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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Velosi | VELO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 163.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 163.00 | 163.00 |
| Top Posts |
|---|
Posted at 09/12/2010 08:54 by taylor20 Well done guys, have to admit I lost the faith on this one, thought it would never realise its true value - unless there was a takeover of course!Well done to VELO for keeping a lid on it as well, seems to be an even rarer thing for AIM stocks these days. I bought in 3 years ago at 137p, so 165p is a little disappointing for long term holders. |
Posted at 22/9/2010 14:17 by qs9 EV/EBITDA value IMO makes this still look good value. Given other "bids" in the wider sector, someone IMO may take a look at VELO. DYOR |
Posted at 21/9/2010 09:37 by kimball808 just means that they will have to pull their finger out for H2, which in the past has been their stronger periodThey did 49% of revenue in 2009 H1, they have done 48% of expected revenue in current H1 They did 47% of FY PBT in 2009 H1, unfortunately only 40% of expected PBT in current H1. But this is due to 'reflecting increased investment in new offices and personnel and changes in business mix' which if you believe in the management should produce a return which will be evident by FY. They did 49% of FY PAT in 2009 H1, and 47% of expected PAT in current H1 Their operating expenses have been trimmed down increased by 1.84% (2009 23.5%) they need to focus on reducing their cost of sales which have increased, and thus will improve their op prof margin. So I'm thinking that as things hopefully get better and H2 being their better half, VELO may still come good. PS..the PAT is calculated on VELO paying 28% corp tax..the highest tax they have paid was 23% in 2009. |
Posted at 21/9/2010 08:34 by stegrego Cape didnt have margin squeeze or less eps....Having said that, VELO is hardly expensive on 7x or something like that. |
Posted at 21/9/2010 08:30 by longueville Summary of 1H results - LONDON (Dow Jones)--Velosi Limited (VELO.LN), the AIM quoted provider of Testing, Inspection and Certification services to major national and multinational oil and gas companies, reported Tuesday a slight decline in pretax profit for the first half, and said that since the half-year end, trading has continued to be positive. MAIN FACTS: -Turnover for the six months ended June 30 $94.5 million (2009: $89.2 million) -Pretax profit $7.4 million (2009: $7.9 million) -Diluted EPS 9.1 cents (2009: 11.0 cents) -Net cash position of $18.4 million as at June 30. -Board does not propose to pay an interim dividend; However, subject to the availability of distributable reserves and a satisfactory performance in the second half of the year, the Board does intend to recommend a final dividend to shareholders in respect of the financial year ending Dec. 31. -Visibility on future revenues remains good. -Company positioned to continue to gain market share. -Board confident of the future prospects of the group. |
Posted at 21/9/2010 08:16 by spot1034 Possible bid for WSM in the pipeline (no pun intended!) - could this also be the ultimate fate of VELO? |
Posted at 23/4/2010 13:13 by varies i take a benign view of VELO since I am in profit but I accept that this approach is rather naive.My attention was drawn to VELO by the big Escom contract announced a year ago and I am glad to see a reference to this (under "Europe")in the Operational Review. The Escom contract is expected to involve expenditure of $30 billion over 5 years with inspection fees in the region of 3%.say $900 million. This contract was won by Velosi Europe with Khum MK Investments (a Black Empowerment Company ???). Adding $90 million p.a. to VELO's top-line ($900m divided by 2 and then by 5)should do some good. I wonder what profit margin one might expect. |
Posted at 16/4/2010 19:38 by stegrego GCIVelosi sees strong second half Oil and gas operation quality control specialist Velosi sees a second-half acceleration in demand after lifting 2009's pre-tax profits 12.8 per cent to $16.8 million (£10.9 million). The AIM-quoted company, which provides testing, inspection and certification services to major oil and gas companies around the world, weathered a challenging year with turnover marginally ahead at $183.6 million and a five-year forward order book up 14.3 per cent to £400 million. Steered by chief executive and substantial shareholder Dr Nabil Jalil, London-based Velosi ended the year with $20.1 million cash and is scouting for expansion and local acquisitions after upping earnings nearly 14 per cent to 14.5p and proposing a 50 per cent final dividend hike to 1p. Jalil and his colleagues stress that the company has done this without any contribution from Nigeria, which contributed $30 million to turnover in 2007 but fell away after the murder of Velosi's local partner and subsequent lawsuit with his widow. This has been settled, releasing $4.5 million from liabilities, and the company is rebuilding there, with an order from Shell Nigeria in the bag, and sees encouraging prospects in Angola. Project revenues fell 4.1 per cent in 2009, but maintenance business rose 4.7 per cent and certification, smaller but with higher margins and involving no liability, rose 35 per cent. The Middle East generated 16 per cent turnover growth to almost $73 million and Velosi says 2010 should be 'as good or better'. The company has opened a new office in Poland, is doing the same in Kazakhstan, where its partner is the president's son-in-law, and is contemplating acquisitions in France, Norway and Turkey. Velosi is beefing up its effort to win business in the recently depressed US market and in Canada. Floated at 90p four years ago and first backed here at 66.5p, the shares now stand at 108.5p and could make further progress yet. Top up your holdings. |
