect the increased likelihood of upgrades during the forthcoming period. We are reducing our 12 month price target due to compression of sector multiples however we retain our BUY rating and highlight the 32% discount to peers on which IndigoVision currently trades. Revenues for 09H1 increased 16% to £10.7m against the corresponding period last year (08H1: £9.2m) and cover our FY09 forecasts 52%. A currency tailwind enhanced underlying growth; the company particularly benefited from dollar strengthening. IND reports a good start to 09H2 with sales "materially ahead" of 08H2 and a developing pipeline. As IND's results generally display an H2 weighting we are confident that our FY09 forecasts will be matched and possibly exceeded. However IND does not have extensive revenue visibility therefore in the current macroeconomic circumstances we are hesitant to upgrade our forecasts at this juncture. We have increased our forecast sensitivity from 3 to 4 to highlight that the company is currently ahead of target for the year and well positioned for a mid-period forecast upgrade. Costs - Gross margin dropped to 67% (08: 71%) however achieved gross margin is better than expected (BDIB: 65%). Reduction was due to a changed sales mix, though the company also reported pricing pressures. Some costs were driven out the business as admin expenses fell 16.5% to £1.6m (H208 £1.9m). However R&D costs continued to increase (+10% from 08H2) and selling costs rose nearly 13% from H2 2008. Behind these figures lies a net increase in headcount (including retained agents) of 10 staff. IND has been "topgrading": replacing underperforming sales managers as needed. We expect any further net increase in staff and/or the cost base to be contingent on business performance and growth going forward. Valuation - Our adjusted EPS figure excludes tax since the 28% charge levied this year and evident in reported EPS is offset against historical losses. IND has £20.8m of losses brought forward resulting in a £5.8m deferred tax asset against which they will offset tax into the medium term. On an adjusted PE basis, IND trades at a 33% discount to peers (5% discount non-adjusted). Achieving peer group parity of 13.9x 2009 earnings sets a target price of 364p. This is lower than our previous target (417p) due to a sector wide derating, but we highlight that the business is demonstrating strong growth despite some of the worst economic conditions of recent memory, and is currently on target to exceed market expectations for 2009. Brewin Dolphin BUY-Date 12th November 2008 Share Price: 347.5p 12m Price Target: 417p Upside: 20% Fundamental View: Positive Shares in Issue: 7.2m Market Cap: £25.2m Forecast Cash/(Debt): £3.6m Enterprise Value: £21.6m Forecast Revision IndigoVision last week reported that sales for Q1 2009 were ahead 12% year-on-year. Demand has varied across territories and sectors, with slowdowns in certain areas being offset by good growth elsewhere. IND is unsure whether the slowdowns experienced are symptomatic of the current economic malaise or due to a combination of timing and unrelated events. It is prudent to assume that the global slowdown is at least partly responsible therefore we are downgrading our outlook for 2009 and 2010. Revenue growth reduces from 36% to 12% for 2009, and from 30% to 12% in 2010. We are downgrading FY09 EPS by 33% to 25.4p, and FY10 EPS by 38% to 28.4p. We are reducing our target valuation from 617p to 415p. Our new target price is equivalent to 15.6x 2009 earnings, which is comparable with the current sector average. The downgraded outlook is already discounted in the current price, therefore we remain buyers. These downgrades bring full year numbers in-line with the released Q1 sales figure however growth may yet prove more resilient come the year end: ▪ With 20% of the sales staff having been with IND for less than 6 months we expect sales productivity will improve during the course of the year. ▪ Many of IndigoVision's end users are in the public sector and are likely to hold up well in the Keynesian future. ▪ The pace of switchover from analogue to digital is still on the lower reaches of an ascending curve. Cash flow Planning prudently for a worst case scenario, IndigoVision intends to control debtors and reduce inventory in 2009 to release £0.5m from working capital. We are reducing expected capital expenditure plans for 2009 from £0.3m to £0.2m. We continue to forecast a modest dividend in 2009 though clearly this will depend on the prevailing business climate at the time. We expect the business to generate £2.6m cash in 2009 and £2.3m in 2010 (pre-dividend), culminating in a cash balance at year end 2010 of £5.2m (post-dividend). Recent News Notable contract wins during the last quarter include: Meadowhall Shopping Centre (UK); Easton Police Dept (US); Faurecia Automotive Plant (Mexico); Sahkalin-2 Gas Pipeline (Eastern Russia). The Sahkalin-2 contract involved a 600+ camera system along a 500 mile gas pipeline in what IND believes