Accesso Technology Share Discussion Threads

[penpont] 27/2/2017 08:38

From Whitman Howard note today:

Forecasts: Driven by an increasing mix of higher margin ticket sales to queuing
revenue (c80% v c20% margin) we have upgraded our full year Adj PBT to $14.7m
from $13.7m. We have marginally reduced FY2016 revenue from $103.4m to
$102.0m due to the difficult trading months of July and August. In our view this is
still impressive considering July and August were amongst the five hottest
summers since the 19th century, above average temperatures continued into
September. The migration towards season ticket sales encourages increased
attendance figures in later months.
 Valuation: Our positive longer term view is based upon the clear blue sky
opportunity in the Asia-Pacific market. The changes in profitability and rolling our
T/P forward to 2018, has increased our 10 year DCF NPV to 1870p. We have
rounded this to our Target Price of 1900p. OUTPERFORM

[helpaargh] 25/2/2017 08:30

hxxps://blooloop.com/articles/goodchild-accesso/

[panic investor] 22/2/2017 16:12

what have people left to do - go out and enjoy themselves !

[rivaldo] 22/2/2017 15:55

Six Flags have this afternoon reported their 2016 year end figures - and they've beaten forecasts according to this:




Most importantly, prospects for 2017 look good:

“With strong attendance momentum and a 15 percent increase in our Active Pass Base, we are very well-positioned for the 2017 season. We remain confident in our ability to deliver our goal of $600 million of Modified EBITDA in 2017 and continue to work toward our long-term aspirational goal of $750 million of Modified EBITDA by 2020.”

[alphabeta4] 22/2/2017 12:00

Just a minor point but no one seems to have mentioned that ACSO managed to keep revenue in line despite poor weather in their key July-August months. My betting is they were lining up to beat expectations before this happened. In effect IMO this means there's a potential weather bonus for 2017 - it's either as bad as last year or they get the upgrade this year instead.

[rivaldo] 21/2/2017 14:59

Good news just out - Six Flags to build two new parks in China:



"Formal Agreements Signed to Build Six Flags-Branded Parks at a Second Site in China
Business Wire
February 21, 2017

Six Flags Entertainment Corporation (SIX), the world’s largest regional theme park company, and Riverside Investment Group Co. Ltd., a leader in cultural tourism and Six Flags partner, today announced the signing of definitive agreements to build more Six Flags-branded parks. The latest parks will be located in Bishan, a district of Chongqing, and are expected to open in 2020.

“The development of two additional Six Flags-branded parks—a theme park and water park—in Bishan, speaks to our commitment to create memorable experiences for families world-wide,” said John Odum, President of Six Flags International Development Company. “We are excited to build on this vision in partnership with Riverside Investment Group.”

“Six Flags is the world leader in thrilling entertainment for families and teens,” said Tang Jun, Riverside CEO. “We look forward to bringing the best and most innovative roller coasters, rides and attractions to visitors throughout China.”

The first Six Flags-branded theme park and water park in China are anticipated to open in 2019 and will be located in Haiyan, Zhejiang province, near Shanghai. The parks will feature record-breaking roller coasters, live shows, thrilling water attractions and more. For additional information about the Zhejiang parks, visit www.sixflags.com/haiyan."

[spud] 21/2/2017 09:32

Yup - My posts of 1894 & 1896 underpin my thoughts on this years highs.spud

[rivaldo] 21/2/2017 09:29

Yep - and approaching another £300,000 of purchases today (not a single sell).

Very keen buying indeed.

[itchycrack] 21/2/2017 09:06

The next breakout should take us past the £20 mark IMO.

[janeann] 20/2/2017 16:30

and another 13k just bought by someone!

[rivaldo] 20/2/2017 15:47

Yep, approaching £200,000 of net buys today. Is the chart now due for a further upturn following the trend?

[janeann] 20/2/2017 12:10

Someone is buying these today and its not your average PI; wonder who is selling some?

