Accesso Technology Share Discussion Threads

[smithie6] 08/2/2019 10:18

BIG volume in the last 2-3 days on the 6 month chart



& here is the 5 day chart incl. volume..
& the cliff fall from £15 !!



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& the intraday chart for today including individual volume of separate trades

[smithie6] 08/2/2019 10:02

dev. costs are running at 30M$ imo

with 20M$ being capitalised....~ 60% imo

based on info in H1 report if my memory is correct

but
poorly/unclearly reported imo
(& trying to decipher real FCF from the accounts...combined with depr, amort, cash for aquisition & from share issues !!..

uf...makes my head spin)

----

& yes...I agree 100%
critical to the valuation being good or bad at 950p is whether those 20M$ of devel. costs being capitalised are in reality on going costs of normal business or will produce higher revenue & profit in ftr yrs

& whether the co. could, if it wanted to in the future, reduce devel. cost from 30M$/yr to say 20M$ & still perform ok & generate more cash/profit

[smithie6] 08/2/2019 09:57

offer price up to 970p on advfn...from 940p

so...ignoring any pros & cons the MMs think its heading upwards....at this instant anyway

[jasdb7] 08/2/2019 09:34

Excluding the working cap benefit FCF of c8m in 2017. So decent growth or a belief that the development costs now running at 20m are growth as opposed to maintenance orientated are required to support a bull case in my view.

[crescenter] 08/2/2019 08:39

This will just drift lower up to the results.

No investment case to be made given the uncertainty created by the TU.

Another AIM scandal where Directors have gorged themselves while rampng the Companies share price then sail off into the sunset with eurolottery style winnings.

[tsmith2] 08/2/2019 08:39

Lumps of 12,500 shares being worked.

[tsmith2] 08/2/2019 08:08

Yes, crazy volume!

[1001011] 08/2/2019 02:52

They started the queueing contract with Six Flags in 2002. IFRS 15 was drafted in 2014 and didn't have to be implemented until January 1, 2018. Back in the day, when they were deciding how to recognize revenue for this product, they weren't consulting non-existent standards. They went by the standard of the day. That doesn't make them "wrong" in the past. Complying with new requirements as they emerge does not equal funny business.

[smithie6] 07/2/2019 20:34

'we change our accounting"

how many times have PIs been shafted by that ?!

far too many

----

a common scam used to be claiming that sales to agents were sales....even though there was no sale to an end client....& the agent would often return the goods unsold...& unpaid for...

!!!

7 then of course the claimed sales & profits get

...

'RE-STATED' !!!!

😢😢😨

( & often the insiders sell loads at a high price before later revealing the truth....)


sadly PIs get intentionally shafted on AIM far too often...

was there intentionality here...?...I dont know

[smithie6] 07/2/2019 20:20

101011

...but the co. disagrees with you

the COMPANY has changed its accounting

and turnover has dropped by millions as a result

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the co. claimed that the revenue from queing ticket sales Q bot (according to previous poster 101101) that was imo >50% for the park
was in fact
ALL for ACSO

nuts
& not true
..only now for 2018 do they use better calcs.

---

the co. has basically said its accounts were wrong & not truthful....millions of $

---

with adjustments & more adjustments & cash movements for acquisitions
& capitalisation of 60% of R & D cost

the accounts are almost impossible to understand in simple numbers imo
& imo that is why the share price went to £30

[dan_the_epic] 07/2/2019 19:33

Stock down 68% from highs and Spud still thinks those of us who are bearish are loonies

Christ almighty

[1001011] 07/2/2019 18:56

Smithie67, the accounting you described never applied to "park tickets", only the queueing product (Q-Bot/Flash Pass) at many parks. A segment, not the whole business. See the "Reporting changes following the adoption of IFRS 15" section in the Interims.

And it was based on the fact that in Six Flags parks, Accesso has all of the Flash Pass attendants on their own payroll and owns the equipment. Accesso is bearing all of the costs of Six Flags' Flash Pass system, so they're entitled to a sizable chunk of that revenue.

[togglebrush] 07/2/2019 18:22

One Hell of a Day
‘
MAXIMUM VOLUME Minimum Price in Daily Trading stats since
30/12/2016__Price_____Volume
‘
Maximum_____2,975.0___1,983,570
One in 100__2,920.0_____559,462
Q3__________2,295.0______78,934
Median______1,985.0______35,744
Q1__________1,633.8______14,663
Minimum_______930.0_________348
‘
Shares in issue 27.32 million

[smithie6] 07/2/2019 17:36

"ebitda growth of 40%"

but is that with adjusted ebitda version 1, 2, 3 or 4

& with or without new use of IFRS 15 ?

& noting that capitalising 20M$ in 2018 accounts (see RNSs), which is excluded from your wonderful ebitda calculation !!
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( Counting selling a 50$ park ticket as 50$ of turnover for ACSO when phps 45$ of that turnover was turnover/revenue for the park !!
& only 5$ for ACSO

that imo was an INTENTIONAL SCAM.
& intentional false accounting.)

[spud] 07/2/2019 17:04

Hi riv. I'm only going so far as to repeat the ebitda growth of circa 40% during 2018 and nothing else....Oh and that I've no intention of selling at these levels. I just hope that the West coast doesn't grab an undervalued bargain...spud Ps My absence from this bb means nothing more than avoiding the loonies.

[bonio10000] 07/2/2019 16:36

Clearly given the fall in the price.

Let me guess - you made money.

Enjoy.

[tsmith2] 07/2/2019 16:29

Loonies out, always a good sign.

[bonio10000] 07/2/2019 16:28

Market Cap £250n still.

Was this really valued at over £750m?

For a queuing system?

Man alive.

[mammyoko] 07/2/2019 16:25

I value this (generously) at 17x the average FCF for the last three years - about £6.50. I can't comprehend how it was ever valued at 70x FCF

[smithie6] 07/2/2019 16:11

on the plus side

it lost 15 quid in first fall
but only 6 quid this time !!

[smithie6] 07/2/2019 16:10

Eezy
agree with you about dirs. getting lots of shares

and paying themselves very nicely
the bod cost 3M last year for 2017 !!!!! including bonuses....calculated one assumes on the triple adjusted value they decided to use !!!

must be about the most expensive bod on AIM

and 1 non-exec got 120k !!!!

[eezymunny] 07/2/2019 15:40

Oh and you should take the share based payments out of the adj EBITDA number IMO. I mean directors just award themselves piles of shares and that's not a cost - utter bunkum IMVHO!