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Zamano Share Discussion Threads
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|>>halved in price --- makes it much more attractive investment.
>>staff and directors have gone --- costs cut and the risky M&A strategy abandoned. so making it a more attractive investment.
>>now a real basket case --- they have indicated they are positive on the core business being profitable in the future, and the cash remains in the bank as it was before. how does that make it a basket case?|
|Last looked here 6 months ago when I sold these. The same positive posts, very confident as then. The stock has since halved in price, staff and directors have gone and it is now a real basket case|
|Shareholding announcement. Pageant Holdings have reduced from 29% to 20%.
That explains how Farringdon Capital got their 9%. There is a Farringdon Capital Partners who are a hedge fund. They sound like more probable buyers than the real estate Farringdon Capital.
Reckon this is quite positive since it reduces the control of a big single shareholder.|
|More being taken at close to the full ask...11.17hrs - 100k @ 5.95p, amongst others.
Not just as quiet as of late at ZMNO
|Bought some of these based on Friday's RNS which I think was positive. Especially the fact they are saying the business will be profitable and cash generative going forward. So a market cap of £5.8M against cash of £6.2M and net cash of approx £4.5M means hardly any value assigned to the business which has pretty decent revenues.
There's a holding RNS today stating Farringdon Capital hold 9%
I can't see this bunch mentioned before.
Not sure if this is them http://www.farringdoncapital.com/|
|Might they now be wishing they had accepted the takeover offer at circa 14p, I believe? I agree with rndm355 that this is a better strategy than M&A - this way they should prevent undue erosion of the large cash pile and, in the meantime, plot the best way forward|
|I am very confident that this is positive news. The risk involved in the M&A strategy became too much for me to bear, which is primarily why I sold out.
It looks to me like this should delist. Hopefully shareholders would be given a decent price to exit.
Former shareholder, no position|
|Anyone care to guess where the latest RNS leaves us?|
|Looks like nobody has much interest in this and that is the Brea son it is currently at a discount to cash. The prospect of them making an acquisition is not one to make most shareholders hopeful or excited in the near-term.|
|They could be on the other side of the world for all the news updates we get. I hope we hear something before results in March.|
|Seems like some largish buys have been going through in past few days|
|Isn't this a prime takeover target now? With the fall in the share price and the cash pile they're sitting on... They had an offer before at circa double the price which they rejected|
|Nice of them to tell us there was a court case - even though cleared.
|....will significantly impact the Company's and its B2B customers' ability to acquire new subscribers on the Payforit platform in the UK with effect from 1 November 2016
Anyone with a better understanding know if NEW subscribers is accurate, in other words will they still generate revenue from EXISTING subscribers or are they impacted as well?|
|Was clear to see something like this was going to happen.
|Market cap now below the net cash in the balance sheet! And no debt.|
|Trading at cash value but are they adding to it more slowly or burning it away now? Very hard to say without more clarity. And possibly an acquisition to announce soon just to muddy things further.|
|That doesn't look good - market reacting appropriately
Fortunately decided to jump ship with CEO in May apart from a tiny position
Hard to value business based on very limited info in RNS but the strong balance sheet provides comfort of sustainability but perhaps in a different market.
|Had a good look at this recently and reckon there is money to be made at current levels.
+ Cash growth last year was in excess of 20% now sitting at £6.5m in June, now probably in excess of £7m - current market cap £10m !
+ There is no debt
+ They state in the interims they expect a strong 2nd half in earnings thus increasing profit.
+ The £ has recently strengthened against the Euro, good for earnings
+ There seems a very strong possibility of takeover, last year they received an approach at 17p a share.
+ They will probably make £1m - £1.5m this year so the forward PE is under 4
+ There is talk of earning enhancing acquisitions
+ It is likely a dividend is possible due to the strong cash position, this would re-rate the shares
+ There is the possibility of new board appointments which could generate new investor interest.
+ Only 100m shares in issue, very low free float
The list goes on BUT you get all this for an enterprise value of only £3m, the market cap is ONLY £10m,
Cannot understand why the shares are sitting around 10p, there could easily be 50%-75% upside here in my view.
Looks like it is under the radar and exceptionally undervalued.|
|This is the obviously the most active ZMNO board, so it's worth highlighting a couple of points here:
i) Zamano - Change in Directors:
Peter Furlong, of Pageant Holdings, was actually appointed an NED back in Feb-2012:
He resigned in Feb-2016...it's not unusual to see a director resign after 4 years on the board. Notably, his replacement as an NED (Fergal Scully) previously worked for Pageant Holdings:
b) Zamano's Working Capital/FCF - just published a new sequence of tweets here:
And for those not on Twitter, here they are...apologies for the format, etc:
Zamano is actually one of those rare beasts – a negative working capital biz – no inventory & payables consistently > receivables!
So as Zamano bulks up, there’s a tangible net working capital benefit, i.e. (semi-)permanent cash inflow!
Another reason to like the Zamano revenue strategy, even if it hasn’t delivered increased profitability
And obviously there are other actual & potential tangible/intangible benefits to being a larger company…
So comparing two co’s of equal profitability – all else being equal – I’d inevitably opt for the larger company
And if we focus purely on payables: One would obviously expect Zamano payables to also scale up with revenue
In last 4 FYs, Zamano payables/revenue ratio was 21%, 21%, 24%, 23% & averaged 22%
Zamano interim payables/revenue ratio was 20%, suggesting no reversal to come…in fact, I’d argue/expect payables shd be almost €1 M higher!
As I’ve said, my intrinsic val estimate fr Zamano focuses on its (Op) FCF & its cash pile…it dsn’t assume sustained P&L grwth
Zamano has delivered an avg €2.3 M FCF pa in last 4 FYs & in Last Twelve Mths it also delivered €2.3 M FCF
At 12.5 cts per share, that now puts Zamano trading on a 2.2 EV/FCF multiple $ZMNO:ID $ZMNO:LN
|Good question. I don't know. Difference between Pageant and other shareholders about how and when to realise value? Pageant not getting their way (lowish bid taken) so Rockett and Furlong quit to force the issue?
Again - I have no extra info so merely guessing/wondering.|
Why then would Peter Furlong have resigned in Feb 16, he was Pageant's man on the Board was he not?
Management certainly comes and goes at this company!|