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KBC Kbc Adv.Tech.

209.25
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Kbc Adv.Tech. KBC London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 209.25 00:00:00
Open Price Low Price High Price Close Price Previous Close
209.25
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Kbc Adv.Tech. KBC Dividends History

No dividends issued between 19 Mar 2014 and 19 Mar 2024

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Posted at 13/1/2016 12:01 by richjp
I am still considering (dithering?)about this although I am leaning towards taking the cash now just in case something goes wrong, unlikely though I think that might be. I nearly sold a couple of times last year but luckily I held on.

Does anyone know if Simon Thompson of the IC has expressed a view yet? I think he has been very supportive of KBC in the past. If he has not posted online I would imagine he would have something to say in this week's IC so I may just wait for that.
Posted at 12/1/2016 12:12 by gargoyle2
Looks like a done deal... or does it?

It's interesting that Coltrane Master Fund (which has been building its stake up recently) has not given any commitment to support the deal. That could suggest that they see 185p as too low. Given that Coltrane has over 10%, that could be a problem for Aspen, as Aspen can't squeeze them out. That might be why the offer is being structured as a scheme of arrangement, rather than a direct takeover, since that gives Aspen more certainty of acquiring 100% of the company, even if Coltrane does not accept.

Also, the undertakings that have been given by the other large shareholders are expressly stated to fall away if "an announcement is released by any person of a firm intention to make a competing offer for KBC at a value that is (in the opinion of [the shareholder]) in excess of that set out in this announcement..."

I'm not sure I'd be tempted to sell out completely at this stage.
Posted at 14/12/2015 05:56 by gargoyle2
Nice quiet breakout on Friday. Has prompted Zak Mir to call KBC up to 180p within the next 2-3 months:

While it is the case that in today’s first Bull Call we are looking at a situation where we are in the run up to a golden cross buy signal between the 50 day and 200 day moving averages, as far as KBC Advanced Technologies are concerned it can be seen how the equivalent technical event occurred last month. In fact, this situation has been in prime bull mode from as long ago as May when there was a vertical spike through the 200 day moving average now at 114.52p. Helping out since then has been the way that even on support tests the shares have not fallen below the 200 day line. Indeed, what we have seen is the 50 day line now at 128p and the floor of a wide rising trend channel come in as the buying zone for traders. All of this would go to suggest that provided there is no end of day close back below the 50 day line we can expect significant further upside. Just how high the stock could fly is suggested by the top of a rising July 2014 price channel currently with its resistance line projection pointing at 180p. This is a 2 – 3 months timeframe target.
Posted at 11/11/2015 05:21 by gargoyle2
London, UK – (10 November 2015) – KBC Advanced Technologies plc (“KBC”), a leading consultancy and software provider to the hydrocarbon industry, is pleased to announce the launch of the Petro-SIM™ 6.1 process simulator. This marks the next step in KBC’s continued drive to provide superior value and innovation in process simulation for the hydrocarbon processing industry. Petro-SIM continues to reinvent process simulation technology with rigorous simulation models that generate trusted results in an intelligent, user-friendly environment for upstream, midstream, refinery or petrochemical processes. Petro-SIM 6.1 continues to support the open platform vision for Petro-SIM within process simulation and to improve the existing platform architecture.

Mike Aylott, KBC’s Chief Technology Officer, said, "Petro-SIM 6.1 extends our commitment to an open and extensible platform, giving extension developers full access to our database and Microsoft Excel™ integration together with new methods for extending the functionality of built-in objects."

"We also announce Petro-SIM Web, an exciting new technology that makes Petro-SIM simulations available through modern web browsers, giving organisations more options for viewing and running simulations and collaborating in their own or partner organisations, extending the reach of the Petro-SIM platform across the plant lifecycle," added Mike.
Posted at 06/11/2015 13:46 by gargoyle2
Zac Mir calling KBC up to 180p within the next 1-2 months:

It can certainly be rather tough to steal yourself to buying a stock or market at the highs, hoping that it will be a momentum play, rather than the end of the line for a rally. In the case of the present position of KBC Advanced Technologies it can be seen how there has been progress within a rising trend channel in place on the daily chart from as long ago as the beginning of last year. The big breakthrough this week is clearly the conquest of the initial 2015 resistance at 130p, especially so given the way that the old high has been broken by such a distance. However, it may actually be said that the best thing about the recent price action here has actually been the way that since May we have been treated to multiple support points well above the 200 day moving average at 108p / the 2014 price channel floor. All of this goes to suggest that provided there is no end of day close back below the 130p level – allow down to 125p for stop loss purposes, one would expect to see the 2014 price channel top at 180p hit over the next 1-2 months at KBC Advanced Technologies.
Posted at 14/8/2015 04:33 by gargoyle2
Just looking again at this in the latest trading update:

"Whilst there are certain slowdowns and discretionary cost reductions in some segments of the industry, from a KBC standpoint these are balanced by a shift in sector spending to operational efficiency and production optimisation initiatives, as well as stronger performance in parts of the refining segment due to improving refining margins. With its strengths in these areas, KBC is well placed to take advantage of this shift in investment."

