||EPS - Basic
||Market Cap (m)
Real-Time news about Moneybox (London Stock Exchange): 0 recent articles
|nilip: Sorry chaps - I sold out recently.
The only reason for keeping hold of the shares is the bid speculation/approach, but this has been dragging on for many months now and it's taking far, far too long.
I was starting to feel very uncomfortable about the outcome so I've decided to quit in case we see the share price half ...
Good luck to all the rest of you.
|nilip: shadowchaser, ATM is a buy not a sell ... check out the results ...
There's more to this company than a potential bidder.
Also, given the results just announced, I think we'd expect a bid far in excess of the current share price.
These are an excellent set of result.
Significantly better than even I expected.
TURNOVER UP 46% !!!!
TOTAL Profit UP £3.4
* Profit before tax, exceptional items and goodwill amortisation ahead
of revised market expectations at #2.1m (2003: loss of #1.3m)
* H2 profit before tax, exceptional items and goodwill amortisation
#1.8m compared to #0.3m in H1
* Exceptional items of #4.3m (2003: nil) incurred in 2004 on AIM
flotation, aborted acquisition and bid defence costs, reorganisation
and restructuring costs and loss on fixed asset impairments
* Results delivered against a difficult H2 trading background in the
independent ATM sector
* New management structure in place dedicated to delivering sustainable
* UK ATM estate increased by 18% from 2,471 in December 2003 to 2,912 in
December 2004 and in Europe the estate increased by 67% from 343 in
December 2003 to 573 in December 2004
* Major ATM contract won with Compass Group
* Free-standing ATM kiosk programme underway
* Acquisition of G2 has delivered the expected ATM maintenance cost
* Successful launch of G2's "Myriad" prepayment, ID and access control
platform in schools, universities and major financial institutions
highlights the excellent growth opportunities for the Group's cashless
payments and access control division
At 31 December 2004, the Group had a cash balance of #6.5m
"excellent progress has been made in laying the foundations to deliver strong further growth of the business".
Moneybox has a successful business that remains strongly positioned
strategically. We have a major share of the fast growing market for
independently deployed ATMs and are a leader in the development of complementary
access control and cashless payment systems. We are now also lean and hungry,
with the new management team focusing its full attention on the delivery of
There has also been recent press speculation over the potential sale of
Independent ATM Deployer ('IAD') businesses and there are undoubtedly further
economies of scale to be achieved through the consolidation of the UK IAD market
as the sector matures.
Turnover for the 2004 year rose by 46%, from #29.3m to #42.9m, partly reflecting
a 9 month first time contribution from our acquisition of G2. However, the
existing Moneybox ATM deployment business also showed strong organic growth,
with sales ahead by 26%, from #29.3m to #37.0m. On a like for like basis,
excluding G2 and annualising the prior period, group sales growth was 16%.|
|blackrabbit: According to UK Analyst, during Friday there had been MARKET GOSSIP of a 109 million pounds CASH offer from TRM. With around 200 million shares in existance, that might equate to something like 50 to 55 pence a share IF IF IF IF it happened !!
Perhaps there will be further "news" in the weekend papers.
If the share price moves upwards on Monday morning, the Board may be forced to make a statement.|
|sportbilly1976: doesn't really matter. If they offer cashthen the share price here will rise to that level.
If it is shares, then it will be on a 2-for-1 basis or so. In which case, you taske the value of their shares, divide it by 2 and then it the corresponding value attached to each of these shares, and the price will rise accordingly.
Shares could be more risky because if the shareholders of cardpoint do not think it is a good deal and decide to sell, any drop in their share price will be mirrored by a drop here.
Hope that helps.|
|blackrabbit: SHARES magazine today contains an article "Buy could signal better times for Moneybox". It argues that the market (for ATM's) is expected to grow by a further 25% over the next three to four years, and that although the Moneybox share price has been in freefall lately, earnings for next year are anticipated to make a smart recovery to £4.9m and 2.3p earnings. In the future there may be some consolidation of the weaker players taking place, but at the moment there is clearly optimism as one director has recently purchased 100,000 shares.
Hopefully, these sentiments will underpin the steady rise in the share price as seen over the past week or so.|
|nilip: Kanwar, very honest reply from you - Thanks, appreciated.
