Share Name Share Symbol Market Type Share ISIN Share Description
Zytronic Plc LSE:ZYT London Ordinary Share GB0006971013 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +10.00p +2.67% 385.00p 380.00p 390.00p 385.00p 375.00p 375.00p 26,486 15:07:37
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 21.3 4.5 24.7 15.6 59.37

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Date Time Title Posts
20/10/201606:34Zytronic - The Long Story47
21/5/201623:38Zytronic - 20091,164
30/4/200913:12Time for a Bull Flag from this Chart395
21/4/200916:09Zytronic plc2

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Zytronic Daily Update: Zytronic Plc is listed in the Electronic & Electrical Equipment sector of the London Stock Exchange with ticker ZYT. The last closing price for Zytronic was 375p.
Zytronic Plc has a 4 week average price of 379.13p and a 12 week average price of 372.07p.
The 1 year high share price is 436.50p while the 1 year low share price is currently 315p.
There are currently 15,419,528 shares in issue and the average daily traded volume is 25,602 shares. The market capitalisation of Zytronic Plc is £59,365,182.80.
rcturner2: A significant amount of share price movements are irrational. More noise than signal. This has been known for decades. It is to the advantage of cautious long term investors.
igoe104: Strange things, market are ? compare zyt to igp, who have just announced results. Igp have announced a loss of 1 million, for the year. they are capped 5 million more than ZYT. they have 4 million less in the bank than ZYT and don`t pay a divi, where ZYT pay a cracking one. so how come their share price has gone up on results, while ZYT has gone down ?
rivaldo: I sold quite a few on the bell at 417p etc. A very good company, but the interim figures don't really justify the rating at 420p or so. And ZYT is quite illiquid, so I could see the share price dropping a fair bit given reasonable but rather unexciting numbers.
rcturner2: ZYT is also my biggest holding, mainly because it is up 50%. I do not think there is any need for holders to worry. The share price will follow the results from the company. Look at how the price rose after the last set of good news. As long as the company continues to deliver growth the share price will grow with it.
igoe104: Sensible blog write-up from stock whittler. hxxps:// Zytronic Top Up 1/11/2016 0 Comments I have taken the opportunity to top up on Zytronic, the opportunity having been created by an opinion given by Bearbull in the IC. I have some reference to the article but not a copy as such; I don’t subscribe to IC. I understand that the article said that the share was overvalued by 40% or something ridiculous well everybody has an opinion on stocks and after all, that is what makes the market function but it’s not a view I share. My view of Zytronic is that it is an exciting growth company and to that end is priced very reasonable for a growth business. If you look at the PE(f) as given in Stockopedia this shows a value of 15.6. However, Zytronic has a decent amount of cash on the books and once you strip this out you come to a PE of around the mid 12’s; expensive, well no, I don’t see it that way. How do the other numbers that attract me to this stock stack up?•Revenue and profits increasing year on year. •The ROCE is decent at 20.1 •Operating margin of slightly over 20% •Cash-flow ps appreciably higher than eps and also lots of free cash-flow. The dividend which is around 3.4% is growing by around 10% per year and has a conventional cover of around 2. However, as I have mentioned in earlier blog notes my real comfort with dividend cover is when the FCF easily cover dividend payments and with Zytronic that is the case. We have a very healthy Piotroski at 9 which gives me confidence. Also, the Stock Ranks given in Stockopedia look very healthy SR of 96. Cross checking to see if that confidence is echoed by Sharelockholmes and I am pleased to say it is as they have a market score of 2 (1 is the best score with Sharelockholmes and 100 the worst). So all in all, I am comfortable with what I see. Also just to keep me up to date I listened to an excellent interview of the CEO, Mark Cambridge, that Paul Scott did in the middle of December; all reassuring stuff. Personally, I am in no rush with this one as I think it is a grand little company and am taking a view of at least a couple of years rather than a few months. To that extent if the share price does ease further then I may be tempted to top up again.
market sniper3: One reason to hope the payout can be boosted this year is that in late December I sold half the portfolio's holding in touch screens maker Zytronic (ZYT). By then, the stock's yield had dropped to 2.8 per cent as the price motored ahead. Locking in guaranteed profits on the fund's investment in Zytronic thus seemed sensible, especially as the share price seems to have outran the company's improved performance (see Bearbull, 31 December 2015). Expect to see the company's market value and its underlying value converge in the months ahead, which is another way of saying that the share price may well be weak.
