||EPS - Basic
||Market Cap (m)
|Software & Computer Services
Real-Time news about Total Systems (London Stock Exchange): 0 recent articles
|hugepants: This offer looks awful. I think the London property alone is worth 26p per share. It was purchased for £0.75M all of 23 years ago. And they've spent several hundred thousand recently improving it. It was a good move of Mr Bourne not to revalue it since Im sure the share price would be at least 10p higher.
When you include the recent Stockcube debacle who will buy shares in these tiny businesses now when there is a big shareholder who can take it private at any time for a song.|
|essentialinvestor: That is a sizeable first half loss.
I do note that this does not include the full effect of the cost
Reading back on this thread some here argued that the Capita contract
represented a step change for Total Systems, this has clearly
proven not to be the case in my view.
I can see value here, but a single Majority shareholder
makes this a more complex value play.
There may be a long wait.
There may also exit an outside possibility that Total Systems could decide to delist, then what happens to the share price?.
Its one for the brave in my opinion, and the spread is prohibitive.|
|egoi: Frequently. I like it for sure, but for now funds are fully invested, if anything this side of Xmas I might need to ease a couple of positions.
If you want 'totally' cheap, tiny Argyll on plus-Quoted imho. however liquidity is the issue. I have 1% or so but took advantage of a ridiculous share price glitch, though at 3p the market cap is still only about 1/3 of assets, which are mostly in cash. long term debt is 6 grand and there's only 30k of tangibles to write down now, which might not even need writing down from here.
Dan's Investment Blog
Jottings about my investments
Sunday, 16 August 2009
I've been having a look at a tiny company listed on the main exchange: Total Systems. Its profit record is patchy, but its share price is underpinned by a fantastic balance sheet.
Trade and other receivables £1.45m
Cash at bank and in hand £3,35m
Property, plant and equipment £0.9m (but see below)
Trade and other payables £0.99m
Current tax liabilities £0.18m
So according to the balance sheet this company is worth £4.5m. However, they own outright a 6600 sq ft office in Central London, EC1. This is listed on the balance sheet at cost of £742,000. It was bought in 1987, and property prices have increased somewhat since then! I found a property nearby, 50% larger, on the market for £4m. That would suggest a value for Total Systems' office of around £2.7m.
Property in this area can be rented for around £27.50 per square foot. A 6600 sq ft property would therefore cost £180,000 per year. The long-term average commercial property yield is 6.4%, which would translate to £2.8m.
Let's have a stab at their being around another £2m of hidden value on their balance sheet. Not to mention their intangible assets - none of their R&D appears on the balance sheet, and they are carrying no good will.
So it looks like Total Systems have around £6.5m of tangible assets, no debt, and presumably some intangible assets to boot. The market capitalisation is £2.5m at Friday's close of 23.5p.
Posted by Dante at 03:59|
|egoi: Glad I did choose to sell this, as I said before, but what have we now? A share price barely 20p, cash 'at a similar level' to previously (29p a share), a property, no debt and a slightly better second half hinted at.
Now that's cheap imho!|
|dealit: Thanks hugapants, the price as gone up 3% today with no trades is that telling me that the mm`s know the results are v.good already. I would be buying to hold as a view to a company buy back the NAV value being higher than the share price as I see it. TTS management seem very conservative in there outlook.|
|egoi: Not being cussed because I think BRY - also GLD and Plus:FID - all have their attractions, if I recall about half of BRY's market cap is in cash, as are the other two i mention about 40-50% I think from memory; but the interim eps of BRY was if I recall not much over 0.5p diluted (about the same as FID, which has a vastly lower share price) and I thought with Asian expansion Brady's cashburn might be accelerating at just the time it isn't necessarily a great thing to do imho.
Does BRY pay a dividend?
So let's see how we go in 12 months:
If I had to pick one it would be FID just ahead of TTS and BRY. GLD has just had a failed bid about 20% above its current price, that might put an approximate ceiling on it imho.
FID is very illiquid though (though no more so I guess than TTS) hence mainly I think why it is very cheap being on Plus. All four have balance sheets on their side imho.|
|egoi: LOL @ Davidosh. -:)
Bit like LOQ and GLD eh Davvidosh, which I believe you hold, lots of cash and not paying a divvy!
Agree with you they should, but stocks don't come cheaper than this, business they say is better than anticipated and cash is about same as share price just by itself, with a property above and a valuable product suite, while the p/e is in single figures. One contract win and this share price will double imho. Reasonable chance a bidder will simply buy them for the assets at above this price.|
|sussexseagull: TTS have always had 'plenty of cash in the bank' but the muppets that control the share price always seem to forget that *fact*
The same 'thinking' still applies.
TTS's business is valued 'at nothing'
No debt. Cash @28.96p per share. Assets at 40.23p a share.......and yet the share price is........?
'The market' just likes 'names' that they've heard of with loads of debt and making a loss.......and they'll bump their share price up (if you scratch their backs and buy them a 'coke')
'The market' (when it comes to TTS) just sucks.
........Or snorts coke.
|egoi: Bit like GLD then eh isis, which has less than half its market cap in cash! -;))
Assets here 40p share price 29p, all in cash, no debt and profitable, over 5p profit year on year.
GLD would be below 20p imho without a bid, which in the current climate fairly values it. TTS equivalent share price for cash would be over 60p, without a bid, equivalent, without accounting for product suite and property, bid which of course could happen anytime here imho! -;)
GLD say their market slowing; TTS forecasting profit increase. -;)|
Total Systems share price data is direct from the London Stock Exchange