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SRT Srt Marine Systems Plc

29.60
-0.40 (-1.33%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Srt Marine Systems Plc LSE:SRT London Ordinary Share GB00B0M8KM36 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.40 -1.33% 29.60 29.00 30.50 30.00 29.75 30.00 125,959 16:35:01
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Communications Services, Nec 30.51M 69k 0.0004 743.75 57.26M
Srt Marine Systems Plc is listed in the Communications Services sector of the London Stock Exchange with ticker SRT. The last closing price for Srt Marine Systems was 30p. Over the last year, Srt Marine Systems shares have traded in a share price range of 28.50p to 68.00p.

Srt Marine Systems currently has 192,457,939 shares in issue. The market capitalisation of Srt Marine Systems is £57.26 million. Srt Marine Systems has a price to earnings ratio (PE ratio) of 743.75.

Srt Marine Systems Share Discussion Threads

Showing 19651 to 19674 of 29875 messages
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DateSubjectAuthorDiscuss
28/11/2016
16:29
Some excellent points made in recent posts.

I'm bullish, but that is also tempered with the knowledge that it's all taken a lot longer to get to where we are now, but then, to be fair, where we are looks a lot better than a few years back!
Does that make any sense?
By that i mean the move from SRT supplying boxes, last in the queue to being a supplier of systems like MDM, VTS etc, moving up the food chain. We've alll been disappointed in the past when supposedly large deals turn into damp squibs, Mexico, EU Fisheries, US to name but three. So what a delight to see the Indonesian contract blow previous estimates of it's value clean out the water. Then there is talk of follow on deals for the likes of Bahrain.

I do feel a certain uneasiness re Indonesia in that most of the short term visible revenue is tied up in one contract. That is a risk. I will be happier when we have visibility on substantive revenues from a number of sources. Saudi has at least kicked off and from the sound of the recent interims more projects are expected to start in the second half.

SRT have been very clear that the deliverables will be delivered this half, the situation is, imo, very different to past ones, where we've been sweating on a contract coming in to make the figures. Thsi time SRT has the contract, just a question of delivering against that now.

the prophet
28/11/2016
16:26
fft

I don't think there is any of Phase 1 that was not already recognised last year, which was indeed required to meet last year's unassuming numbers. This year's equally unassuming numbers will require a 340% increase in revenues from H1 to H2 to be met.

However, I don't really think it matters much whether they actually deliver sufficient deliverables in H2. It does matter, and hugely so, that they announce some of the 'number of large VMS and MDM projects that we expect will result in the completion of significant deliverables ...' at least as contracts with size, scope and expected timelines indicated. The biggest component of deliverables in H2 will be Indonesia, but it is likely that only a part of Phase 2 will be delivered this FY and that only the actual deliveries will be subject to RNS. The overall scope of Phase 2 will be remain confidential.

It is after all not even two weeks since the interims. My reading of the accounts suggest a £4-6 million deliverable in the reasonably near future, more if they can ship some of the transponders. I really don't think that they will take the risk of ordering more stock of anything unless and until actual contracts are signed. Both the VMS and MDM projects will require systems first, which have a relatively short lead time but do require configuration, and only afterwards large numbers of transponders.

In summary, I expect them to come in somewhere around this year's forecast mainly due to Indonesia, announce several new projects before the new FY and start shipping sizeable amounts in 17/18.

lavalmy
28/11/2016
15:58
Something has to be announced before the end of h2 or we could be looking at a re-run of a few years ago where orders were expected but never materialised. Indeed we were told that they were delayed but they didn't seem to appear in the next fy either. A very embarrassing profit warning appeared the day after the year end.Indeed, unless they are announced soon it's hard to see how any revenue from them could get into h2.Phase 1 of Indonesia is under way, but would expect an rns when phase 2 is agreed on and started. Given that money from phase 1 was recognised in the last fy I wonder how much from phase 1 is left to prop up h2 if nothing else turns up ?
fft
28/11/2016
14:44
I remain bullish but disappointed in the lack of JAM. Or is the company only 'just about managing'? We need more contract wins so there are multiple projects on the go....and some decent profitability! And some share buybacks....and a takeover. All before Xmas (next year I suppose).
yumyum
28/11/2016
14:32
Lav - I think I'm with you on this, and would be happy to see £1. Anything above really will be icing on the cake!