market sniper3: A copy i recd of a report in mondays IC mag re ZYT, might explain the big fall........ All of which indicates that what has really happened is that Zytronic's share price has run ahead of events by a greater distance than usual after a good set of figures. Therefore expect weakness in the coming months as investors - knowingly or not - contemplate the two profound factors with which we started. The investment lesson is, of course, generic. For me, however, there is a specific dilemma - should I sell shares in a company whose price is maybe 40 per cent above their intrinsic value?
topvest: Yes, I read that. I do not agree with the analysis. They have £10m or so of cash and a decent yield. Provided they continue to grow, I think these can still get to a £5 share price. The P/E after deducting cash is not demanding. I would say that the share price range is £3 to £5 depending on your view of future prospects. 40 per cent below the existing price is absurd.
rivaldo: Thx for the heads up PP - here's the article: "Rugged display Forecasts look too cautious as Zytronic eyes new products drive We remain fans of rugged touchscreens manufacturer Zytronic (ZYT:AIM), its management and underlying robust financial strength. The Newcastle-based rugged displays manufacturer has built its reputation on outdoor applications, ATM screens in particular. But the £45 million cap is increasingly tapping new markets, such as vending machines, gaming terminals and even medical appliances, where touch-screen controls get bashed about, so kit needs to be robust. It supplies the displays for London’s ‘Boris Bikes’ terminals, for example. Full-year results to September 2014 were impressive, beating market expectations as revenues rose from £17.3 million to £18.9 million, while pre-tax profit jumped 38% to £3.3 million. Dig beneath these headline figures and there is scope for profit growth to continue outstripping sales. For example, touch revenue increased by 18% from £12.6 million to £14.9 million, and unit volumes rose from 125,500 to 139,100, underpinning an impressive hike in gross margins from 30.8% to 36.6%. Consistent investment in research and development continues to bolster the product range, with curved touch-screens among its leading projects, plus larger form factor displays that are increasingly popular among manufacturers. For example, 30-inch screen sales jumped from circa 2,300 in the year to September 2013 to 6,300 last year, and this a typical niche segment where Zytronic has built and is maintaining a technological edge, and offering scope to bolster gross margins still further. Zytronic’s balance sheet and cash generation remain terrific, with current assets five-times the size of current liabilities, while the business threw-off £4.2 million of net cash last year, versus £3.3 million a year earlier. Net cash stood at £7.8 million, worth 51p per share, providing a neat share price valuation cushion. PROVEN TOP TEAM Zytronic remains relatively small and relies on a limited number of customers. This makes it susceptible to gaps in the order book, as happened in May 2013. That threat remains to an extent, while end market visibility is not great. Yet management deserve credit for not panicking back then, instead buckling down to the job at hand. Investors are entitled to feel a level of security in the hands of CEO Mark Cambridge and finance director Claire Smith. The figures, plus optimism that robust latter year trading is flowing into the current financial year, prompted house broker N+1 Singer to up its 2015 forecasts. The analysts now anticipate £3.6 million of pre-tax profit on £19.7 million sales. The equivalent estimates for full-year 2016 come in at £3.9 million profit on £20.7 million revenue; hardly demanding and implying earnings per share (EPS) of 19.9p, rising to 21.4p respectively. We think these numbers look light given Zytronics’ improving end markets, product development and extra clean room investment due to come onstream. Consensus forecasts are for 2015 EPS of 20.9p and 23.8p a year later. Strip out net cash from calculations and assume a 15-times price to earnings (PE) multiple by year end in September, and you’re looking at a share price of close to 420p, or 40% up from here. Given that the stock has previously hit highs of 362p, we believe this target is reasonable and achievable."
