Adept Technology Share Discussion Threads

[chrismez] 21/2/2011 14:03

Beginning to think it cant be anything else - surely someone has heard rumours ?

[drsous] 21/2/2011 13:23

has to be a takeover going on

[chrismez] 21/2/2011 08:49

So what's the scores on the doors Olly? Bid?

[chrismez] 18/2/2011 15:25

Given the UK telecom market is consolidating - cant help wondering if a bid is in the air !

[chrismez] 18/2/2011 15:17

About time and much further to go ... onwards and upwards!

[fillipe] 18/2/2011 15:07

Wakey wakey!!! ADT rising and shining. Best moves for an age now.

f

[chrismez] 28/11/2010 22:40

During October 2010, AdEPT renewed its credit facility with Barclays Bank, albeit at a level £1.125 million lower than before at £11.125 million. Nevertheless, the terms are generally more favourable and provide AdEPT with greater operational flexibility together with less onerous banking covenants and lower interest rates, which should reduce the overall annual interest charge by £0.115 million. As at 31st October 2010 approximately £2 million was undrawn and given the group's commitment to cash maximisation and debt reduction AdEPT has ample funding capacity to comfortably drive its organic growth strategy.

The momentum already established has continued into the second half and the group's performance will increasingly reflect the growth in the stickier and higher margin Premier Customer division (large, multi-site customers) especially as its service offering is further broadened. During the last six months this division secured five notable 24-36 months contracts with a total combined value comfortably in excess of £1.9 million. In addition, since its authorisation last March, AdEPT has begun to win contracts under the JaNET (Joint Academic Network) framework. Consequently, we remain comfortable with our existing forecasts while the key to the investment case remains the company's consistent and proven ability to generate strong cash flows and de-leverage the group at about £2 million per annum.

Therefore, assuming that the very conservative and current EV/EBITDA multiple of 3.9 (Daisy is acquiring SpiriTel on a multiple closer to 5.6 times) is unchanged within two years the equity would be valued at £7.22 million, equivalent to share price of 34.3p. However, the UK telecom market is consolidating and this should result in a re-rating, probably closer to the Daisy/SpiriTel EV/EBITDA multiple of 5.9 times, which suggests a share price of 60.1p, therefore, with the shares trading at 22p, our stance remains buy.

[chrismez] 28/11/2010 22:39

Argy - here's that GE&CR article I mentioned (without tables and graphs):-

AdEPT Telecom, a leading independent provider of fixed line and mobile voice and data telecommunications services to small and medium sized UK-based businesses, announced on 16th November results for the 6-months ended 30th September 2010 which were in line with expectations.

Revenues overall fell by 7.1% to £12.09 million, in part due to a challenging economic environment reflected in reduced variable call volumes, although exposure is reduced as call revenues represent a smaller proportion of total revenue. The gross margin contracted by 1.1% points to 35.9% largely due to the more challenging economic and trading conditions. However, in line with AdEPT's strong commitment to strong cost control and focus on winning and retaining larger customers administrative expenses fell by an impressive 17.7% to £3.598 million. The continued focus on cross-selling has yielded gains, with the proportion of customers taking three or more products increasing from 20.1% to 27.2%. Operating efficiencies have enabled operating profit to jump by 67.6% to £0.741 million and for the operating margin to widen from 3.4% to 6.1%. Net finance expenses fell by 9.9% to £0.598 million due to the further reduction in group debt of £1.05 million to £8.16 million and as a result AdEPT reported a pre-tax profit of £0.143 million compared with a loss of £0.222 million a year earlier.

[argy2] 24/11/2010 16:56

Basically the same as the other paid for ramps by TW's team then? Hoping it would be independent

[chrismez] 24/11/2010 16:45

Errr - GE&CR or something like that - its one of those daily UK Analyst E-mails. The rider to it is that the parent company of GE&CR (not sure who) owns shares in Adept. Anyway I'll see if I can cut and paste it.

[argy2] 23/11/2010 16:26

Who was the report by?

[chrismez] 23/11/2010 16:24

Anybody still in here? I've got a few and was interested to see the report this morning targeting a 60p valuation.

[jazza] 12/4/2010 06:17

so much for non-disclosure of price sensitive information..


Somebody call the FSA....then again...don't bother..

[jameslarr] 02/12/2009 14:16

Tipped on the same site again

[willpeterson] 19/11/2009 14:10

Steven Moore on UK-Analyst says buy at 23.5p

[robleetoon] 18/11/2009 12:23

Interims went over like a lead balloon

[jazza] 07/7/2009 10:29

Robleetoon,

The "loss" was due to:

a) One-off cash payments (e.g. fee for rearranging loan, restructuring)
b) non-cash items (amortisation of goodwill)

Going forward they should bring in a few million quid net cash each year and they have stated their intention to use it to pay down debt.

and as net debt is almost twice the market cap, there is a lot of scope for the share price to rise as debt is reduced...

[robleetoon] 07/7/2009 08:34

Whats good about them ?

Unless i'm reading it wrong they lost 1.24 million.

[dubbsie] 07/7/2009 08:17

Good results, excellent cash generation, no interest!!!!

[olivercromwell] 27/3/2009 13:51

take a look at Chris Fishwick's appearance in front of the House of Commons finance select committee where they called him 'the unacceptable face of the city'..but like all finance scrotes they never apologise..

ian fishwick's a decent guy though. a nice chap and very trustworthy

[sportbilly1976] 27/3/2009 13:46

robleeton,

reading the above...I would be wary of the summer months...1 going bump in June, 3 in July and 1 in August...

mind you...holding 30% and beign the MD's brother...maybe he'll try harder with this one!

[robleetoon] 27/3/2009 09:10

Chris Fishwick was a director of Aberdeen Preferred Securities Plc. Aberdeen
Preferred Securities Plc was placed in Members' Voluntary Liquidation on 26 June
2002.


Chris Fishwick was a director of The Media & Income Trust Limited which went
into administrative receivership on 10 July 2002.


Chris Fishwick was a director of Aberdeen High Income Trust Plc which went into
administrative receivership on 26 July 2002.


Chris Fishwick was a director of Media Zeros plc which went into administrative
receivership on 8 July 2003.


Chris Fishwick was a director of Smaller Companies Investment Trust Plc. Smaller
Companies Investment Trust Plc was placed in Members' Voluntary Liquidation on 8
August 2003.

FUTURE LOOKS GOOD IN SUCH SAFE HANDS !

[pre] 24/3/2009 20:25

Looks like several directors have added here.....positive news in the pipeline me thinks:-)