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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Atlantic Global | ATL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 21.00 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 21.00 | 21.00 |
| Top Posts |
|---|
Posted at 10/8/2010 20:29 by fillipe Hi yoyoy....funny old world, isn't it? I bought some ATL just a day ago, after putting them on a watch list a couple of months back. I thought their last t/up was pointing in the right direction,But my buy looked to be the only one for quite some time.....although it didn't show as a trade. I'll check it again. I was surprised that my 15k buy changed the bid/ask spread immediately. The market for the shares must be v.v tight and I guess that any buyinging will soon see it up. I noted that DS are the broker and their forecasts before I bought, but think that DS aren't that well regarded for their sometimes rather anbitious target prices. We'll see. gl f |
Posted at 14/7/2008 07:56 by explorer88 Morning PJ£2m cash, strong pipeline, dividend ... buybacks will start shortly which should push share price up to at least 25p (level of Adran Bradshaw's options which expire in 14 months time). |
Posted at 17/6/2008 14:47 by explorer88 Hi GIi see that you're out of ETC for the time being, probably a wise move ATL have plenty of cash (c. £2m) and good cashflow. They had a good track record of progressive dividends before expanding their salesforce too quickly several years ago and are keen to return to their progressive dividend policy; although i think we may be overtaken by (positive) events soon. |
Posted at 17/6/2008 14:38 by greek islander Not sure about the mini divi - a bit of a waste of cash? |
Posted at 08/4/2008 07:42 by philjeans Good results out today - profit and a dividend.Prospects look very strong now. |
Posted at 28/2/2008 08:40 by explorer88 morning pjcash of £1.55m enterprise value of £1.4m profit not less than £275,000 dividend of at least 0.25p i agree, we should see the share price move on up again now - imo, fair value is around 25p. |
Posted at 14/12/2007 09:21 by explorer88 :-)imo, EB, AB and other parties will make a series of share purchases to push price up prior to making an acquisition, or making ATL available for acquisiton. AB's options are at 25p |
Posted at 18/6/2007 07:01 by explorer88 What is a fair value for ATL? - a question i was asked recently, well...a software business like ATL, with prospective high margins, returning to growth and profitability normally has a fair value market cap. of about three times turnover. ATL is now in the process of being re-rated back to this valuation (n.b. that two PPM companies were bought last year at 4.5 and 5 times turnover) At three times historic (FY06) turnover, ATL's m/c is £5.88m, share price of 25p At three times prospective (FY07) turnover (£2.5m), ATL's m/c is £7.5m, share price of 33p It is interesting to note that ATL's share price fell from 33p to 15p in the three months July - Sept. 2005. I anticipate that we are well into a re-rating back from 15p to about 33p, which will be completed when it becomes apparent that ATL can meet FY07 broker forecast of £2.5m. Update from company in July about H1, preceded perhaps by coverage at the start of July from Techinvest (ATL is their nap for the year) should help the re-rating / re-valuation back towards 33p. |
Posted at 17/5/2007 21:37 by wilmdav BakuninYes, ATL and PHD are in the same ballpark when it comes to revenue and net assets. Where they differ is in historic and forecast profit. P/E ratios 2006A 2007E 2008E PHD 29 17.6 10.6 ATL 91 21.0 ? The fact that ATL has previously disappointed the market by declining from a once profitable company paying a dividend does not help. But if explorer's seemingly well researched prognostications bear fuit, we could indeed see ATL knock spots off PHD's current market value in the not too distant future. I have updated both companies on the website. FWIW there is now a valuation page for each. I agree that PHD's market is currently more competitive (procurement software), although they seem to be making great progress in it. To be honest, I'm still rather ignorant about the precise nature of ATL's product. My rather ill researched impression is that employees are required to make an entry on an online time sheet when commencing and ending a task, every day, so that management know excatly what they are doing! If that's anywhere near the truth, there will not be much barrier to entry for competition. Maybe someone can enlighten me. |
Posted at 18/10/2003 15:42 by blopblup COLLINS STEWARTSUMMARY We believe Atlantic Global's new enterprise planning software product 'Corporate Vision' offers the opportunity for a step change in profitability in 2004. Interim results were in line with expectations with an operating profit pre goodwill amortisation of £288k reported on turnover of £907k. The balance sheet remains strong with net cash up to £1.9m. Contracts announced in 2003 include amongst others Norwich Union, Telewest and NEC Technologies and demonstrate that Atlantic continues to win new clients, as well as expand its offering to existing customers. We now estimate that maintenance and service revenues in 2004 are likely to cover costs, leaving the bottom line strongly geared to new licence wins. This creates the possibility of a step change in profitability, particularly given the introduction of the new enterprise product 'Corporate Vision'. 