[panic investor] 17/2/2017 10:31

Sounds like they're going for the football market too - already in Mexico Premier League

[panic investor] 17/2/2017 10:30

Prism is by the sounds of it going into a new large customer this year - 30 mins in

[panic investor] 17/2/2017 10:24

Who was the SALE for ?

[shanklin] 16/2/2017 14:32

Particularly interesting from 22 mins 6 second onwards, especially the first anecdote from this point.

[spud] 16/2/2017 14:31

Great presentation. One day i'll have to get my lazy @rse down to London and attend.

spud

[shanklin] 16/2/2017 14:01

Also here...

[carcosa] 16/2/2017 12:44

Accesso (ASCO) at ShareSoc Richmond 7th February 2017

[rivaldo] 08/2/2017 22:56

The Saudi sovereign wealth fund is looking at taking a stake in Six Flags, and in particular:

"Six Flags has $1.3 billion in revenue and 18 parks across the U.S., Mexico and Canada, according to its website. It’s looking at potential park locations in Saudi Arabia including Riyadh, Jeddah and Red Sea resort, Chairman James Reid-Anderson said in November."

[spud] 08/2/2017 14:05

Amended link:



spud

[rivaldo] 08/2/2017 12:29

Hi Alphabeta4, many thx for the summary. I was the one who arrived late due to traffic, and then disappeared before the meal as things are a bit busy at present, so we probably couldn't have said hi anyway!

As usual TB was extremely impressive, and the stress on the high customer retention, security of revenues going forward 5 years, lead over competitors was encouraging.

TB confirmed to me re Prism that ACSO would be looking for a chunk of revenues from all sources, i.e food as well as ticketing etc, and obviously this would apply to EVERYONE visiting the park as opposed to the old QBot revenue model.

FYI there's a new 7 minute interview with TB here. Interesting that he again highlights the cruise industry as being a specific target for ACSO, whereas other "guest resort" sectors he's more reticent about. I wonder whether we might get news about this sooner rather than later?

He also notes the "strong sales order pipeline" across all divisions and good start to 2017:

http ://www.proactiveinvestors.co.uk/companies/stocktube/6867/accesso-sees-good-progress-across-all-divisions-says-executive-chairman-6867.html

[spud] 08/2/2017 11:25

Thank you for your feedback.

spud

Edit: At the current growth rate and allowing a little fudge factor, i'd say that Tom has earmarked 2020 for his leaving do.

[alphabeta4] 08/2/2017 10:09

Hi Rivaldo, apologies, didn't pick up on your comment in time otherwise I would have tried to say hello!

I understand a presentation is due to go up the Sharesoc site today but my brief takeaways were:

1. They're not at half way through Merlin roll out yet so plenty to go there still.

2. They now have 1100 venues and 100 to install (so gives some decent revenue visibility).

3. I queried whether the 'accelerated investment to support business growth and growth opportunities in geographies outside its traditional markets' was linked to Merlin opening an Asian office, he said this was a key bit of why they have done this. Separately he mentioned a Taiwan office was due soon.

4. On acquisition plans he 'expects to buy more stuff'. One part of this could be linked to simplifying certain ticketing structures for operators.

5. When I spoke to him separately I asked part of the reason from pulling back from the CEO position was to reduce the number of flights he undertakes to improve his quality of life as when I'd previously seen him he'd done something like 27 in 21 days. He said yes this was a key part and that he had reduced to something like 180 in the past 12 months. IMO this has helped keep him for longer and marries with him saying during the presentation he still is targeting a $1bn market cap then 'plans to disappear'. At $1.25 to the pound that would be c£36 so hopefully we'll hold on to him for a bit longer yet.

I'll leave it there as I'm sure the presentation will give a better overview than my notes ever could but I was left with the impression that despite the current PE there is still a lot to go for here and now feel more confident around there still being upside from the current share price.