I suppose it depends how you define a trader versus an investor - I don't think there are many de-facto definitions of the two except it's obvious to state that an investor is one who holds for a long duration as opposed to the trader who holds for only a short period.
I probably fall into both catagories.
I am an investor as well as a trader.
My 'investor' senses are telling me that ATM is an excellent prospect and I expect the share price to be over 100p realistically within the next 18 mths. I expect ATM's business to pick-up significantly during the next 18 months - Hence I have bagged a 'bulk' of ATM shares and just tucked them away as my long term allocation of this stock.
My 'trader' senses are telling me that at the current price ATM is still very cheap, that is, cheap with respect to its competitors - I believe we should see a fair value at around 35p - this is of course my own perception and we may see a little psychological resistance at the 30p mark - Hence, my 'trading' allocation of ATM is still very much a hold - it's way too early to sell on this rise.
As pointed out before - todays behaviour was so transparent and a pure indication that ATM is still very cheap at the current price and todays rise seems to suggest that there may be a very serious large buyer in the back ground.
I wish all traders and investors alike good luck - the investors will most certainly mulitply there investment IMO as MoneyBox is and will remain a market leader - it's established marking in the sector will not deminish.
As for the traders amongst us here - all indications of a further rise in the short term are on the cards - the share price has just simply fallen way too much for there not to be a short term recovery into the mid 30's.
With a 10% spread, as mentioned earlier, anyone selling now will have to pay that extra 10% merely to get back in.
My short term prediction of 'fair value' remains at 35p.|
What is there to mention regarding the reason ? we all read the RNS ?
ATM said that it was cautious about it's prediction because it had noticed the last couple of months were below expectations...
Do you really think that such an announcement deserved a 50% crash in price ?
DID ANYONE SELL ???
Every business goes through a 'dull' period ...
Anyway, enough of this ... the simple fact that there have been virtually no sellers ( I urge you to go and look at the trades history on the day the share price fell ), in fact, it induced a buying spree ... hardly surprising, the shares are dirt cheap. The current share price is a 'free for all'.|
Normally your experience would be generally correct.
BUT you have to consider the situation here - in this case ATM floated approx 6 months ago at about 50p ! When compared to the likes of it's competitors Cardpoint & Scott Todd - Moneybox was looking cheap even at 50p !
ATM is relatively new to the market as opposed to the likes of cardpoint. Yet many, including myself, believe that ATM's business is in fact better placed to take full advantage of the ATM's business - I genuinely believe that ATM has a better business model that Cardpoint.
This is not a general share price rise, this is a slow recovery from what is a massive over done fall in the share price - simply because not enough investors are familiar with ATM as it is still relatively new to the market.
We're not even near a fair price for ATM yet.
So to return back to your point regarding %age upside - the share price fell on very little volume, it crashed by approx. 50% which was crazy and beyond comprehension, I do believe that we should at least recover back to the 35-40p mark again.
I bought another batch of shares today and will continue to do so as and when I have the funds.
This is an amazing oportunity to buy very cheaply into the ATM revolution and also into cashless payment systems.
As mentioned before, ATM (MoneyBox) is generally considered by many, including myself, as the 'Best of Breed' in the ATM sector IT IS ALREADY BY FAR THE BGGEST ATM OPERATOR - BIGGER THAN THE LIKES OF CARDPOINT AND SCOTT TODD.
IN FACT, IT's WORTH NOTING THAT NOT ONLY DID THE SHARE PRICE FALL ON VIRTUALLY NO VOLUME, GO AND LOOK AT THE TRADES (through advfn) ON THE 13th SEPT WHEN THE PRICE FELL ... YOU'LL SEE THAT HARDLY ANYONE WAS SELLING - QUITE THE OPPOSITE, SO, IN FACT, THE PRICE HAS FALLEN NOT ONLY OF VERY LITTLE VOLUME BUT THERE WERE HARDLY ANY SELLERS, MANY WERE IN FACT BUYING WHILE THE SHARE PRICE WAS FALLING KNOWING THAT THESE ARE LITERALLY 'REDICULOUSLY' CHEAP.
IF YOU DON'T BELIEVE ME - GO AND LOOK AT THE TRADES FOR THE 13TH SEPT. - YOU WILL ALL BE VERY SURPRISED INDEED.|
|nilip: Turnover for the first half of 2004 was #19.7 million (2003: #15.2 million), an
increase of 30%.