Posted at 07/1/2010 17:07 by glasshalfull Agree Evaluate. I posted as much previously on the thread and didn't feel inclined to do regurgitate. I've been steadily adding in the low 80's and it looks like that particular tap may have turned off now (sorry Koolio). You may be interested in David Holding's recent take. Usually provides very sound analysis worthy of research. 16 December 2009 This star performer has taken a breather. Does this offer an opportunity? When I last wrote about Velosi (LSE: VELO) in April, the shares were languishing with so many others. They stood at 42p and looked like a buy on all parameters. In fact, they'd been even lower just a couple of weeks before then, reaching their nadir of 35.5p in late March. Since the Spring, the company's shares have benefitted from a combination of the overall market rally and from good news specific to the company. And it's this specific news long-term investors are more interested in than the relatively short term vagaries of the market -- though the latter had presented a nice opportunity. To put my cards on the table here, I sold the few shares I'd bought in March in September. Funnily enough, this wasn't because I thought the true value had been "outed" in any real way -- despite them more than doubling -- but because I thought there was even better value elsewhere. Time to get back in? Today, back at 84p, the shares looking very tempting again. This is mainly due to a combination of balance sheet strength and the prospect of increased earnings. There's a bit of a danger here though. Velosi is an oil services company, and such companies often display value characteristics placing them at a discount to their wider market peers. But that didn't stop the shares going over 150p a couple of years ago. The company provides quality assurance and quality control services to some of the world's biggest oil and gas companies, including BP (LSE: BP), Royal Dutch Shell (LSE: RDSB), ExxonMobil and Chevron, ensuring that the equipment these companies use works properly and is safe. Velosi has offices in the USA, the UK, Malaysia and the UAE and has operational or representative offices in a further 27 countries to support its aim of removing the problems faced by oil giants as they try to control operations remotely, in unfamiliar territories. It also researches sub-contractors looking at health and safety and testing equipment. All good news Back in early April when I wrote about Velosi, the final results were less than three weeks away and investors were understandably nervous due to the gloomy economic backdrop and relatively low oil price which was putting a dampener on the whole sector. Fortunately for those of us holding shares, the final results for 2008 really were excellent. They revealed turnover up by 56% to $182.1m, pre-tax profit up by 30% to $14.9m, earnings per share (EPS) of $0.22, cash of $17.8m and almost non-existent gearing of 1%. The company was confident about its prospects for the remainder of the year and was experiencing "unremitting demand" for its services. Value Little wonder then, that the share price began its steep ascent. Then the interim results to the end of June this year confirmed the company's progress, showing pre-tax profit up 10% to $7.9m, on revenue of $89.2m, EPS up 8.4% to $0.11 and cash of $20.1m. This performance lifted the shares to a year's high of 118p. Since then, the shares have taken a breather, perhaps on a little profit-taking, some small cap market malaise and the fact that the company was a little cautious about the outlook, viewing the oil price climb more as a function of decreased supply than increased demand. Consequently, it views the market as "challenging". From an investment point of view, though, the directors come across as a refreshingly "feet-on-the-ground" bunch. Other companies would be far more bullish -- albeit misplaced. The company's potential hasn't been lost on the Fool's discussion boards, where Velosi's value was recently explored. At current exchange rates, the company has cash of £12.3m, and net tangible assets of £37m, yet its market capitalisation is less than £40m. Meanwhile, its broker is expecting EPS of 13.4p this year, rising to 14.4p next year, placing the shares are on a forward price-to-earnings ratio of 5.8. Strip out the cash, and this falls to less than four against enterprise value. This is plainly too cheap for a growing company experiencing such demand for its services. |
