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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Project Telecom | PJT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | - |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| Top Posts |
|---|
Posted at 05/8/2003 23:02 by 37dolphin iampoor70p was too easy for VOD, i expected that they would have to fight a bit harder for PJT, the shareholders that own the 60% must have been keen for exit, clever tie in but why have the £1.6m payout to VOD (check the info on press releases) if there is another bid - perhaps its not quite as committed as we think..... US had a bad day, so may wait before re-investing. I'll watch for a day or 2 then sell upto 3/4 of my holding. We will only gain a further 2% return by holding on if really is a done deal, if loop holes, then maybe more interest. Would like to find another company that has had a profits warning/restructure but has a sound balance sheet (as PJT did). Enjoyed the banter. will post here again when i've made next decision on stock. |
Posted at 05/8/2003 17:43 by iampoor Confused at todays volume espec. buys .......as pjt specifically said vod the winner even though higher offer received ........ can anyone explain please. |
Posted at 03/8/2003 17:46 by 37dolphin Hi guys, all keeping eye out this weekend!The £145m is the current market cap ie 65p. 70p a share imo is too cheap:- 2003 forecast of £155m turnover? 2003 forecast of £14m pre tax profit? 2003 forecast of £20m net cash? 2003 forecast of £21m EBITBA? A value of £155m would mean forward multiples of:- 1x turnover 11x pre tax profit 7.75x net cash 7.4x EBITDA A value of £222m would mean forward multiples of:- 1.4x turnover 15.9x pre tax profit 11.1x net cash 10.6x EBITDA Some EBITDA comparisons (based on last y/e info):- TEP 22x THUS 12x VOD 9x OOM 5x IMO, in the US, ave pre tax profit acquisition multiple is 15x. In all our minds though is the trading statement a few months back which stated that pre tax profits for the current year would be in line with last years for continuing business. Since then, the company has sold PTD (which enhances pre tax profit (as PTD made an operating loss), and bought IMS (with 9 month sales of £10m). These last 2 deals should increase pre tax profit from £12m to £14m if all else stays the same as 2002. With mobile customer acquisition becoming ever harder, purchase of other companies makes sense.......I don't think a price of 70p for PJT would secure a deal.... |
Posted at 15/7/2003 08:16 by 37dolphin iampoor,some comparative EBITDA multiples from telco sector, which I have calculated based on last y/e results:- OOM - 5.4x VOD - 8.7x TEP - 21.6x THUS - 11.2x I would have thought that PJT is more similar to TEP & THUS than OOM/VOD. Note - OOM, VOD, & THUS did not make profits last y/e, PJT and TEP did. |
Posted at 14/7/2003 23:11 by songtrader RNS says Fidelity topped up recently with 200k and now holds 3.9% of PJT shares. Are Fidelity good guys or are they looking to cause trouble? Could they be the ones talking to buy PJT? |
Posted at 14/7/2003 13:42 by banj Project Telecom leaps on bid approach Fri Jul 11 15:45:12 BST 2003 Project Telecom's downturn in fortunes looks like becoming someone else's opportunity after the mobile services provider admitted today that it has had a bid approach. The news sent shares (PJT) up 7p to 56p, well ahead of the 34p lows they found after the company issued a profits warning in April. The shares have been rising rapidly this week, prompting Project Telecom to admit that it has received a preliminary approach that may or may not lead to an offer for the company. The company would not say any more today, but it looks as though someone was looking to take advantage of the slump in the company's valuation. Until April, Project Telecom had appeared to be building a very successful business providing mobile voice and data services to business customers. Project Telecom offers advice, consultancy and support to both large and small businesses wanting to provide the right equipment to their workforce for both mobile voice and data services. The company does not own any of its own infrastructure, but buys airtime wholesale and it is Project Telecom that manages the relationship with the corporate customer. And this is precisely where the problems have come from. As competition between the mobile operators has got tougher, so they have begun to undercut each other, and consequently Project Telecom, which buys airtime from Vodafone and mmO2. Chief executive Tim Radford told Citywire in April that: 'There has always been a fear that we could get squeezed at some point, and after ten successful years of growth we've had a tough couple of months.' Radford said the 'squeeze' was coming from T-Mobile and Orange in particular, both of which are aggressively slashing prices to entice business customers away from the likes of Vodafone and O2, and in turn therefore Project Telecom. As part of the aggressive price wars, and in answer to the Competition Commission's ruling that the operators had to cut their cut their termination charges - the fees they levy on other operators for a call made to their networks the operators cut the connection commissions they were paying to Project Telecom 'significantly,' in some cases by more than ?50 per customer the company said. Last year Project Telecom turned in profits for the year to December of ?14 million before goodwill and exceptionals on its continuing businesses, and had been expected to grow that to around ?18.7 million this year before warning in April that profits for this year would be flat on last year. So who might be interested in buying the company? Well the most obvious candidates would be one of the mobile operators themselves. Since there is an ever decreasing amount of new business to be won, mobile operators are looking to increase the amount that existing customers spend with them, and attempt to prevent customers defecting to the competition. To do that, they really need to 'own' the relationship with the customer. Project Telecom's business users would be of great interest to any of the operators. Vodafone might boast a huge market share, but the majority of its customers are private customers. The business market is the one that ultimately will have more use for the precious data services that make optimum use of the new 3G networks. Vodafone and O2 already have a relationship with Project Telecom, so either might be a candidate. Equally Orange and T-Mobile are getting aggressive in their quest for market share, and then there's 3, the new entrant from Hutchison, which might want a ready-made business audience for its 3G services. As the company said, it is early days. Citywire Verdict: In April, Citywire advised investors to let the dust settle and see how things looked in a few months. Shares were then 41.5p. Clearly, if the bid, or any other bid, comes to nothing, the company will have a fight on its hands this year. But at this early stage, it looks worth hanging on for further news. continue to hold IMO ;-) |
Posted at 13/7/2003 10:21 by issie chaps...this is a local company to me....and one or two of my mates are in the know....voda,,,bt... |
Posted at 03/7/2003 09:32 by paulkent "Project Telecom ticked 1p higher to 44p amid rumours of a 70p-a-share bid. According to yesterday's gossip, the mobile phone giant Vodafone is among those interested in the telecom services group" i like that..vodafone is "AMONG" those interested!!...might get more than one bid!!?...frankly i think that if £12million in profit is as bad as this is going to do judging by their comments earlier in yr, then its worth buying jsut for the divi even IF no bid comes thru..but chances are that the profitability (and adding to it) is exactly WHY other parties will be interested...and youre right 37dolphin, selling PTD ADDS to profit AND generates cash...good deal.. |
Posted at 04/6/2003 22:18 by chiansaw Coz the 'market' doesn't think so yet. Interesting few days of higher buying and no real move in price ...odd.I hold PJT, like the co, but your 'argument' above - there aint one. Why do you think it's worth 60p plus ? |
Posted at 25/4/2003 14:14 by starsiva6 Project Telecom PLC said it is well positioned for furtherstrong growth after it raised full year to end-Dec 2002 pretax profit 26 pct to 12.5 mln stg from 9.9 mln a year earlier. Turnover for the year fell to 315.3 mln stg from 329.9 mln reflecting the closure of the retail services division. This closure was achieved at less than half the cost earlier anticipated. Turnover from continuing operations was up 46 pct to 130.2 mln stg from 89 mln. The board recommended a final dividend of 0.48 pence for a total dividend of 0.78 pence, up from 0.65. In the year under review, the corporate services division achieved strong organic growth in a challenging market environment |
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