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AWE Alphawave Ip Group Plc

0.20 (0.14%)
21 Sep 2023 - Closed
Delayed by 15 minutes

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Share Name Share Symbol Market Stock Type
Alphawave Ip Group Plc AWE London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.20 0.14% 147.40 16:29:55
Open Price Low Price High Price Close Price Previous Close
147.00 145.00 149.80 147.40 147.20
more quote information »
Industry Sector

Alphawave Ip AWE Dividends History

No dividends issued between 22 Sep 2013 and 22 Sep 2023

Top Dividend Posts

Top Posts
Posted at 13/9/2023 11:20 by dividevil
Yes typically quarterly trading updates are issued 20 to 30 days after the end of the quarterly period. So as year end is 31st December for AWE then trading updates:

Q1 around 20th to 30th April
Q2 around 20th to 31st July
Q3 around 20th to 31st October
Q4 around 20th to 31st January

Half yearly results are typically issued around 75 days after the first half of the financial year, so from around 20th to 30th September.

Yearly Financial Results are required to be issued not more than 4 months after the financial year end therefore must be before 30th April, otherwise suspension! :)
Posted at 25/8/2023 11:43 by dividevil
Yesterday Credo reported 35 million USD Q1 quarterly revenue which was marginally above expectation and a 9% increase over the preceding quarter. They forecast 43 million USD for the next quarter and are expecting sequential growth throughout 2024. Their shares sank approximately 7% yesterday. Credo are up 14% for the calendar year to date (up 102% from their low point on 7th May) and have a forward P/S of 7.8.

Marvell also reported yesterday, 1.34 billion USD Q2 quarterly revenue, a 12% decline based on the same Q2 quarter of last year but was 11 million USD above the midpoint expectation for the quarter. Marvell forecast a 4.5% increase to 1.4 billion USD revenue for Q3. This growth is being driven primarily by AI and cloud infrastructure. Marvell CEO, Matt Murphy, said; “Demand from AI applications continues to strengthen, driving our overall revenue outlook from AI for this fiscal year even higher than previously outlined. Our strategy to focus on data infrastructure across a diverse set of end markets is serving us well despite the backdrop of a softening macroenvironment.221; Marvell shares fell 11.6% yesterday. Marvell are up 52% for the calendar year to date and have a forward P/S of 7.7.

For comparison, AWE are up 23.5% for the calendar year to date with a forward P/S of 3.65.

Most of the data infrastructure related semiconductor companies took heavy-ish falls yesterday in spite of the news of Nvidia out-smashing of revenue expectations and very upbeat outlook.
Posted at 23/8/2023 21:33 by pugugly
NVIDIA:> Beat all expectations - Currently up 7.3% in after market.
Could be a blue day for AWE tomorrow.
Posted at 23/8/2023 08:59 by dividevil
It's normal. AWE competitors on NASDAQ have also drifted down a bit since the AI fervour that hit in May. If AWE stays on track to its guidance revenue the share price will recover and should gain more ground. Next update due in September / October.
Posted at 12/7/2023 13:35 by dividevil
There are several valid reasons why AWE listed in London and not US.

For starters, UK domicile allows for greater flexibility to sell into the US and Asia with lower risk of restrictions. Note that the US has just recently imposed restrictions on certain types of semiconductors to China. AWE UK listing provides some protection against these.

Secondly, LSE are trying to entice companies to list on its exchange and have offered certain incentives to do so. Some have argued that the rules on the LSE are more lax than on NASDAQ (I disagree but that is an aside). By listing on the LSE, AWE achieved a massive capital raise that would have been far less likely in the US. Admittedly, this significantly benefited the selling shareholders and I would argue that they should have put more of the capital raised into the company than into their own pockets. Still, they determined a certain figure that they considered sufficient to meet the company roadmap objectives and the rest was theirs to pocket. Anyone in their shoes would have done the same - it is after all one of the main attractions of an IPO.

Thirdly, at the time, it was considered that there would be an attractive supply of semiconductor talent in the UK and there were plans for a Cambridge design base. This strategy changed when they opted to acquire OpenFive. I suspect the OpenFive plan was already in the pipeline prior to IPO but a Cambridge design base was nevertheless a serious consideration. AWE have said they may yet revisit having a UK design base in the future if they can see it being a viable business proposition.

