Access Intelligence Investors - ACC

Access Intelligence Investors - ACC

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Stock Name Stock Symbol Market Stock Type
Access Intelligence Plc ACC London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 119.50 01:00:00
Open Price Low Price High Price Close Price Previous Close
119.50 119.50 119.50 119.50 119.50
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longshanks: Cash raising with a suggested "over subscribed" placing.A new investor in Livingbridge VC putting up £1.15 m for a 6% stake in the enlarged capital.Not sure what investment is required in Vuelo; looks more like a "keep the lights on" fundraising.Still - could be the start of something better.
nick100: Access Intelligence – some future value to be had for the patient in the AIM back waters? Read Nigel Somerville There's only one investor show where really serious investors meet really serious speakers like Slater & Wray - UK Investor April 30th HERE Noting the disclosure that I own shares in AIM-listed Access Intelligence (LSE:ACC), so I am talking my own book, I was interested to peruse the numbers for the year to November 2015 as released yesterday. The headline numbers look great: revenue from continuing operations up 89%, recurring revenue from continuing operations nigh-on doubled and there was plenty of cash. How do things look beneath the surface? The first thing which I noticed was that there was no reference to EBITDA to be found anywhere. That sets Access apart from some of the racier constituents of AIM – and the lack of bulletin board activity, as well as the coma-like market activity bodes well. Is this a company in which nobody is interested and thus a potential source of profit for the patient investor? The hard numbers are that the company saw £3.2 million head! off to money heaven – around 1.55p per share. There was also a net operational cash outflow of £1.6 million and a further £2.0 million outflow from investing activities. This was offset by £1.2 million raised from share issues (including the exercise of options), and £2.9 million raised from the issue of loan notes, to leave the company with cash of £1.5 million at year-end, although net current assets were negative to the tune of £1.2 million. That doesn’t sound all that promising, but it is not Placing Ahoy for post year-end the company racked up £4.5 million in cash from the disposal of a non-core asset (Due North). The company still has assets on the balance sheet which it is looking to offload, so perhaps there may be more of this to come. Meanwhile, the sale price of £4.5 million represented a multiple of 12.6 times EBITDA and 25 times pre-tax profit. (Oops, I mentioned EBITDA!) And so to the continuing operations. The company has been undergoing something of a transformation for what feels like an eternity under Chairman Michael Jackson (formerly of FTSE100 company Sage, SGE) and I’ve not really followed it all that closely for some time. From memory, the shares are somewhere around where they were when I bought in. But here is what interests me: with turnover from continuing operations up by 89% year-on-year and clocking up a gro! ss profit of £4.8 million (vs £3.3 million) before being trashed by admin expenses (£7.3 million, vs £3.9 million last time) and impairments of £1.9 million there does appear to be scope for optimism: one would hope that the impairments will not be an ongoing issue and that the whopping admin expenses might come down. Meanwhile, if the growth continues in similar vein and those admin and sales costs are kept under control then it does look as though it might not be too long before the company starts to generate cash from its operations, rather than relying on placings, disposals and loans. It won’t be this year, though – we are promised further investment and restructuring during 2016. But we are also told that the full benefits [are] expected to come through towards the end of the current financial year and into 2017. I’m not saying it is a buy – not yet, at any rate. But Access Intelligence looks like one to watch and research for the patient investor. For those with a taste for researching boring investments which nobody is interested in, this might be a good place to spend some time.
michaelmouse: I imagine that R and D expenditure will remain at reasonable levels to keep them ahead of competitors, just not at the exceptional levels they have invested in recent years. I don't expect the interims to be fantastic but I envisage that in the next year or two investors should be handsomely rewarded. 77% of revenues are recurring, the company are cash generative, the reduced R & D spend should move the company into profit and revenues should continue to improve. It will be interesting to see how the integration of the recent acquisition is progressing. Personally, I think on a balance of probabilities patient investors will see a very good return. The current market cap. is hardly demanding and the potential upside enticing. We shall see in the fullness of time. Michael.
squibno1: Access Intelligence plc logoSanlam Securities restated their buy rating on shares of Access Intelligence plc (LON:ACC) in a research note issued to investors on Wednesday. The firm currently has a GBX 7 ($0.10) price target on the stock.
jimbobtechstock: About par for standard investorwaffle don't you think!! Don't forget the reason they're listed is to recognise future value and realise that potential today to invest in growth. Selling staff on a day rate is not scalable to a level the market will appreciate, but selling licenses for software is, and that's where they claim their underlying growth is - and yes the staff who can't book to customer projects are working on pv/RnD stuff for future licensing revenues. The only thing I can't figure out is why UK investors are valuing this so low - possibly because they're under-selling the growth potential? Or am I just in too good a mood to see the down side this morning?
glasshalfull: Unsurprisingly no comments on today's trading update from this serial disappointer...below expectations. Worth mentioning that the cash balance is also disappearing (& yes, I acknowledge they've spent a whack on their York development centre). 30/11/11 - £4.1m cash 31/05/13 - £3.2m cash 30/11/12 - £2.7m cash 31/05/13 - £2.3m cash 30/11/13 est.£1.2m cash The Group is expected to report revenue of approximately £8.4m for the current financial year which represents revenue growth of 5% compared to the prior year but which is lower than current market expectations. The lower revenue, principally the result of weaker trading in one of the Group's divisions, is expected to result in the EBITDA for the year being lower than market expectations but ahead of the previous year. Despite the significant investment in the York Development Centre on product innovation that is expected to drive growth for 2014 and beyond, cash flows remain robust with the year-end cash expected to be approximately £1.2m. Good luck to any investors. Regards, GHF
glasshalfull: Pure speculation on my part when I noticed the movement of a quick and inexplicable rise in the shareprice. I've now had a look at the trade data and it looks more likely that the stock has been the recipient of a tip...lots of smallish trades from 8am this morning & then a few investors unloading into the unrelenting buying. Sorry if I gave out the impression of being one of those in the "know" on this occasion. I'll grab my coat on the way out... Regards, GHF
greenpastures2: Lewis, I think I will wait at least 6 months before adding. My average is 7p having bought, in 2006 I think it was, before Michael Jackson was involved. He is also a director of Elderstreeet VCT and there is usually a sentence or two about ACC in its annual report. The problems with Cobent show how even the clever investors can slip up. We now read that major problems with Cobent were its many offices and reliance on key personnel. Obviously that either did not register or was discounted when ACC negotiated the deal to buy Cobent.
glasshalfull: Well done Lewis. Let's hope it proves to be profitable for you. Ive noticed that there's plenty of investors visiting the thread and it would be good to generate some more discussion. I appear to have a monopoly of detailed posts on the DOTD thread and hoping that ACC doesn't follow come on, a few comments on results or prospects following tomorrows results please! Kind regards GHF
glasshalfull: Thanks for the positive comments. I flagged the investment case to a few fellow experienced investors off-board last night and feedback indicates that many are in agreement with apparent undervaluation. Let's hope ACC now deliver, if so I can see the share price in double figures in 18 months or so. Regards GHF
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