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Pressure Tech Share Discussion Threads
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|Heavy selling over the last week or so. Anyone think that a placing is likely soon? Cash is relatively low after acquisition of Martract but still plenty of debt available it seems. Cant see any worrying reasons for the drop so have started to accumulate a few more but would appreciate others views. Long term once the inevitable recovery of the oil market gathers pace and profits return £25m market will be a snip in my opinion. £5m net profits a few years back easily achievable again the next couple of years (share price would surely double from here minimum if so) and more looking ahead. Less competition going forward and the business is much more diversified now for me makes this more of a compelling buy. Confident I'm right on this and will keep buying on the drops, but as I said only slight concern is possibility of dilution with a placing.|
|I imagine the remaining debt was drawn down to buy Martract, topped up with a little cash. Martract wasn't a cheap purchase but it is the only company they know of that can do what it does to the standard it does (Similar to Roota in that respect). It speeds up Roota's delivery times and is a company that Matt Crampin (MD PMC) knows well.|
That was a smart move putting in place the £15m loan which can't have many ,if any ,covenant restrictions !|
|They have £2.7m undrawn of a £15m loan due repayment in 2018 and also a £10m conditional accordion facility that's not currently used.|
|Just a Q on Balance Sheet, they raised bank borrowing from 10m to 12.3m , which is offset by 6 m of cash ( most of which went on Martract post y/e) do you have any idea on total potential headroom or covenant nature/headroom? I can't see it in the accounts or presentation which is a bit unusual? httP://www.pressuretechnologies.com/documentdownload.axd?documentresourceid=89
I did attend, as you're aware they're very shareholder friendly so the format was formal business, general O&G market commentary from Alan Wilson, divisional review from John Hayward (including a couple of videos)! Followed by a light lunch and a CSC tour offered. I'd been around the shop floor a couple of times previously so used the time chatting to Matt (the ex-owner of Roota) who now heads up the PMC division.
I will post up some notes when I have more time but in answer to your questions:
No Agm statement as they felt nothing had changed since the AR.
Lots of O&G commentary because that the chairman's specialisation.
JH wouldn't be pressed on progress of orders at Greenlane but did say 50% of the £15m pipeline was within 2 orders and I got the impression there was a chance they could be moved to the right.|
|Anything worthwhile from their AGM?
I note the lack of an AGM Trading statement that we have had in previous years and so I assume that everything is ticking over and nothing to add since the prelims were announced on Dec 13, which given the Christmas break is not so long ago.
Anyone get a sense of how they saw AE/Greenlanes?
Had a look at the slide presentation and pleased to see growth in the Cylinders services section; interesting the length they went to comment on the O&G market(as they have done in past years) which suggests that they recognize that for all their diversification their fate is bound up with that market|
|I will not be going to this year’s AGM and I would appreciate any feedback from those who make it. I have had a canter through the AR.
I cannot remember them being as emphatic before as their exposure to O&G was in the deepwater offshore section and could find no reference at all to shale in the section of the AR which focused on the company’s operations rather than general macro trends.
Went through the risk section carefully: I see they have risks going up in 2 areas-FX volatility(understandable) and skills(Understandable to an extent but they have been making people redundant).
I was comforted by their analysis of funding risk on age 31.
Looked at the Goodwill statement and it seems they either made very good acquisitions or they are optimistic as there seems to be a reasonably good cover level in their valuation-even though the weighted average cost of capital is now 11.6% compared to a very low 3.1% two years ago
I would love to hear why they do not consider it necessary given their fall off in sales to have an amortization of the Intangible asset-non contractual customer relationships.
Page 73 tells us that 36% of the receivables are owed by 2 companies-a bit spooky but the receivables aging schedule seems ok. This has come up before and I have some recollection-cannot think why-that they are Norwegian.
A last comment : Good to see that the Chairman, CEO and CFO come across very understated ie not the usual huge mug shots of them and while we had a secion labelled Chairman’s statement we did not have one labelled CEO/CFO statement.
Be interesting to see what their AGM Statement says on pick up in the Oil Industry and how AE is doing-the News section of the Greenlanes website has not been updated since October 2015
My last comment is to congratulate them for their loyal shareholder base; despite all the price oscillations the last Holdings in Company RNS was in October 2015.|
|We seem to have found some support at £2. I guess it just got ahead of itself. This kind of chart can repay patience.|
|There she goes!|
|Explosive. Normally I would say also overbought, but £3 looks well within sight.|
|Another great chart. Took a position at long last this morning - after too much dilly-dallying!|
|In my not so little book of ill timed sales my sale of PRES at c1.65 is looking like it requires its own chapter ..|
|Don't take much to move this stock|
|Cracking bowl here on 3 year chart|
|Looking perky again today, just like that Friday a couple of weeks back. I wonder what's occurring...|
|Maybe it has been tipped as a 2017 nap in SCSW - we'll know in the morning.|
|Something seems to have set them all off anyway. Big % gains in POS, NBI, PRES and GMS.
GMS mentioned the other day about an upturn in the sector:
"The new charter, which together with other recent contract wins has increased our total backlog by approximately two-thirds since 1 November 2016, demonstrates that the market is showing clear signs of recovery."
|The Dudley Buffett on fire again LOL!|
|Or something else on the way?|
|A load of potential upside in some of these charts with the wide low bases.|
|A lot of the oil services stocks on the move - NBI, POS, GMS etc.|