In the UK :
Turnover for the UK ATM business in the first half of the year was #16.1 million (2003: #14.5 million) generating an operating profit of #1.3 million (2003: #0.8 million). At 30 June 2004, the Group operated 2,665 ATMs in the UK (31 July 2003: 2,310 ATMs).
In the Rest of Europe :
Turnover for the other European ATM businesses in the first half of the year was #1.8 million (2003: #0.7 million) producing an operating loss of #0.7 million (2003: loss of #1.3 million). At 30 June 2004, the Group operated 428 ATMs in the rest of Europe (31 July 2003: 254 ATMs).
Expect the trading results for this financial year to be disproportionately weighted towards the second half of the year.
Results may have been slightly dissapointing but the share price has fallen by over 50% ... which by no means reflects the results - way over done.
If ever there was a buying opportunity to buy into an excellent company very cheap ...
ATM operators are the way of the future and Moneybox is one of the leading players in the field with an already significantly established and highy regarded ATM network throughout europe and continuing to grow.|
|loadthevan: www.evbg.com 29 March 2004
Cardpoint (CASH) Buy (unchanged)
Mkt cap: £44m Net cash: £0.3m Comment Price/Target: 150p/133p
Cardpoint (CASH) Buy (unchanged)
Mkt cap: £44m Net cash: £0.3m Comment Price/Target: 150p/133p
More for your money
Cardpoint's share price has had a strong run this year as investors have
warmed to its business model and track record. Despite this, it is valued at
a discount to its newly quoted competitor.
Cardpoint's closest quoted competitor Moneybox (ATM.L) has been trading
for a few days. Its share price has been in a range of 50-52p a relatively
modest premium to its flotation price of 47p. Although competitors in terms
of delivery of convenience ATM services, there are important points of
differentiation between the businesses.
Cardpoint's root is strong organic growth, but since flotation it has
established itself as the leading sector consolidator. Moneybox has been
Cardpoint's estate is almost exclusively of managed ATMs. Moneybox
has 1,100 merchant replenishment ATMs (smaller and lower volume)
Cardpoint's estate (approx 2000 ATMs) is mainly wholly owned,
depreciated over 5 years. Moneybox's estate (2,400 in the UK, 180 in
Netherlands and 180 in Germany) is funded by 7 year operating leases.
Moneybox is looking to build fastest its merchant replenishment, Dutch
and German estates. Cardpoint has just entered the German market
Moneybox's average transactions/ATM/month is 1,400 (for the
managed ATMs) and 500 (for the merchant fill ATMs). Cardpoints
average is 975. Cardpoint's average is diluted by the Securicor
Cardpoint's average withdrawal fee is 154p. Moneybox's is nearer to
Moneybox has a net cash balance of £14.5m on its balance sheet. We
estimate that Cardpoint will end the year with net debt of £3.9m.
Cardpoint continues to seek acquisition opportunities to consolidate
further the sector utilising funding from the market as previously.
Moneybox has indicated that the cash balance, war chest, is to be used
for unspecified acquisitions
Neither group is currently paying tax because of past losses
Both groups have non-ATM businesses. Cardpoint's is the mobile
phone-top up business, which we estimate to contribute £0.3m on sales
of £9m this year. Moneybox has an electronic security / vending card
business, with turnover of about £10m and 10% margin.
As to valuation. Cardpoint is trading at a discount to Moneybox. EV/EBITA
probably provides the best comparator ratio for the groups. Our preliminary
estimates for Moneybox show turnover of £39m and pre-tax profit of £3m for
this year and £66m and £7.7m, respectively, for next year (years to Dec). On a
market cap of £103m this gives an EV/rev of 1.3x and EV/EBITA of 12.4x for
12/05E. For Cardpoint, we have £32m of turnover and £2.4m of operating
profit for the year to Sept 2004 and £37m and £4.0m, respectively, for next
year. On a market cap of £44m, this gives EV/rev of 1.2x and EV/EBITA
10.7x for 9/05E. There seems to be no good reason for Cardpoint trading at a
discount to Moneybox, aside from size, Cardpoint's longer record as a public
company and wider coverage argue for a valuation premium.
Moneybox share price data is direct from the London Stock Exchange