'Corporate Vision', an enterprise wide budgeting, planning and resource management system, is currently being launched. In comparison to Atlantic's five existing software modules, which carry an activation fee of between £1k and £7.5k, we believe 'Corporate Vision' activation fees alone will be a minimum of £100k, probably higher. Consequently, 'Corporate Vision' offers the opportunity for large increases in turnover and more importantly profit. The initial reception to 'Corporate Vision' from the existing customer base has been enthusiastic and thus our forecast of three £200k deals in 2004 could prove very conservative. 18th September 2003 Smaller Companies Research Collins Stewart Ltd is stockbroker to Atlantic Global and makes a market in the company's shares. As broker to the company, we make no recommendation and leave investors to draw their own conclusions over the potential for the shares. Price: 79.5p Mkt Cap: £18.1m FTAAll Share: 2124 Year to December 2001A 2002A 2003E 2004E Turnover (£m) 1.2 1.6 2.0 2.6 CS pre-tax (£m) 0.5 0.4 0.7 1.0 CS EPS (p) 2.6 1.4 2.1 3.0 EPS growth (%) -45 45 46 Dividend (p) 0.5 0.5 0.6 0.75 Dividend cover (x) 1.9 1.1 2.1 2.7 CS PER 30 55 38 26 Dividend yield (%) 0.6 0.6 0.8 0.9 Year to December 2001A 2002A 2003E 2004E Net (debt)/cash (£m) 2.1 1.9 2.2 2.7 Gearing (%) -42 -37 -42 -49 Operating margin (%) 32 14 21 28 PEG 0.9 0.6 NAV (p) 25 23 23 25 Relative to 1mth 3mths 12mths FTAAll Share +16 +38 +106 FTSE Small Cap +13 +27 +79 Share Price Performance Forecasts Financial Ratios 2 18th September 2003 COLLINS STEWART Interim results showed a 5% increase in sales to £907k and flat interim profit of £288k, in line with expectations. This was a credible result with Atlantic absorbing an increased operational cost base of £58k, which should provide a foundation for continued growth. Net cash at June 2003 was £1.9m, up from £1.8m, maintaining Atlantic's balance sheet strength. The outlook statement highlighted that the level of interest in the company's software was the highest in Atlantic's history and that profit should be higher in the second half and beyond. Further Atlantic expects '... to sign contracts with a number of new and existing customers in the near future'. Eugene Blaine, the current Managing Director, founded Atlantic in 1993. In June 2001 the company reversed into a shell on AIM and raised £1.45m (net of expenses) at 25p per share. The final deferred payment associated with this transaction was made in 2002. Atlantic Global develops and sells software, branded 'Adeo', which improves operational efficiency, particularly in relation to resource management, in virtually any organisation. The software is sold in modules that can be combined to create a complete business solution or used in their own right. All 'Adeo' modules were designed in partnership with Atlantic's blue chip client base. Typically a client will partially fund development in return for participating in the design phase and receiving a discount on the initial licence fee. Atlantic always retains all the associated Intellectual Property. Atlantic's software is designed to be user friendly and intuitive to use: it is also easily deployed (typically between four and twelve weeks, depending on complexity). Given that pricing tends to be economical, return on investment for clients is high with payback usually within three to six months. At present there are six modules that we outline below; all of which can be integrated with any existing software such as Microsoft, SAP or Oracle. The original module, launched in 1996, and still by far the most widely used. Adeo Time & Expense automates the entry, tracking and reporting of time and expense information. This generates management information about how resources are being used, which enables operational efficiencies to be made. INTERIM RESULTS CORPORATE HISTORY ACTIVITIES & PRODUCTS Time & Expense Tracking 18th September 2003 3 COLLINS STEWART This module provides the capability to enhance the internal tracking mechanisms within a company. Information on all business contacts can be stored centrally, be they customers, suppliers or advisors. Any interaction can be defined and subsequently tracked to giving a comprehensive record of the total knowledge base of the organisation. This software provides a solution for managing relationships with contractors. It tracks individual contract details and automates the collation and reconciliation of incoming invoices. It provides for rate analysis and accrual handling as well as skills profiling to ensure best value across a range of suppliers. This was originally developed in conjunction with GlaxoSmithKline and Pfizer and the new web version of the software has already been sold to Norwich Union. The Risk Management module helps to make the risk assurance function of a company more pro-active. It ensures that all categories of risk are identified and that mitigating actions can be defined and tracked to completion. This was originally developed with LogicaCMG and Barclays Bank Plc. A task based planning tool that gives visibility of the forecast workload for a company, ensuring consistent and visible planning. It contains an intelligent resourcing capability, which helps ensure that the right resources are allocated based on skills and availability. As well as planning directly in Adeo, the tool is also capable of linking to Microsoft Project, if required. This is the newest and most exciting of Atlantic's products. Branded 'Adeo Corporate Vision' it builds on the other modules to provide a means of planning and monitoring projects, scheduling resources and forecasting costs and revenue at an enterprise level. We focus in more detail on Corporate Vision later. Organisations initially pay a one off activation fee for each module, then buy licences for individual users. In addition, maintenance fees of between 30% and 40% of the licence fee are charged on an annual basis. Service revenues for consultancy and installation are also common. The activation keys for the first five modules are