Accesso Technology Share Discussion Threads

[ih_497623] 27/3/2019 13:22

I'm seeing the big trades at the midpoint:
Num 158: 126k Buy, 50k Sell, 508k ?

[togglebrush] 27/3/2019 13:15

An Analysis of early trades show that Large trades are controlling the Trading pattern today.

___________Number______Volumes
Band_______Buy___Sell___Volume_% Vol___Buy __Sell
0-150_______40____20 __3,280 _0% __1,531 __1,749
150-450_____18____14 __8,331 _1% __5,102 __3,229
450-1350____19____19 _28,430 _4% _14,095 _14,335
1350-5000____8_____5 _27,229 _4% _17,191 _10,038
5000-15000___2_____7 _81,068 12% _12,500 _68,568
15000->______2____10 552,112 79% 175,014 377,098
============================================================
Total_______89____75_700,450_100%__32%___68%

IMHO A few heavy sales early cause the spike down...
recovery or bounce is from many smaller Trades

[ih_497623] 27/3/2019 13:10

The two biggest customers, Six Flags and Merlin, are already contractually locked in through 2022, with Six Flags further committed through 2025. This isn't being done to keep them on board. If you read the description in the results, they have plans that are the opposite of being specific to one customer. They want to make their software more modular and more accessible to potential clients that want some features, but not others.

[ih_497623] 27/3/2019 12:46

Important to note that accesso has a history of doing R&D based on what their clients specifically ask for. They're spending on accesso Health because Henry Ford Health Systems approached them. Carnival Cruises announced Ocean Medallion in Jan 2017 and TE2 worked on developing it until it launched in Sep 2018. Improvements to their current software are not going to be speculative when they are getting requests and feedback from the current users.

[ih_497623] 27/3/2019 11:43

There's a simple solution to reverse the change in Six Flags guest visitation behaviour (single-day visitors to annual members). Lower the price on all-season Flash Pass until it becomes attractive enough to the former single-day Flash Pass users. The "members" are going to love the price tag when they spread payments out over 12 months. The success that all-season dining passes had at Six Flags is promising for its other all-season offerings.

[ih_497623] 27/3/2019 11:15

You have to remember that you're complaining about 2018 revenue growth being flatter because revenue growth in 2006 to 2017 was so impressive. That proved the competitive advantage of the established products in the established verticals. The R&D was certainly paying off in that time period.

Universal employs plenty of people to work on the back-end of the theme park experience as does Disney. As mentioned, Disney was alleged to have spent $1 billion to create a virtual queueing wristband system in-house.

[ih_497623] 27/3/2019 10:44

Still opportunities for organic theme park ticketing growth when Merlin builds more Legolands, Six Flags acquires smaller parks, if international Six Flags's in development uptake Passport, and Six Flags's per capitas increase.

[ih_497623] 27/3/2019 10:26

Re: #3975 - The point is that Universal spends somewhere north of half of $1.7 billion capex on its theme parks annually. Their bitter rival Disney purportedly spent $1.0 billion to develop MagicBand virtual queueing wristbands, and Disney hogs the technology to itself. The market is currently pricing accesso at less than the cost of one Harry Potter Land.

[togglebrush] 27/3/2019 10:21

FWIW Early reported trades on LSE
'
# Trades Vol. Sold Vol. Bought
___113____26,523____33,192

[eezymunny] 27/3/2019 10:18

You're missing the point completely 1001etc.

If a USER of some software BUYS the software company, it's COMPETITORS won't want to use that software. Therefore the USER would only pay a price commensurate with what that software can do for ITSELF. And that's a very long way what software can make if it's good enough to sell to LOTS of companies.

It's proper planet Zog stuff you're talking IMVHO.

As I say, each to his own.

[ih_497623] 27/3/2019 10:08

Re: #3972



"...Comcast will have a rare technology advantage over the larger competitor that invested $1 billion in tech that's about to be dethroned as the industry's gold standard."



"NBCUniversal's capital expenditures increased 15.2% to $1.7 billion in 2018, primarily reflecting investment at Theme Parks."

Re: #3973

accesso has $29.8m in untapped credit at Lloyd's. Would be crazy to ever do a rights issue instead of borrowing at LIBOR + 1.4% or 1.9%.

[chasbas] 27/3/2019 09:58

Does anyone think ACSO cannot fund its "..more unified, efficient and flexible architecture..." which it says will add "incremental" costs? Does anyone expect a share placing or rights issue? If not, then management is probably adding value which will produce attractive growth/cashflow from 2020 onwards.

[eezymunny] 27/3/2019 09:56

ACSO is streets ahead? Ahem. Cough. So why such a small rise in revenues in a market they claim to be worth billions? Cough cough! Swallow a story why don't we all! Don't tell me, the jam's coming tomorrow and it's all but guaranteed!

So you ARE telling me that you think a theme park operator might acquire a ticketing etc software company that has installations with it's competitors? You sir, are flying pretty close to planet Zog IMVHO!

[kemche] 27/3/2019 09:53

cashflow, BS and P&L - in that order. Always.

[ih_497623] 27/3/2019 09:48

Comcast, the parent company of Universal Theme Parks & Resorts, home of the flagship accesso Prism installation, is a notorious serial acquirer. As are ticketing company mega-caps. The ShoWare and Ingresso divisions are in live events. Just as accesso purchased ShoWare and Ingresso, they could be flogged for their book of business to live event ticketers.

[wisewilliam] 27/3/2019 09:46

EezyMunny. Accesso is streets ahead in the ticketing space. Why do you think merlin opted for it. The competitors such as gateway are really flogging old legacy systems with a few add ons whilst accesso has a state of the art solution. Accesso should be valued as a technology stock with huge potential.

[ih_497623] 27/3/2019 09:27

Accesso's biggest customers are theme parks (Six Flags, Merlin). They are making software for theme parks. Typically the multiples for software companies should be higher than for theme parks. A theme park operator could juice its own earnings by buying any part of accesso if accesso's multiples become too undervalued by the marketplace.

[chasbas] 27/3/2019 09:26

Great discussion, mainly. If only all companies reported underlying revenue growth of 8%, make profits, have positive cashflow and no debt. And are operating in growth markets.
Shares clearly offer good value going forward especially for a technology company. Call me bonkers but I believe in the growth story and the competency of the management. As 1001011 says there is real value being created in their technology, which I believe will in time produce huge new business from Merlin and others. ACSO would not be investing in "..more unified, efficient and flexible architecture..." unless there is a commercial reason to do so. So what if growth and earnings for 2019/2020 are relatively dull. IMHO this could be a great opportunity for long term investors.

[ih_497623] 27/3/2019 09:18

Their largest customer Six Flags trades at 2.8 x sales ( ). And you want 0.7 x sales? $118.7m x 2.8 / 27.3m = 12.17 USD = 9.22 GBP