KBC is clearly not totally immune to the oil price slowdown (they had a 10% reduction in workforce recently), but I wonder if the fact that oil prices seem likely to stay low for the foreseeable future (China slowdown, OPEC supply increasing, Iran back on stream, etc.) is shaping up to play right to KBC's strengths..
Posted at 19/5/2015 13:00 by wh1spa
ST's comment:KBC break-out imminentI have been following with interest developments at Aim-traded KBC Advanced Technologies (KBC:109.5p), a consultancy and software provider to the global hydrocarbon processing industry.I last updated the investment case at the time of the company's fiscal 2014 results in March when the price was 87p ('Blow-out results', 18 March 2015), having initiated coverage at 69p ('Fuelled for growth', 5 May 2013). Since my last article KBC's share price has moved up 23 per cent to 109.5p and is now on the cusp of taking out last autumn's highs at 110p. This price action should be noted because a close above 110p would signal a major share price break-out and one which, in my view, paves the way for a return to the 142p highs dating back to June last year. Moreover, with a decent operational tailwind, I expect my fair value target price of 165p to be challenged in due course.It's easy to see the company is gathering investor interest. Firstly, at the end of last month, KBC Advanced Technologies entered into an agreement with Kongsberg Oil & Gas Technologies to develop stronger simulation software integration and more effective engineering and operations workflows for the oil and gas industry. At the same time the parties have signed a reseller agreement to enable them to cross-sell their leading software technology products together as a complete suite for simulation, optimisation and operator training across the breadth of hydrocarbon production and facilities. This can do no harm at all to earnings expectations for the year ahead.Secondly, KBC has recently appointed a new finance director, Eric Dodds, formerly finance chief at software company Morse prior to its takeover five years ago. His appointment is a good addition as he brings in a wealth of experience in financial management of both consulting and technology companies.Thirdly, there is an active buyer in the market, Kestrel Partners, the investment manager to Kestrel Opportunities, a Guernsey-based cell acting on behalf of wealthy private clients. In fact, in the past couple of months Kestrel has purchased more than 750,000 shares in KBC to lift its stake to 12.25m shares, or 14.89 per cent of the issued share capital. Oliver Scott, non-executive director of KBC, is a partner of, and holds a beneficial interest in, Kestrel Partners and is also a shareholder in Kestrel Opportunities. In other words, there has been indirect share buying by an insider.Fourthly, the valuation is still attractive. That's because analysts at brokerage Cenkos Securities and research firm Equity Development predict that KBC should be able to increase underlying pre-tax profits by 10 per cent to £10.5m this year. This means that once you strip out KBC's latest net cash figure of £15m, worth around 18p a share, from the company's market capitalisation of £90m, then the shares are being rated on less than 10 times post tax earnings, a near 40 per cent discount to the small cap software average for sub-£100m market cap companies.In the circumstances, I feel that KBC's shares are still worth buying on a bid-offer spread of 107p to 109.5p. My year-end target is 165p. Buy.
Posted at 17/3/2015 08:16 by paleje
Equity Developments quick off the mark this morning:-

KBC is a leading independent provider of simulation software (70% of FY14 profits) and consultancy (30%) to the oil/gas sector. Its sophisticated technology enables customers to optimise their capital and operational spend - effectively allowing them to get 'more bang for their buck'.


It is common knowledge that energy stocks have had a tough time of late due to the crude price plummeting from $110/barrel in June 2014 to below $55 today. However, what's less well known is that within this bloodshed, the oil refiners have actually held up pretty well. Very importantly for KBC as around 90% of the firm's revenues are derived from downstream petrochemical plants, iinsulating KBC somewhat from the worst of the industry's belt tightening.


In fact, demand for differentiated services was the message from this morning's prelims where KBC posted a 'blowout' second half: a record £88m order book (up 40% from £63m in June) and an H2 Book : Bill ratio of 1.25


Furthermore, £40.5m of the backlog is expected to flow-through into 2015 which, along with several consultancy wins since the period close, provides good earnings visibility for this year and beyond.


