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Posted at 23/4/2024 10:35 by rivaldo Shore Capital see 50% upside here: "Accesso has '50% upside' according to broker Published: 13:34 22 Apr 2024 BST Accesso Technology Group PLC (AIM:ACSO, OTC:LOQPF) should see positive margin impacts emerging from a focus on higher-quality revenue streams, says house broker Shore Capital. “The market opportunity appears promising spanning across various venues and geographies, and we see ACSO as well place to capture a greater share through leveraging its now broader solutions suite”. “We do not believe the current valuation reflects these positive trends, noting our fair value sees +50% upside on a low/mid-teens EV/cash EBITDA multiple,” 'Buy' is the broker’s recommendation for the virtual ticketing and queuing specialist." Read Full Thread Reply
Posted at 18/4/2024 10:31 by smithie6 WJCC do the acquisitions provide an increase to the profit for '24 ? cost ~50m$, so one hopes so. ----- ski resort software acquisition. tiny turnover & profit is even smaller, so forget that one in '24 imo cost was ~10m$ VGS acquisition, cost ~38m$ nett, expected to produce 4m$ pbt, (about 10% return pbt, if 3.2m$ pat, 8.4% return, so that should increase the ACSO profit.....but perhaps not very much due to the interest cost on the debt to fund the deal. Strategically it looks like a good deal. (only has 33 employees !!!) ----- will any existing ACSO software or goodwill be written off due to any of these acquisitions, if acquired software replaces ACSO software, or vice versa ? Read Full Thread Reply
Posted at 17/4/2024 20:32 by smithie6 FCF. 17m$ Hmmmmm Would need to look at the numbers. Can easily get confusing with adjusted EBITDA (2,4,7) sorry, ACSO (ex-LoQuo) label it "cash EBITDA"... ...(The only listed company imo that uses such a term). (Many of us who are getting old, will recall the accounting 'problems'/intriques that LoQuo had......and Globo and.... ..we are perhaps a bit cautious about triple adjusted numbers....sure it is subjective, but in many businesses there are one-off negatives every year (& some positives) which arguably should be considered on-going & a normal price of being In business) ....I remember when people used to use eps ... ;-) ---- But yes, FCF is valid, just needs a bit more concentrating to work out a number one has confidence in. Read Full Thread Reply
Posted at 17/4/2024 17:42 by smithie6 PBT 9m$. (PAT ~8m$) Money spent on buying shares for the employee share option plans 4m$ & 2.2m$ for shares bought back & cancelled, a benefit for shareholders. So, 1/2 of the PAT was spent buying shares for employees ! The cost of share benefits for employees, 4m$, was about double the cost of share benefits to the owners of the company (the shareholders). The shareholders have invested a lot of money to get the company where it is now, with the employees as well. Current cap. value is ~£260m. The employees didn't invest any money to get the co. to this stage & they have been paid every month & one assumes other stuff is paid like social security,/Medicare & some pension payments (or in USA-Canada perhaps they don't get that). Dividend to shareholders. 0. Interesting. ----- Normal cost of share payment to employees is 2.5m$/year, every year. Costing ~4.8p/share for each share. (Higher at 7.7p/share for 2023) Read Full Thread Reply
Posted at 16/4/2024 13:48 by rivaldo Peel Hunt say Buy - their last target price was 1,035p, but the article doesn't say if this has been increased: "accesso operating in a 'structurally growing industry', says broker Published: 12:57 16 Apr 2024 Accesso, the ticketing and virtual queuing specialist, trades at a discount to both US SaaS and UK SaaS/IT services peers, says broker Peel Hunt, something that it sees as unwarranted. Results for 2023 were ahead of indications while, since the end of the year, the company has culled its lower margin B2C distribution business. Added to the removal of the legacy staffing issues, this will help give a step up to gross margins in the current year. New client wins across the group have been encouraging while projects such as Saudi Entertainment Ventures (where ACSO is the key provider of ticketing and visitor management technology across 21 destinations) underpin assumptions that it is operating in a structurally growing industry supported by major investment into digitalisation and the tourism and entertainment markets. “We believe actions made against lower-margin revenue streams help support the future profitability potential and improve the model quality. While "We continue to see scale opportunities across multiple geographies and sectors.” 'Buy' is Peel Hunt’s investment view. Shares rose 3% to 580p on a tough day generally in the market." Read Full Thread Reply
Posted at 16/4/2024 08:00 by deanowls Is that bought in revenue and profit Riv? Would like ACSO to become for me a bit shareholder focused, I get the investing for growth but shareholders have seen a decline in returns. Maybe it’s the London market? Read Full Thread Reply
Posted at 16/4/2024 07:33 by rivaldo I'm impressed with the update. EBITDA is ahead of expectations, and 37.5c adjusted EPS and presumably an increase for this year puts ACSO on a cheap rating compared to most of its sector comparators. And even more so when you strip out the $31.5m cash pile. Most importantly the outlook is very confident. ACSO are guiding a minimum of $160m turnover (up from $149.5m), and a minimum $27.2m cash EBITDA, a lovely 15% up from last year's $23.6m. The acquisitions have all performed well, and ACSO are global market leaders in a number of areas, incorporating machine learning, mobile solutions etc. Unless I'm missing something it seems that ACSO are very much back on the up. Read Full Thread Reply
Posted at 27/3/2024 08:42 by rivaldo Today's announcement may have had to be issued as an RNSNON as there isn't a measurable immediate financial impact, but it's still big news. Saudi Arabia is building "21 cutting-edge entertainment destinations across 14 cities, featuring over 150 attractions, diverse dining outlets, local and international retail outlets". And ACSO has been appointed as "the key provider of ticketing and visitor management technology for all destinations and sub-venues associated with the project". Quite a coup. And presumably pretty materially financially rewarding. The only question is how long until fruition: Read Full Thread Reply
Posted at 01/3/2024 18:35 by rich1e Hopefully dividends will be next if they're looking for a use for any more spare cash in the future. And the less shares in issue the higher divi per share. I'll keep an eye on the investment funds holding shares, they no doubt periodically discuss strategy with the management Read Full Thread Reply
Posted at 29/1/2024 12:26 by rivaldo FYI per an article last week on Proactive, Shore Capital reiterated their Buy recommendation. A couple of interesting points: (1) Shore believe "“Even at a discount to UK peers, you can still double the current share price“ on a bid coming in for ACSO: "Currently, the company is trading at a discount to its UK and US SaaS peers, which ShoreCap believes is unwarranted, while in the long term, it is operating in a structurally growing market with an increasing number of visitors and demand for digitalisation. “The group helps its customers gain a greater share of visitors' wallets as well as improve overall efficiency and ultimately if not valued by the market, we believe these characteristics could also make [Accesso] a bid target. “Even at a discount to UK peers, you can still double the current share price.“ 'Buy' is the recommendation." (2) Shore "is forecasting underlying cash profits of US$23 million for the 12 months" (today's £148.5m revenues were slightly behind Shore's $151m forecast, but margins must have been rather better than expected since ACSO traded in line with EBITDA expectations). Read Full Thread Reply