ee - SRT are an eye-wateringly large part of my portfolio, but for a good reason.
My holdings are in a SIPP I created from all the waifs and strays of old pensions I had floating about. I'm treating it as found money and I'm happy to be highly speculative with it!
The latest tranche (funds liberated from my company share scheme) has gone into an ISA.
Currently about 80% is in SRT, with 20% in NIPT (bounced from VIY originally).
It's very risky, but intentionally so, as I'm close to my planned retirement date.
Not for widows and orphans....

philburt
28/11/2016
14:28
LaVal, You make some good points here.
I think the key question is when does the revenue break out beyond the £10m barrier.
If that could be achieve over the next couple of years, then T/O of £25 to £30m could give rise to EPS of 5 or 6p. Put that on a PER multiple of 15 or 20 and that looks attractive and would be a powerful share price driver.
But there have been several false dawns here. The USCG mandate was at one time said to be worth $20m and that has been a damp squib so far. Recurring revenues with eEarth were supposed to chip in meaningfully at some stage, and core revenues haven't ramped up as fast as anticipated.
There is a capable and hard working team at SRT, no issues there, but it would de-risk the situation if there were more contracts smoothing the revenue profile.
The Far East contract in March was a promising start, but I'd rather have 3 x $33m contracts than a single $100m one.

eagle eye
28/11/2016
14:11
Philburt, In my view it depends on what % SRT is of your portfolio.
Position weighting and timing are key as historically you've had to be nimble to make money. Long-term shareholder haven't done well so far.
Based on H1 revenue of £2.7m, the current market cap of £50m looks a bit rich.
Lots bubbling below the surface though, or at least I'd like to think so!

eagle eye
28/11/2016
14:09
Raging, Philburt, raging.

In the short term, I expect chunky step-ups on contract news and delivered deliverables. How many and how big is the question.

Then upgraded broker forecasts for next year on the back of those.

So, at a guess, £1 by end March, £1.50 by the end of 2017 as double digit EPS becomes clear.

And I expect it to flatline, give or take, unless it gets swept up in a speculative bubble, until the quantum of recurring revenues becomes visible. Frankly, no one really knows what governments will want and how much they will pay for the added extras until they have the basic system up and running. My guess is still that they will get to double digits on that too.

Thereafter, who knows what new applications will be added to AIS and/or to the MDM systems? I mean it was only about a year ago that the idea of radar/CCTV/infra-red/AIS fusion was mentioned here and a contract along those lines signed with Indonesia for double what we were expecting.

So I think over the 4-5 year horizon £3.00 might be achievable, particularly if they use cashflow in excess of operating requirements to reduce the number of shares at much lower prices.

lavalmy
28/11/2016
13:20
I'd be interested to know how bullish people are feeling about SRT at the moment?
I've just topped up with 30k shares for the first time in a long while (last at about 20p). That's about a 25% add for me, so I guess I'm declaring as a Bull.
I'm a long term holder, with room to let it run at least another 3 or 4 years.
Any thoughts?

philburt
27/11/2016
06:07
Well spotted TP. It certainly seems that they are going ahead with the project. The winter sitting ends on my birthday, 16th December. So some time next year as Simon indicated seems reasonable.

I suppose the next thing to look out for, apart from the legislation being passed, will be more reports about the government issuing the devices free to the fishermen. I have no doubt that part of the eE/SRT divorce was related to this. Simon was quite specific about the fact that the Indians gleaned what they could from eE. He certainly didn't suggest that they had done likewise with SRT.