Suggestions in the FT Alphaville piece of September 2021 that they listed in the UK to avoid attention to alleged founder-related transactions were inaccurate and misconstrued. In my opinion, the FT Alphaville writers, have close associations with Hedge Funds with an eye on shorting campaigns, so distorting the truth is their forte.
Posted at 12/7/2023 12:08 by stallone10
Note of caution why did AWE float here and not US?
Posted at 28/6/2023 17:24 by zam1
Samsung partnership is good for future for AWE
Posted at 19/5/2023 20:47 by jonnywalker77
Wasn't able to join the call but I'll take a stab at what I think's happened here - happy to be corrected. I'm also going to use fictional numbers/dates for simplicity.

OpenFive (pre-AWE acquisition) enters into a 1 year customer contract on 1 January 2022, worth £120m, which it gets paid in full up front. On day 1 OpenFive recognises a cash asset of £120m, and a deferred revenue liability of £120m. Every month throughout 2022, it "releases" £10m of deferred liability and recognises a corresponding £10m revenue item (i.e. the revenue is recognised on a straight line basis over the year, under accrual accounting).

On 30 June 2022, AWE buys OpenFive, at which point the latter has a deferred revenue liability of £60m (i.e. we are 50% through the financial year). Post-deal, AWE continues to unwind that deferred revenue liability to the tune of £10m/month, so recognises a total of £60m revenue in its unaudited FY22 results, like OpenFive would have done as a standalone company. Sounds reasonable, right? However...

Under IFRS acquisition accounting AWE was supposed to do a fair value assessment on all the assets and liabilities that it acquired. What is the fair value of that £60m deferred revenue liability, which relates to a contract for which cash was already received pre-acquisition? No idea, but invariably these fair value assessments lead to a write-down (or "haircut") of deferred revenue liabilities on acquisition, and a corresponding reduction in the amount that is unwound in subsequent months (so if the deferred revenue liability got fair valued at £30m, AWE would only be able to recognise £5m/month for the remaining 6 months). It seems that this acquisition accounting adjustment wasn't spotted by the prelims, but came up in the FY22 audit, hence the delta in today's numbers.

Seems like a genuine oversight to me - not convinced it is a CFO resignation event although the bigger picture here is that an ex banker probably isn't best placed to be CFO of a complicated plc under heavy media scrutiny (think back to the hot air around the related party disclosures...). You might also question the rationale for the IFRS approach - Interestingly, US GAAP changed in the last few years to avoid this exact scenario (no doubt a higher profile issue there given the number of acquisitive tech businesses with substantial deferred liability balances).

For what it's worth I have a concentrated position in Alphawave and have no concerns having read through today's RNS, but appreciate any colour/clarification from anyone who was on the call.
Posted at 17/3/2023 07:16 by trader465
94p? Seems you are just guessing?

ScepticalInvestor - 18 May 2021 - 15:31:21 - 5 of 1307 Alphawave IP chip maker - AWE
bought in at 342 today - great looking company

ScepticalInvestor - 19 May 2021 - 12:00:06 - 21 of 1307 Alphawave IP chip maker - AWE
Yep - added more at 326

ScepticalInvestor - 19 May 2021 - 08:16:37 - 11 of 1307 Alphawave IP chip maker - AWE
Makes no sense why people are selling - this is a bagger within 12 months imo

ScepticalInvestor - 14 Jun 2021 - 08:30:53 - 105 of 1307 Alphawave IP chip maker
Crikey, how this is not 400p mow is beyond me
Posted at 02/3/2023 14:55 by dividevil
The hakastocks article is really good.

However, the Enterprise Value (EV) stated in the article given as US$360m is out of date and is a figure based prior to the acquisition of Banias Labs.
In the RNS regarding that acquisition, Alphawave stated that net debt is approx US$35m. This means EV is now US$766.2m + US$35m = US$ 801.2m.

Alphawave's 2023 guidance EBITDA is estimated to be US$87m, therefore in my opinion they are currently trading at 9x the 12 months EBITDA. Not 2x as suggested by the article. AWE are undoubtedly cheap but not that cheap!

If AWE were trading at the average for the semi companies mentioned in the article (i.e about 14x the 12 months EBITDA, then the share price should be sitting around £1.40 today.

Using AWE's 2025 forecasted EBITDA of US$150m the price should be around £2.36.

The article mentions that Credo (AWE's equivalent competitor) are trading at 48x their 12 month EBITDA. It appears Credo are very expensive compared to their peers, though maybe it accounts for the fact that AEC cabling has very high growth expectations. If AWE were trading on this same ratio then the share price should be north of £8.

All in my very own opinion of course.
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