typically between £1k and £7.5k with licences fees of the order of £100 per seat. We believe the new 'Adeo Corporate Vision' product will carry an activation fee of at least £100k, usually much more, and a licence fee in the region of £175 per resource. Maintenance fees will be c.20% pa. Hence the opportunity for a step change in profitability we discuss later. Business Information Tracking Contractor Management Risk Management Planning and Resourcing Corporate Vision BUSINESS MODEL 4 18th September 2003 COLLINS STEWART Organisations tend to buy licences in blocks. By allowing existing customers of, say, Time & Expense, to trial some of the other products, using spare licences, Atlantic has expanded the portfolio of products sold to existing clients. Consequently, repeat sales are high, which together with the relatively high level of the maintenance contracts provides decent ongoing visibility to the top line. Atlantic Global's customer base is striking for a company of its size, with the first five modules having sold about 21,000 licences to companies including AstraZeneca, GlaxoSmithKline, Pfizer, Ericsson, Virgin Mobile, Allied Irish Bank, Barclays, LogicaCMG, Norwich Union and the Metropolitan Police. This shows that Atlantic's products are applicable across numerous industries, providing a wide potential customer base. It also highlights that Atlantic is not dependent on any single sector of the economy. Adeo Corporate Vision represents the real excitement at Atlantic and hence it is worth providing a little background on how it was developed. Back in 2001 Pfizer were looking for a software development house with experience in the field of project planning on a large scale, and as a result of previous experiences chose Atlantic. Atlantic then developed an early version of Adeo Corporate Vision for desktop use and deployed it in November 2001. This was implemented in a division of about 1,000 people and resulted in significant savings, giving Pfizer a very quick return on their investment. The original desktop product was then further enhanced and developed into a web-based form in conjunction with Norwich Union. This development phase has taken nine months and the costs of development were broadly borne equally. Upon successful completion of phase one of the development project, NU purchased an activation key, licences and support for 1,500 resources in a contract worth £300k. All intellectual property developed has been retained by Atlantic Global and the resultant shrink-wrapped product is now being marketed to Atlantic's customer base. In essence Corporate Vision will integrate strategic planning, execution and performance measurement across an organisation into one single system. This will eliminate the current trend for use of multiple solutions and provide management at every level of the organisation with a means to track performance and model and implement strategies with accurate data in real time. This is turn should allow optimisation of budgeting, planning and resource allocation, thereby increasing efficiency and delivering cost savings. CUSTOMER BASE ADEO CORPORATE VISION Adeo Corporate Vision was launched at an Atlantic user group in July with Atlantic's web site talking of an 'overwhelming positive response from users to Corporate Vision's unique approach to simplifying the management of budgets, portfolios, resources and milestones'. This has necessitated a need for a series of breakfast seminars so that customers can see Corporate Vision in more detail. Given that each licence sale will be well over £100k, this forms the basis for our opinion that Atlantic could be on the verge of a step change of profitability and underpins our continued positive stance on the stock. Aside from the £300k Corporate Vision licence from Norwich Union, the financials to date are based on the sales of the basic five modules. In fact Time & Expense Tracking has accounted for the majority of turnover to date, the other products have been making more of an impact in 2003 but are not yet significant contributors. Consequently the Time & Expense Tracking module is in its own right profitable and cash generative and more than covering the entire cost base of the company, including the development of the new products. We would expect the basic five software modules to continue to show strong organic growth, particularly as the upside from resale of the products launched in 2003 (Contractor Management and Risk Management) is yet to be reflected in the reported figures. On top of the growth we anticipate from what we have termed the five basic modules, has to be added the sales of Adeo Corporate Vision. It is at this point that forecasting becomes difficult. Given that group costs in 2004 will more or less be covered by maintenance and services revenue, new licence sales of Corporate Vision which carry a very high gross margin, should drop into net profit. In 2003 we assume no further sales of Corporate Vision due to the likely length of the sales cycle and integration process. In 2004 we have assumed three £200k sales. In reality we believe these forecasts will probably prove far too pessimistic but at this early stage we would prefer to upgrade on newsflow when there is better visibility to 2004. Investors may have their own view on what Corporate Vision licence sales are possible and may wish to take account of this when valuing Atlantic. Atlantic is cash generative and historically has converted its operating profit into operating cashflow, we expect this to continue in the future. Net cash was £2.1m at September 2003 leaving Atlantic with no finance risk and well capitalised. COLLINS STEWART 18th September 2003 5 FINANCIALS COLLINS STEWART |
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