What remains unclear is whether SRT will be able to get recurring revenues from this.

lavalmy
26/11/2016
17:18
hjbRe ' up the garden path', not that I was aware of or can remember.I think India was always going to use their own space agency (ISRA ? Or something like that) for tracking. There was a tie up with ISRA and EE, but the good news now is SRT are able to suggest or offer other options other than EE.Regarding back handers etc, I assume that will all be in the domain of the local partner Elcom.
the prophet
26/11/2016
17:05
TP, unfortunately with the likes of India being upto "scratch" means how big is your budget for backhanders.
hjb1
26/11/2016
15:57
is India one of the reasons for the "divorce" from Exactearth?
hjb1
26/11/2016
15:42
TP, one would like to think it was all above board and straight, we will see.Did they not lead ST up the garden path regards Absea or something?
hjb1
26/11/2016
15:32
HjbI don't think they will be able to copy, this is a question of national security and I can't see the contract going to anyone who isn't up to scratch. SRT will be there right in the mix, I feel sure. I think SRT use Elcom in India as their local partner. It's good to know there is this sort of stuff coming up on the ranks.
the prophet
26/11/2016
15:06
yes , all well and good, just depends whether SRT are going to be involved in the final shakeup when the contracts are handed out.Would not surprise me that they have copied everything SRT have shown them!!
hjb1
22/11/2016
20:29
FT. Scarborough Shoal. 'Duterte declares fishing ban in disputed area to bolster China ties'. Mr Graham,Lowy Institute, Sydney said the decision may backfire because Mr Duterte was in effect denying access to China, Taiwan and Vietnam, which were all found by The Hague tribunal to have traditional fishing rights there too'.Spokesman from Renmin University of China, said Mr Duterte's announcement could easily intensify the conflicts between China and the Philippines.
countryman5
17/11/2016
21:41
Additional gallery photographs.
PS. Some might be interested in viewing 'Products' on the website and then view the identifier, together with its stainless steel support and solar panel. Impressive bit of kit.

countryman5
17/11/2016
15:07
hjb

8

edit: And it was more setting themselves up to be able to do so rather than hiring new people. OTOH, they did previously talk about hiring more customer facing people. How you square that with reduced overheads (one blonde American less?) and outsourcing 'in-country project installation work' beats me.

lavalmy
17/11/2016
15:06
On another board, ST is reported to have said that the Asian contract was a national security project and that there was nothing he could say publicly about it at this time. Not like him to be that coy. Maybe they are bound in a confidentiality agreement with Qnective?

Whatever. If my theory is correct, given that would have been the position as at 30 September, then it is quite possible that a deliverable could in fact be delivered in the coming weeks. If it is indeed hubs and viewers and the like, they would need work at MSN and testing before being dispatched. And, of course, we know of no other active contract apart from Indonesia. So an annoucement that say £4-6 million had been shipped, whilst welcome, would only confirm that the thing is progressing and that the FY revenue target is likely to be achieved - that may not matter much to me, but could well do to others. What impact that could have on sentiment, I don't know. Not a lot maybe.

Of course, other contracts are expected to be signed, though it is getting tighter and tighter for 'significant deliverables' to be delivered this FY in respect of those. Each announcement is bound to have an effect, possibly a compound one as the rest of the pipeline becomes more and more believable. The point is, though, that these contracts could happen anytime. A single $20 million one would probably add something to the price, but maybe not enough to worry about timing an entry. Three or four and you would be crying into your milk for not having committed earlier.

I am hoping that nothing happens for a bit, which with SRT has nearly always been a good bet. But I really do not think that will last for much longer. They clearly are expecting lots to actually happen and are looking forward with great optimism.

lavalmy
17/11/2016
14:53
Cant remember, but whatever it was they can cope with more projects
the prophet
17/11/2016
14:51
well,haven't they taken on enough staff to cope with upto 6 projects at once, or was it less?
hjb1
17/11/2016
14:40
hjbThat's my understanding.We are now waiting for some of the deliverables in that contract to be delivered. Quite when that will be, who knows other than it is pretty clear that we will see significant deliverables delivered in this half.Interesting comment from the chairman about multiple over lapping contracts, we've already got Saudi and Indonesia. Is he referring to others expected to come on board in this period?......
the prophet
17/11/2016
14:30
Kalk, dunno what you mean!? lol..
hjb1
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