Adept Technology Share Discussion Threads

[blusteradjuster] 04/8/2017 15:15

Looks like Downing LLP took the lot (and then some).

[tightfist] 04/8/2017 07:54

The CEO selling 40% of his shares is not confidence inspiring, does he really need £1.6m to expend? If I was BGF I wouldn't be very happy either, I guess they were made aware before this week's loan deal.

[tudes100] 03/8/2017 03:33

Has been on the watchlist for some time, unfortunately it will have to stay there after those director sales.

[mcfly79] 02/8/2017 10:05

The acquisition certainly looks earnings enhancing even assuming full conversion of the convertible loan note.

Prior to the acquisition the company was on a PE ratio of 14. The acquired company had PAT of £1.9m for the year ended 31 March 2017 and we're paying £12m initially (therefore paying 6 times earnings in initial consideration) with further consideration of up to £8m depending on performance.

The acquisition is partially funded from existing debt (with no potential dilution) and therefore the overall PE ratio of the enlarged business should come down considerably to around 10-11.

[par555] 13/7/2017 17:16

Great company,never disappoints !

[glw1975] 13/7/2017 13:38

The results seem very positive and forward looking, as far as I can interpret them anyhow.

Illiquidity & large spread stifles movement on this one I guess?

[blusteradjuster] 13/7/2017 07:33

They seem to have a good track-record with acquisitions.


"The acquisitions of Comms Group, CAT and OurIT, combined with organic sales, has increased the rate of transition of the Group towards managed services, which accounted for 55.4% of total revenue in the year ended 31 March 2017.

The teams at Comms Group and OurIT have proved to be an excellent fit with AdEPT and have been successful in jointly working on unified IT and voice communication contracts.

The post-acquisition performance of Comms Group and OurIT has delivered growth and therefore we anticipate the contingent deferred consideration for both to be towards the top end of the range."

[glw1975] 12/7/2017 11:13

results due tomorrow:-
"Full year results to 31 March 2017 expected to be announced 13 July 2017"

[mcfly79] 03/5/2017 08:13

Thanks Tudes - I'll take a look.

[tudes100] 03/5/2017 01:16

Mcfly, have a look at SUS - PE 10x, 5% yield, EPS growth over last 7/8 yrs very impressive. Large family stake & a little illiquid but if you take the time to understand their business model you'll see that recent share price pressure from concerns over new car finance not really relevant to them.
Trading update due w/c 15th May.

[mcfly79] 19/4/2017 19:27

I've recently bought in.

Following the trading update I think adjusted eps for the year just ended will be over 24p which will mean 2 consecutive years of c.24% eps growth. 24p eps will put us on an historic p/e of about 14 which I think is fairly cheap given the record of eps growth.

Based on the EBITDA figures in the sharesoc presentation I think eps for the current year will be c.27p without any further acquisitions. Of course the company has £15m at its disposal to make further acquisitions so hopefully we get some news on this front as the year progresses.

If anyone knows of any other companies that have a similar unbroken record of eps growth please let me know. I'm looking for UK or US listed companies with long unbroken eps growth, forecast eps growth of >10% and a fairly low P/E (less than 15 and preferably less than 10). The other company I own that meets the criteria is HML Holdings.

[blusteradjuster] 11/4/2017 08:14

Watched the sharesoc vid last night - thanks davidosh et al..

With the lower/higher than expected debt/EBIDTA and their expressed desire to keep net debt:EBIDTA at a "conservative" 2 times, I think they have £4m to splurge on buyback/special dividend or acquisition.

Knowing their previous record, I'd expect the latter.

Fishwick did mention that CAT was a small acquisition that was used to test their Fleet offices' ability to integrate acquisitions. He said it was now integrated successfully which made me think larger acquisitions in that part of the world were likely in due course.

All IMHO of course.

[irenekent] 04/4/2017 11:00

I'm with you on that.

[par555] 04/4/2017 09:18

essential,

Totally agree. Softly, softly catchee monkey - long may it continue !

[essential] 04/4/2017 08:07

I like the fact that this bulletin board is fairly quiet i.e. It sits under the radar. Question is how long for with these results

[par555] 04/4/2017 08:06

Just what I have come to expect from this excellent company.

[essential] 04/4/2017 07:58

Top update or what!! Ahead EBIT and Turnover.

[essential] 03/4/2017 11:13

Trading update due? In 2016 there was an update on 5 April

[par555] 30/3/2017 08:40

az4hr,

Comments like that are as irritating as they are uninformed. This is a company that is very well managed and has delivered excellent growth over the last 2 years during which time the share price has doubled.
I suggest you demonstrate a bit of patience. If you can't do that just sell and spare us any more inane remarks.

[az4hr] 28/3/2017 10:09

this share is really irratating the hell out of me

[lanzarote666] 12/3/2017 09:50

28:30 What are we going to do with the cash. Pay a higher dividend or fund an acquisition to accelerate the growth.

In my view the first option provides support for the share price, the second provides the opportunity to see the share price rise from here.*

The higher Bank facility suggests to me a target business will not be far off.

(*If they get the acquisition right of course, and their track record has been good to date)

[pratt2] 09/3/2017 11:36

I had to sell my holdings here last week due to cash requirements. And this week it had to go up by 15 percent or so! just my luck! :)Great safe holding to have this - gla holders!

[tomps2] 09/3/2017 08:59

Video from ShareSoc Richmond presentation 7th March 2017



CEO Ian Fishwick, FD John Swaite and Communications Director Richard Burbage, update at ShareSoc Richmond a year after their first presentation

Introduction - 00:18
Rise in share price (42%) - 00:51
John and Richard introduction – 1:29
What do Adept do? – 2:01
Business model - 3:54
Adept locations - 5:22
Customer service strategy - 6:30
Revenue splits - 6:51
Transition to managed services - 7:49
Public sector & healthcare - 8:28
Commercial customers - 11:43
Business centres - 12:45
Acquisitions - 13:37
Cat Communications – 14:00
New bank facility - 16:55
ourIT department - 20:45
Revenue analysis after acquisitions - 24:05
EBITDA - 24:46
Debt – 25:22
Dividend - 26:55
Q&A – 28:47

[sspurt] 08/3/2017 11:36

A big plus for me for this share is that ADT represents a serious proportion of the Fishwick family wealth which should mean that young Ian looks after the shop properly. I am assuming here that their roots are lancastrian and related to the St Helens Fishwicks...possibly not though