Posted at 29/10/2009 08:45 by taylor20 Tipped in AIM & PLUS Newsletter:Buy Velosi (VELO) at 91.5p THE BUSINESS Listing on AIM in august 2006, raising GBP10 million in the process, Velosi is an international provider of quality assurance and quality control services to a number of major national and multinational oil & gas companies. Services provided by the firm aim to help companies maintain their existing plant, keep it working to the best of its ability and ensure certain legislative and health & safety requirements are met. Customers include Shell, Petrobras, Chevron, Repsol and BP as well as a number of engineering contractors. While the firm is heavily exposed to the oil and gas sector it also provides its services to the mining and nuclear industries. As of today the firm operates through five main regional headquarters located in Houston in the US, Reading in the UK, Kuala Lumpur in Malaysia, Johannesburg in South Africa and Abu Dhabi in the United Arab Emirates. These are supported by smaller regional offices, with the company operating from 36 countries around the world. By revenues the Middle East is Velosi's largest area of operation, generating 38% of revenues in the first half of the current financial year. at 21% of revenues, Europe is the company's second largest area, with Africa third at 17%. In fourth and fifth place respectively are Asia & Australia at 15% and Americas and the former Soviet Union at 9% No trader's commission, No quarterly account charges, No inactive charges CURRENT TRADING Results for the six months to 30th June 2009 showed continued growth for the period despite the economic downturn. Driven by a 100% retention of existing contracts and by new contract wins, revenues grew by 15.4% to $89.2 million in the half. Pre-tax profits were up by 10.4% to $7.9 million as margins were affected by a change in the business mix and by the economic conditions. Basic earnings grew by 8.2% to 11.2 cents, being affected by a higher effective tax rate, but no interim dividend was recommended. Velosi has stated that it expects to pay a dividend for the full year, subject to performance. At the period end net cash was $19.7 million, up from $17.8 million six months earlier and up from just over $9 million a year ago. Cash balances were boosted significantly in March 2008 when the company raised GBP4.42 million to spend on the working capital needs of several new contracts and for further geographical expansion. By geography, there was a particularly good performance from the Middle East where revenues grew by 26% to $33.8 million. This was on the back of several new offices being opened in the region during 2008 and a number of new contract wins. Sales in africa also grew strongly, hitting $15.2 million, up from $8.7 million, having recovered from problems experienced last year in relation to the ownership of Velosi Nigeria, after its general manager and major shareholder was shot dead. Across the other regions sales were either down slightly or relatively flat on the first half of 2008. Velosi was positive about the outlook stating that it is confident of trading in line with expectations for the full year. The company has traditionally seen revenues weighted towards the second half and this year is not expected to be any different. OPPORTUNITIES AND THREATS The main concern for the firm must surely be the weak global economy, which as the interims showed, has put pressure on margins as projects across the world being delayed or even cancelled. While in the industry as a whole spending on oil & gas development is widely expected to fall this year, capital expenditure by the major oil and gas players has held up relatively well so far in 2009. BP recently announced, in results for the first quarter of 2009, capital expenditure, excluding acquisitions and asset exchanges, is expected to be less than $20 billion for the year, down only slightly from 2008. Chevron has a $22.8 billion capital and exploratory spending program for 2009, unchanged from 2008. Shell recently said that it was on track to spend $31 billion to $32 billion in 2009, slightly up from 2008, but expects to cut capex by around 10% in 2010. Although Velosi is not directly exposed to changes in the oil price, it has an indirect exposure via changes in the development expenditure of its major customers made on the back of any price fluctuations. Since dipping below $40 a barrel at the end of 2008 the price of oil has recovered in 2009, having been trading around $70-75 barrel mark for the past two months. While this is positive for Velosi the reason for the price rise has widely been put down to falls in oil supply and a weakening of the US dollar rather than to an increase in demand. As such, the price rises have not fed through into higher capital investment. The outlook remains challenging, with a recent report from the Centre for Global energy Studies saying there was likely to be "little or no sustained upward pressure on oil prices until global economic recovery is firmly established" VALUATION Charles Stanley is looking for revenues of $191.5 million for the full year to December 2009, with pre-tax profits of $16.1 million and earnings of 13.44p. The revenue and profits figures were trimmed slightly following the release of the interims but earnings forecasts were maintained due to a lower expected tax charge and a lower minority interest payment. Further growth is expected in 2010 and 2011 when earnings are forecast to hit 14.43p and 15.88p respectively. At the current price of 91.5p the shares trade on a current year multiple of 6.8 times, which falls to 6.3 times in 2010. In addition, if the 2008 full year dividend payment is maintained the shares offer a yield of 0.6% - not attractive in itself but reasonable considering that the company prefers to use its retained earnings to fund the development of the business. BUY. |
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