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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Smart Metering Systems Plc | SMS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 952.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 952.00 |
| Industry Sector |
|---|
| GAS WATER & UTILITIES |
| Top Posts |
|---|
Posted at 13/9/2021 19:55 by whatja 15% equity raise….wonder what the discount will be to new investors.5-10%? |
Posted at 30/9/2020 20:41 by postme #NCYT #BMN #MTR #SMS #PAY #PRTC #SLP #APP #CNCT Ten ‘magic formula’ stocks for investors looking for value and quality - |
Posted at 13/5/2018 17:19 by wjccghcc It was 30% of his stake and followed an approach by an institutional investor. |
Posted at 26/1/2018 16:00 by nw99 Very interesting investor conference next week in London on TuesdayI'm giving a talk alongside Miton, Cenkos, Marlborough FM, Yu Group, Zoo Digital, Smart Metering Systems, FairFx, Chargemaster, @sharesmagsteve & loads more |
Posted at 17/4/2012 12:42 by lennonsalive Stock to Watch: Smart Metering SystemsBy Edmond Jackson | Tue, 17/04/2012 Despite the failure of a similar company that listed on AIM in the 2000 technology boom, 'remote metering for utilities' has returned to the stockmarket via Smart Metering Systems (SMS), also Energy Assets Group (EAS), which floated on the main market just a month ago via a £15 million fundraising. Potentially huge prospects but will the market evolve as hoped? SMS has just reported its first annual results since it floated last July at 60p, raising £10 million. Founded in 1995, it currently trades at about 111p capitalising the shares at £92 million. This reflects expectations of scope to transform a small company and after pre-tax profit consolidated around £1.6 million in 2009-10, SMS has reported progress to £3.3 million - implying a price-earnings multiple (P/E) a whopping 38 times this outcome, with Cenkos Securities, SMS's broker, projecting £4.9 million for 2012. There is no yield, albeit an intention to pay a maiden dividend in the current financial year, possibly in November. But the crux for value is really whether SMS can achieve the exponential growth hopes in the share price. While gas connections grew only 4.5% to 254,000, the total meter portfolio rose 19% to 254,000 and significantly, the client base has grown from 12 to 15 gas suppliers representing 80% of the industrial and commercial market. This is a dominant market share, should energy companies change to 'smart' applications such as remote reading and regular consumption data, so SMS's evolution will be interesting. It explains why institutions such as Cazenove, Liontrust and Odey have been attracted to buy in, and appears similar to Advanced Technology UK, a remote access metering company (I previously followed) which applied radio telemetry and listed on AIM in 2000. This company had an ex-Siemens chief executive and Clare Spottiswoode, the former gas regulator now multifarious plc director, as a non-executive director buying shares. Fidelity Investments acquired a 20% stake. Finding UK utilities lethargic at that time, Advanced had promising leads in developing countries, where it made economic sense to jump straight to this kind of technology. But expected growth failed to materialise and the company fizzled out in acrimony. Trading interest in SMS therefore relates to the dynamics of value - both underlying and in terms of the share price - relative to the emerging story. Longer term it may have potential for a multiple of the near £100 million capitalisation, but the path getting there could be bumpy - offering useful trading opportunities. If the company hits snags delaying hopes then this could attract short sellers. I would also note that shares in relatively early stage companies are prone to attract a high P/E which catches investors by surprise: when the numbers come through, even if they are very good the market can de-rate the shares just because the rating was too high. SMS has not attracted any director or senior management buying in the market, and selling is likely subject to a lock-in period (typically a year or so after float). However on 23 March, four key directors of EAS bought lots of 5,000 to 10,000 shares each - implying some belief in value at the current level. This latest company made £2.4 million pre-tax profit on £9.6 million revenue in the year to end-March 2011. Share awards worth a total £1,271,500 were also granted to various executives near 200p, subject to underlying financial performance, which again affirms a sense for value. So as a 'buy and hold' prospect I would currently be more inclined to take a punt on EAS. With dire experience of this market however, I'd prefer to see more of a track record. SMS has long-term plans for the water and liquefied petroleum gas markets and possibly the timing for this is better than 10 years ago, when Advanced Technology tried (for water). Capital investment in meters nearly doubled to £9.2 million last year, aided by bank borrowings, and its current total facilities are £16 million. Again this looks modest relative to a market cap over £90 million, requiring a dramatic return on capital to justify the market valuation. With assets weighted to property/plant and cash, only about £2 million intangibles, SMS's net assets per share work out at about 15p - likewise a lot of expectations in the near 110p share price. Advanced was similarly bid up, to around 300p, if also reflecting the wider technology boom 12 years ago. A cynical view is this being the length of time for enough investors to forget their mistakes (although Fidelity is not a disclosed shareholder in either company) yet the UK market could now have evolved better where previously it was premature. SMS re-rated from just over 90p near 120p earlier this year, after a mid-February update that cited 2011 results likely ahead of expectations with further trials going "very successfully". The shares are likely also to have been squeezed higher in a tight market where the normal size is 2,000 - although you can probably trade more, at least on the offer. After the rollercoaster of Advanced Technology, which did not deliver, I am naturally going to be cautious hearing the story again 12 years on - and of the expectations apparent in SMS's price. Yet the rationale remains for a technology leap in metering, hence these companies merit following. As a disciplined value investor I see SMS as currently too high, but a buying opportunity could arise in future. EAS has the advantage of directors/management behind its shares currently, although as a circa £55 million company it still needs to prove its mettle. |
Posted at 08/7/2011 13:54 by billbyrne Bought in this morning. A couple of things stood out from thismorning rns. ADM is a patent pending smart meter device for the I&C market with application in gas and water both in the UK and internationally. ADM is currently undergoing commercial trials. Based on trial volumes, the Directors have concluded that ADM is significantly less expensive than any other product currently on the market and is an effective replacement for the equivalent manual meter reading service. ADM features simple plug and play functionality with zero commissioning and can be deployed quickly using unskilled labour. ADM provides half hourly meter reading data direct to suppliers through secure information gateways. Significantly cheaper and can be deployed quickly using unskilled labour. Hopefully a winning combination. I also like this bit. Smart Metering Systems raised GBP10.0 million (gross) of new investment from a broad range of institutional and other investors by way of a substantially oversubscribed placing of new ordinary shares at a price of 60 pence per share. Substantially oversubscribed. Should mean there will be a bit of interest and volume for a while. |
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