cestnous: i.c.TODAY Home > Tips & ideas > Share tips & updates Cash-rich, high-yield Zytronic ready to recover Zytronic PLC (ZYT) VALUE HIGH RISK Bull points Touchscreen applications becoming wider and more sophisticated Reduction in cost base Cash-rich balance sheet Fat dividend yield Bear points Short order book 'High probability' deals may not come through If you've hired a 'Boris bike' lately, played a hand of Texas Hold'em on a new generation fruit machine, or bought a can of Coca-Cola from one of its Freestyle vending machines, the chances are you've come into contact - quite literally - with one of Zytronic's (ZYT) touchscreens. Touchscreens are becoming more and more ubiquitous, which is a long-term trend benefiting Zytronic. But sales setbacks last year means shares in the Newcastle-based electronics company can now be bought on a rating well below the historic average, despite signs that a recovery is already setting in, and there is a handsome yield on offer, too. Exports account for 95 per cent of Zytronic's sales and products range from super-tough touchscreens used in coal mines run by mining giant BHP Billiton through to massive 85-inch screens that can be used simultaneously by two people or more - think, for example, of playing table football on a touchscreen. So - like the screens themselves - touchscreen applications are becoming wider as the screens become more sophisticated. That should be good news for Zytronic because it implies extra pricing power. However, the nature of all electronic technologies is that products quickly get commoditised and even suppliers well up the value chain feel the pressure. Nor does it help that Zytronic's order book is short, so revenue growth can quickly turn into a revenue shortfall. That happened in the first half of 2012-13 when the absence of one-off sales that helped the previous first half plus 10,000 fewer sensors sold for Coca-Cola's Freestyle vending machines meant turnover dropped 20 per cent and pre-tax profits were scythed by two-thirds to £0.78m. Cost-cutting plus more sales of higher value-added screens in the second half meant some lost ground was recouped. Even so, Zytronic finished the year with sales down 15 per cent to £17.3m and underlying pre-tax profits 44 per cent lower at £2.4m. Meanwhile, the warning that preceded the poor first-half results bashed the share price. True, it is now 40 per cent above its 12-month low, but it remains equally far below the 12-month high and at a level that makes Zytronic's shares a buy both for recovery and for the forecast 4.7 per cent 2014 dividend yield, underpinned by a cash-rich balance sheet (see table). Zytronic (ZYT) ORD PRICE: 199p MARKET VALUE: £29.9m TOUCH: 198-200p 12-MONTH HIGH: 345p LOW: 144p FWD DIVIDEND YIELD: 5.0% FWD PE RATIO: 14 NET ASSET VALUE: 107p NET CASH: £3.7m Year to 30 Sep Turnover (£m) Pre-tax profit (£m)* Earnings per share (p)* Dividend per share (p) 2011 20.5 3.60 18.1 7.7 2012 20.4 4.20 21.9 8.5 2013 17.3 2.35 13.8 9.1 2014* 18.0 2.50 13.3 9.5 2015* 18.8 2.70 14.7 10.0 % change +4 +8 +11 +5 Normal market size: 1,000 Market makers: 4 Beta: 0.63 *N+1 Singer estimates, underlying PTP and EPS figures As to the likelihood of that recovery, signs from last year's second half are encouraging. The effect of cost-cutting and shift in the sales mix meant the underlying gross profit margin was 35.4 per cent, almost back to 2011-12's level. Chairman Tudor Davies says this trend has continued into the first two months of 2013-14 and broker N+1 Singer, which is Zytronic's financial adviser, has nudged up its forecast for the current year, though it does not assume that the early-stage improvements will last the full 12 months. Longer term, and more important, is the growth in Zytronic's sales opportunities. For example, in 'signage' displays - where the company sells big screens with commensurately wide margins - the number of projects with a "high probability of success" doubled to 16 in the last year's second half. Similarly, in gaming, where the screens are getting more sophisticated, 'high-probability' projects rose from two to five, and that included two new customers. SHARE TIP SUMMARY: True, these deals won't necessarily come through and Zytronic's past - and the nature of project cycles - indicates it will always be prone to the occasional famine. But there are clear signs that trading has been improving over the past six months, and priced at 14.6 times consensus next 12-month earnings, the shares are at a significant discount to the five-year average rating of 20.4 times. Meanwhile, the long-term market trend remains for more volume, more sophistication and more profit. And for investors buying now, there is a tasty dividend yield to enjoy, while waiting for a re-rating. Buy
Zytronic share price data is direct from the London Stock Exchange
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