Turnover jumped +16.7% to £76m with adjusted EBITA up 15.1% to £10.0m (13.2% margin), driven by a record year in Technology (or software), and augmented by a strong performance from Consulting. In turn the dividend was confidently increased 10% to 1.1p


KBC has "started 2015 well" with a number of key consulting wins in the first two months and we maintain our 2015 adjusted PBTA of £10.5m which means KBC shares trade on a mean 10.7x 2015 PE (or just 8.3x if the cash is stripped out). Consequently we reiterate our target price of 162p/share versus the current 85p level.
Posted at 05/2/2015 20:21 by simon gordon
KBC website- 2/2/15:

Low Oil Prices - What Should Operating Companies Do Now?

The recent and rapid collapse of oil prices from $100+ to less than $50 per barrel has created a challenging environment for all companies in the energy sector. Many operating companies have deferred or cancelled projects, curtailed exploration and drilling activity. Virtually all have initiated some type of cost reduction program. For the upstream sector, this has in turn led to oilfield services companies announcing significant downsizing. As all energy sector companies look to control costs in this cash-constrained environment, KBC sees opportunity in the face of these challenges.

As others have previously pointed out, industry cycles have shown that one should use this price drop as an opportunity to drive through fundamental improvements in operations. Deep cuts in maintenance, production, and operating budgets can actually damage asset integrity, reduce reliability, and negatively impact production—the very engines of cash generation. An unfocused cost-cutting response can also lead to the loss of the most capable and critical staff. In short, now is the best time for Operational Excellence.

KBC believes operating companies should sharpen their focus on three critical elements of Operational Excellence:

~World class well and reservoir management

~Operational efficiency, reliability, and productivity

~Investment in people and capabilities

Addressing these three imperatives will help maximize revenue and reduce cost of production on every barrel. They will also help make focused cost reductions, justify new spend, and support superior returns until the price recovery eventually comes.

How can KBC help you achieve Operational Excellence?

We provide world class tools for production system design and optimization with our own Infochem Multiflash™, FEESA Maximus™ and Petro-SIM™ technologies, as well as the comprehensive consulting services to help you achieve and sustain superior results. We work with other third-party tools such as Flaretot, and partners such as Kongsberg, to provide a complete range of solutions.

Well and Reservoir Management

Optimizing your production system demands superior well and reservoir management. KBC’s expertise focuses on the design and operation of production systems whose function is to separate and transport oil, gas and water with minimum backpressure on the wells and reservoir. KBC’s FDP RightSize and Flow Assurance Services help minimize regret capital spend during the conceptual development stage of capital projects—be they Greenfields or Brownfield additions.

Operational Efficiency, Reliability and Productivity

More than 70% of the today’s oil production comes from fields older than 10 years, and 90% of all production uses some form of artificial lift or enhanced oil recovery (EOR). It is a truly exceptional production system that can’t benefit from an increase in operational efficiency, reliability or productivity. In fact, our experience shows that production system availability has the single largest impact on Overall Asset Effectiveness (OAE) next to well downtime.

KBC’s Produce the Limit Services focus on unlocking the Maximum Achievable Potential (MAP) of the production system by holistically addressing process, energy and reliability. The results are the right unit cost reductions and operational improvements that re-align the production system as the wells and reservoir change throughout their lifecycle.

Investment in People and Capabilities

The key to sustained performance is a capable workforce who works smart – plans, schedules, executes, measures, evaluates, and makes consistently sound decisions– with the right skills and abilities. KBC’s Workforce Capability services focus on the getting the organization ‘right’, streamlining processes, training and skill building, troubleshooting, increasing wrench-time, improving process safety and operational integrity, and managing change. We go well beyond the classroom to deliver experience-based, hands-on coaching and mentoring of field and facilities personnel. We help you, to quote Stephen Covey, “Sharpen the Saw.”

Why Act Now? How Long Will Prices Remain Low?

Forecasting oil price is difficult and depends upon factors that change over time. Many aren’t even well measured, but KBC’s commercial Energy Economics service group forecasts a 12-18 month price dip. Recovery is likely to be slow, as fundamental supply and demand gradually rebalances over this period. We see crude price volatility continuing with an average of $50-$65 per barrel until the end of 2015. Though this represents an increase over the current lows, we don’t see it high enough to return to an investment program similar to the period before OPEC’s November 2014 meeting.

