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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Adept Technology Group Plc | ADT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 200.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 200.50 |
| Top Posts |
|---|
Posted at 28/1/2023 21:42 by value viper With shares languishing near all time lows, management now need to step up and drive some shareholder value.Debt or no debt, the valuation is pitifully low. Surprised institutions are not getting vocal. Good luck investors - new and existing. |
Posted at 19/11/2022 12:02 by red ninja Investors Champion Comment :-Adept Technology: all eyes on debt reduction AdEPT (AIM: ADT), one of the UK's leading independent providers of managed services for IT and unified communications, announced results for the six months ending 30 September 2022. Group revenue was flat at £34.2m (H1 FY22: £34.3m), impacted by global supply chain issues, but also highlighting the struggle for this business to grow in the absence of acquisitions. In Cloud Centric Strategic Services revenue rose 3% to £15.1m with Managed Services revenue as a whole increasing to 89% of Group revenue (H1 FY22: 87%), offsetting the structural decline in revenue from legacy Traditional Telephony, from which the Group continues to move away. Adjusted operating profit fell 4.7% to £5.45m while there was a reported pre-tax loss of £461k after £1.5m of finance costs. The cash flow presents a better idea of what’s really going on, with the operating cash inflow £4.4m and free cash inflow £2.5m. ADT also paid out deferred consideration for its previous Datrix acquisition of £4.3m. Senior net debt closed at £30.7m (H1 FY22: £31.2m), down £5.9m (16%) in the last 12 months. Unfortunately, there is also the small matter of £6.8m of a convertible loan. We remain puzzled why Adept is committing to a pay a dividend when the focus should be on bringing down debt, especially in the face of rising interest rates. The forecast full year March 2023 dividend of 5.00p per share (yield 4.3% at the current 116p share price price) will cost approx. £1.25m, while full year cash interest payments will incur £2.2m. It might be affordable from c£8m of free cash flow, but it’s hardly money well spent and the high level of debt will continue to be a drag on the share price, in our opinion! |
Posted at 15/9/2022 20:26 by red ninja Downing Strategic Micro Cap. I.T. August Investors Letter comment :-ADEPT TECHNOLOGY GROUP is a capex light managed services business. The quality of earnings is reflected in recurring revenues from a customer base that includes local government, education and SME. We have been frustrated with the malaise in the share price that does not reflect the quality of these earnings. Deals in the sector have been executed on 10-14x EBITDA whilst this business lingersaround 6x EV/ EBITDA for the current year. We feel that this is probably due to the gearing within the business which was year-end net senior debt of £29.4 million after payment of the initial consideration for the Datrix acquisition. However, AdEPT generates strong cash conversion – 108% of EBITDA turned into cash last year – and has historically done so, enabling a pathway to de-gear the business over the medium term. Showing confidence in this cashflow, the company reinstated a modest dividend at 1p per share. Organic growth has also been challenging to demonstrate. However, with the declining fixed line business now less than 10% of revenues, this will become less of an issue. A commitment to reduce debt whilst stopping any M&A activity will allow the company to prove the quality of its earnings and cash generation from its existing asset base. |
Posted at 29/3/2022 11:31 by melloteam Just to let shareholders and prospective investors know that The Property Franchise Group PLC, Adept PLC and Duke Royalty PLC will be presenting at MelloMonday, the Mello Events webinar on Monday 11th April at 6pm.There will be over 500 investors attending and these are very popular shows with company presentations, fund manager and investor interviews, and panel sessions. Tickets are still available and if you would like one at half price then enter the code MMTADVFN50. |
Posted at 19/1/2022 20:00 by red ninja Liontrust investor partner lip buy 5.63% announcement today.They must believe there is value here |
Posted at 16/11/2021 19:27 by red ninja Adept on proactive investor :- |
Posted at 16/11/2021 15:44 by red ninja Just in case anyone missed it ADT on IMC :-Note you need to register. |
Posted at 03/3/2021 11:34 by red ninja Downing Strategic Micro Investment Trust, February 2021 investors letter :-ADEPT TECHNOLOGY has continued to trade robustly through the ongoing pandemic given that 78% of revenue is generated by recurring managed services. Balance has been affected by the ability of technicians to be on‐site and there has been a reduction in activity by those customers naturally experiencing more difficult trading conditions due to the pandemic. Half year 2020 saw a 14.2% reduction in underlying EBITDA to £5.2 million and EBITDA margin fell to 18.4% from 19.8% in 2019. Management decided not to implement short term cost cutting initiatives to help protect the margin, which should leave the business with sound foundations to progress as lockdown measures are eased over the coming months. Reassuringly, AdEPT continued to generate cash throughout the period, with underlying EBITDA conversion to free cash flow (including leases) of 97%, albeit flattered slightly by some VAT deferrals. Nonetheless, this allowed the business to repay £10 million of debt in the period. Cash performance was supported by additional improvements in customer debt collections, improving to 33 days from 45 days in the same period in 2019. We believe this demonstrates the cash generative nature of the underlying and core managed service business, along with essential nature of these services to customers, despite the ensuing global pandemic. This is acutely evidenced by the announcement that AdEPT has helped the Department of Education transition over 500 schools to cloud enabled digital education platforms since the outbreak of Covid‐19. Annualising the free cash flow highlighted above places the group on an EV/FCF of 8.5x, assuming no recovery or future growth. Given the high proportion of revenue visibility, low capital‐intens trade and private equity market consolidators completing acquisitions on multiples far in excess of the current trading multiples of AdEPT. We think that given the robust trading through the pandemic, this low valuation won’t go unnoticed. Xttps://assets-us-01 |
Posted at 28/1/2021 09:22 by davidosh Just to let you all know that Adept will be presenting at the next Mello Monday investor show on the 8th February..There will be over 600 investors attending and these are very popular shows with company presentations, fund manager and investor interviews and panel sessions including the popular BASH (Buy, Avoid, Sell or Hold) Not to be missed and use the code MMTADVFN50 to get 50% off tickets or if you have never been before to a Mello evening just send me a message and I will give you a complimentary invitation to join us. |
Posted at 09/11/2020 00:51 by davidosh Just to mention that Judith Mackenzie of Downing who are one of the key shareholders in Adept will be interviewed by me on MelloMonday tonight. She will also be one of the panelists on the BASH session.The Mello Monday event starts at 6pm The full programme is available on the website. In the MelloBASH... The analysts, fund manager and well known investors on the panel will give their honest verdicts on whether four/five companies are a Buy Avoid Sell or Hold at this current juncture in the markets. All investors welcome and if you use the code MMV5 you will get a half price ticket. Great investor content and entertainment. We had nearly 400 investors attend last month so these are very popular. |
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