is, geographically, the world's largest wide-area CCTV project. Additionly, the Canadian:US border crossing project orders are expected to ship in Q2/Q3. Brewin Dolphin Highlights-29th September 2008 Valuation IndigoVision is inexpensive compared to peers, and were it to achieve comparable ratings, it would still be undervalued on both a DCF and a historic basis. Our target price is based solely on eliminating the gap between the rating IND achieves and the ratings enjoyed by IND's peers: a feat we believe achievable within the constraints of our 12 month target price, under existing market conditions. Investors with mid- to long-term horizons should benefit from further upside than that offered by the current short-term discount. Background IndigoVision manufactures complete end-to-end IP (Internet Protocol) video and security management systems. The solutions which IndigoVision sell are high quality offerings and the company constantly innovates to remain at the forefront of the market: 36 staff work currently work in R&D and this figure is expected to increase. IndigoVision is completely focused on the security market. Within this market, major customer segments include but are not limited to: airports, rail, city installations including crime prevention projects, major events, banks, ports, police and prisons, casinos, oil, gas and petrochemicals, and universities. Key operational strengths: ▪ Does not sell through distributors or direct to end users; sell to system integrators and installers. ▪ Offer complete end-to-end solutions. ▪ Excellent video quality. ▪ Minimal bandwith required through use of H.264 compression standard and sophisticated analytics at the camera. ▪ High speed accessing of recorded video. ▪ New High Definition (HD) cameras operating at very low bandwidth. ▪ "Control Centre" ▪ Highly praised by customers. ▪ Enables remote monitoring, regardless of location. ▪ Can be integrated into existing 3rd party analogue CCTV systems. ▪ Allows users to control cameras, view feeds, search recordings. ▪ Includes advanced analytic functions. ▪ Open Architecture / Open Standards ▪ Integrate with analogue, alarms, perimeter detection, etc. ▪ Integrate with both hardware and software. ▪ Integrate with 16 third-party access control systems with further integration planned. ▪ Software Developer's Kit (SDK) is available to anyone who wishes to integrate with IndigoVision. ▪ Members of Open Network Video Interface Forum (ONVIF) and currently joining Physical Security Interoperability Alliance (PSIA). IP Video/ CCTV Market The IP video market continues to grow due to the performance and cost benefits of IP systems: ▪ Easily scaleable. ▪ High levels of redundancy. ▪ Provide cutting edge analytics. ▪ Better flexibility. ▪ More able to be integrated into wider security solutions. According to iSuppli1, global video surveillance camera revenue will grow by more than $9bn between 2006 and 2011, a CAGR of 13.2%. iSuppli also predicts that IP cameras will grow from a relatively small base to become the dominant technology during this time. European-focused surveys by Frost and Sullivan and Key Note support these findings. Competitors With perhaps as little as 5% of the total CCTV market currently being attributable to IP Video solutions, not all analogue CCTV suppliers have yet made the digital crossover. IndigoVision continues to drive its growth through a combination of leading-edge product development and investment in sales, marketing and distribution infrastructure. IndigoVision is successfully recruiting key sales staff from major competitors in a bid to maximise growth of market share. Analogue ▪ GE, Honeywell and Pelco (acquired by Schneider Electric for $1.5bn in 2007) are major players in the analogue market but have yet to seriously enter the IP Video market. ▪ Panasonic also falls into this category, though it recently announced its intention to offer more integrated solutions. ▪ Tyco is also known mostly for its analogue offerings, however it acquired analytics maker IntelliVid during the summer and combining this business with its American Dynamics subsidiary will likely lead to an improved IP offering. Analogue/IP Video ▪ Bosch Security Systems Inc (2006 turnover US$1.7bn) was a major player in the analogue CCTV market, and is now making headway with IP Video solutions. ▪ IndigoVision is one of a number of smaller companies, such as March Networks and Axis, who are at the forefront of the IP video market. IndigoVision considers Verint and Bosch to be its major competitor, with Verint being similarly focused on high-end end-to-end IP solutions. New Entrants With IP Video able to be integrated into wider systems, traditional IT network companies are taking an interest and perhaps pose the greatest threat to the status quo. Cisco Systems in particular has made a series of acquisitions which indicate that it is poised to become a serious player in enterprise IP Video applications.
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