So now is the time to get started. For more information on KBC’s Upstream solutions....
Posted at 31/5/2014 11:43 by apad
A slick fundraise
A software provider has pulled off a major fundraising and one worth noting
Investors have reacted positively to news of a major fundraising by KBC Advanced Technologies (KBC: 123p), a consultancy and software provider to the global hydrocarbon processing industry. In fact, with the company's share price trading up to 123p post the announcement, it looks like this year's sideways move is now over and an assault on the January high of 132p is imminent. Beyond that, my fair value target of 165p, which neatly coincides with a major high in August 2001, is a realistic target price.
The institutional placing of 20.8m shares raised £24m at 115p a share to account for just over 25 per cent of the enlarged capital and means that pro-forma net funds are around £31m, or 38p a share. The company's market capitalisation of £100m after the placing equates to 1.67 times book value, so it is not extended given that net cash accounts for half of net asset value and 30 per cent of the current share price.
More importantly, the new cash will enable the company to target larger, more capital-intensive, higher-margin projects; continue investment in sales and marketing with the aim of boosting revenue and earnings growth; expand KBC's technology offering to provide a more comprehensive software package across the full spectrum of wellhead, production, oil and gas processing, refining and petrochemicals; and selectively acquire niche software companies that sell into the upstream sector and whose software integrates effectively into KBC's Petro-SIM› platform.
In addition, KBC will deploy some of the new capital to invest in high-growth markets in China, the Middle East, Latin America, Asia and India over the next couple of years. In the Middle East, new world-scale refinery and petrochemical facilities are being built which will need a large number of skilled workforces, requiring services in organisational and skill enhancements suited to KBC's offerings. The company is also well positioned to support a major 10-year programme in place to upgrade refinery assets in the former Soviet Union.
In my opinion, the targeted move to higher-margin work and investment in new direct software sales will not only enhance KBC's software sales in the coming years, but should lead to a higher proportion of recurring revenues. The higher-margin technology business accounted for a quarter of the company's revenues of £65.1m in 2013, but it's worth pointing out that recurring revenues from the division jumped by 20 per cent in the same period to account for £7.6m of the division's £17.6m of revenues. This business enjoys operating margins of around 30 per cent, whereas KBC's consultancy division has margins of around 8 to 10 per cent.
It's also worth noting that recurring revenue is set to surge following a raft of contract wins in the past 12 months. These include a five-year agreement with a Japanese refiner worth £1.8m; a similar deal with a US refiner; and a £10m, seven-year contract for the provision of the company's Multiflash› software, maintenance and support services to a large oil and gas services company. KBC's Multiflash› software is being integrated within all of these client's production software applications, which are used by the majority of oil and gas companies worldwide.
Moreover, if KBC can boost the contribution from its software business, then there is a strong case to be made that the earnings multiple the shares trade on should be much higher than at present. That's because net of cash, the company's enterprise value of £68m equates to only 12 times last year's post-tax earnings, a massive 40 per cent discount to the average multiple enjoyed by Aim small-cap software companies with high recurring revenues. Admittedly, a multiple of around 12 times earnings for KBC's consultancy division looks about right but, given that the software business has grown revenues by 38 per cent in the past three years, then to value this higher-growth and higher-margin operation on the same multiple seems harsh to say the least.
Even taking a conservative approach and rating KBC's technology operation in line with the UK software and services sector average earnings multiple of 15 for sub-£100m market capitalised companies, KBC is still being undervalued by around 25 to 30 per cent.
Re-rating far from over So, although KBC's shares have moved up sharply since I first advised buying them at 69p ('Fuelled for growth', 5 May 2013), the re-rating is far from over in my view. In fact, even if the shares hit my target price of 165p to give the company a market value of £133m, then the enterprise value of £102m would still only equate to less than nine times this year's cash profit forecasts of £11.7m. Furthermore, that's not factoring in any upgrades for higher-margin contract wins. There is also a small dividend after the board declared a final dividend of 1p a share.
So, ahead of trading updates at the annual meeting on Wednesday 4 June, a pre-close update in July and the half-year results on Tuesday 23 September, I continue to see significant upside to KBC's shares. So do analysts at Cenkos Securities who "can envisage a scenario where the shares are worth in excess of 200p as the technology business becomes a significantly greater proportion of KBC's revenues". On a bid-offer spread of 121p to 123p, and offering 33 per cent potential upside to my target price of 165p on a six-month basis, KBC's shares rate a buy.

apad

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