Uls Technology Share Discussion Threads

[eezymunny] 28/7/2014 10:37

I tend to agree with you guys and bought a punty few for the EezyMunny portfolio. One to hold for a couple of years methinks...

[simon gordon] 28/7/2014 10:13

Hi Gerald,

The Admission Document is a really good read.

It's a quality company with substantial growth opportunities at an inexpensive multiple relative to potential.

I bought in this morning and was happy to have got them at 45p.

One you can own, sit back and let them deliver whilst clipping a dividend.

[geraldton1] 28/7/2014 09:53

This looks a very interesting proposition. Very cash generative, going to pay a dividend (over 5% at IPO price I think) and well placed to win new clients now its listed/major LDC shareholder has been diluted. Also scope to push new products through with minimal additional cost. Anyone else looking at it? One for Zoopla to buy in the future?

[simon gordon] 28/7/2014 08:57

Tech Market View - July 2014:

The shares of ULS Technology plc will begin trading on AIM on 28th July (Ticker: ULS). Behind the uninformative name is a provider of online B2B platforms for the UK conveyancing and financial intermediary markets. The central proposition is a SaaS online comparison service to support transactions in the residential housing market. Registered users can compare mortgage providers, solicitors, surveyors etc. and the platform provides a clearing house for clients and competing service providers.

The market background appears favourable. Transactions surrounding house purchases are generally stressful, involve large sums of money and require the coordination of many moving parts. Service quality and pricing of both incumbent and new providers are typically opaque. If the eConveyancer platform can give the house-buyer more control and oversight over the process then it will provide a useful function.

ULS' market capitalisation at IPO will be £25.9m, a multiple of 1.6x on revenue of £16.3m in the year to March 2014. EBITDA margin was 18% for the same period. ULS claims a market share of 4.5% of UK conveyancing completions. With growth in the underlying market and an increase in market share expected, the management are confident of further growth. Growth should also be driven by attracting more users, distributors and service providers to its eConveyancer platform as well as through the introduction of a broader range of services.

The management team of this 11-year old company has broad experience of the worlds of relevant financial services, technology and private equity.

The company claims first-mover advantage in this market area, the idea appears sound and the market background favourable. Execution will of course be key, but this IPO (on a modest revenue multiple compared with some recent valuations) is interesting, showing how online platforms can disrupt and galvanise an important services market.

[simon gordon] 28/7/2014 08:56

ULS Technology Plc:



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Digital Move: