Coventry manufacturer transforming airports across the world |
Aurrigo is very much under investors radar. Aurrigo International PLCInterim Results for H1 2024 | Flying High with Smart Airside Solutionshttps://lemminginvestor.substack.com/https://x.com/lemminginvestor/status/1839776253315874962?s=46 |
From the above link "The company was approached by International Airlines Group (IAG) to use its driverless expertise to develop the world’s first autonomous baggage carrying dolly."
This appears to be customer led demand for a solution.
Lots of trials and versions over multiple years. The winners appear to have a large market. |
Trial roll-outs continue...
Encouraging that they're a mix of airlines, airport authorities and state entities.
Some market research leads to get a handle on the potential market here...
(Numbers here are hidden but quite a few manufacturers listed)
Free sample research here...
BA operates "In Terminal 5 alone about 900 dollies" at Heathrow....
Some EasyJet numbers here following a contract with Rushlift for electric vehicles...
(65 baggage tugs, 180 baggage dollies)
Some prices.... |
How do people know how much the future is overvalued by? |
Huge premium to float price but falling back. |
!FOLLOWFEED
Aurrigo designs, engineers, manufactures and supplies autonomous products for the automotive, aviation and transport industries. |
What's occurring |
Final distribution 0.042p per share, so £30. Better than nothing I suppose... |
payment received today from barclays stockbrokers
quicker than i expected |
So that's it then, I suppose under the circs (collapsing Rouble etc)a reasonable outcome. |
So a sale of Unistream for $4.975m (or £3.34m) and a potential distribution of £4.5m, which is around 12p a share. |
Perhaps the Advisor is charging expenses? |
 Three interesting pieces of information in the latest results
1. they have reclassified the investment in Unistream as current, meaning they are pretty confident of a sale in the next 12 months
2. the investment has been written down to £3.4m based on an indicative offer. Overall that would give a NAV of 12p a share (=£4.7m). Adding in the share buyback in April that puts the total resulting distribution to shareholders at £5.4m right on the threshhold for incentive payments to directors and the investment advisor.
3. The investment advisor seems to have received a performance fee of £68,000. According to the announcement on 31 March
"The Company has also entered into a new incentive arrangement with Nicholas Henderson-Stewart (the Company's investment advisor, the "Advisor") under which the Advisor will receive an additional incentive fee based on distributions to Shareholders made subsequent to the date of this announcement. The percentage of the distributions to Shareholders payable to the Advisor will vary according to the value and timing of such distributions, with no payment being due until distributions exceed approximately £5.3 million and the payment being capped at 4% of such distributions."
So how did he get £68,000??? |
Interesting positive update.
"Notwithstanding these obstacles the Board believes that it will be able to realise the asset in the near term. The Bank remains an attractive company due to its consistent growth, strong market positioning and cash generation."
Current NAV is 18.8p. The board and investment advisor are incentivised to return at least £5.3m to shareholders which would be 14p. I can't imagine they'd be interested in less, so current price of 9.125p looks good value. The overhead rate of £380k a year is about 1p a share. |
That is the question......Thanks,for info Stems. |
If anyone is interested, here is the web site for Unistream
hxxp://intl.unistream.com/
and here are the sets of accounts
hxxp://intl.unistream.com/investors/financials/
Net asset value(31.12.13) was RUB 860m (£10.3m) and it made a profit after tax of RUB 124m (£1.5m). I don't think things have improved since then.
So is our 26% stake worth more than £2m? Maybe....
Is it worth the £8.4m it's in the accounts at? Seems unlikely.... |
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