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[kooba] 07/3/2024 17:19

There is still a lot of corporate activity in cyber going on …big numbers but most are targeting commercial markets not relying on a single state customer.
If their stuff is good they need to get into commercial markets to achieve value and potential exit or listing. They need to get a shift on.

[paulisi] 07/3/2024 11:26

Zoom link now received for next week.Questions submitted.

[kooba] 06/3/2024 12:54

Thats all very well but to know the value of the tech you need to know the competitive market offerings which seem to have become a more crowded space as ADOR has sat on their hands. I’ve seen mention OxFORD NANOPORE a globally recognised and well funded player and if you scratch the surface many other companies are working on molecular diagnostic products at various levels and believing the company’s hype with no sales demonstrating the attractiveness of their product ( to be) is taking a fair bit on trust. Companies like ONT already have large global sales in genetics and a reputation for leading edge technologies..that is some head start.
Once again BATM have been early finding a solution to a problem and are slow to market and even slower to be able to sell as the industry catches up and often overtakes their efforts. Hopefully this still has potential as a low priced localised or mobile diagnostic device..but the market wont wait for them to get their act together.

[resistance1] 06/3/2024 09:01

Agreed a progress report on ADOR is much needed. I’m not too concerned about the weakened book value, as this investment is focussed on delivering a market ready product (but later than forecast with apparent cost over-runs.) In the capital markets day blurb NatLab will be a head and shoulders above the competition in terms of speed of diagnosis time and comparative panel (diagnosis) cost. For hard pressed health providers this the key factor. Deliver a working solution post clinical trials and a major diagnostics player will pay x10 on the investment made.

[kooba] 05/3/2024 19:09

I look forward to some honest updates on ADOR too.

[kooba] 05/3/2024 19:07

Moti in Oct 2023 when Batm put more money in on a massively down round..does this sound like a company whose value appears to have cratered??

Moti Nagar, CEO of BATM, said: “We are very excited about the groundbreaking potential of ADOR, which has a technology that is set to truly disrupt the molecular diagnostics market – and is backed by a strong and growing international patent portfolio. This investment, supported by our vast experience of transforming IP into market-ready products, will advance the development of ADOR towards what we believe will be a significant value creation opportunity for BATM. We look forward to reporting on ADOR’s progress.”

[kooba] 05/3/2024 18:56

I think it would be good if the company was transparent on such important holdings where they have committed significant capital. If my numbers are correct it’s very significant in terms of value especially against market capitalisation and should be addressed…they could say they gave the numbers and shareholders could have worked it out ..I think that is not honest and they should have been open if the company faltered and it was a rescue funding at little pre new money value. The shareholders own the company and deserve to be fully informed on material assets and their performance…..there is virtually no information available on ADOR so we are reliant on the company keeping us informed of its progress. I have asked the question on valuation..see if they address it in the meeting.

[fse] 05/3/2024 14:23

Re. Mobile world congress Barcelona where edgility are exhibiting and mentioned. Again !

Unlike the vendors above, Edgility from Telco Systems focuses on the on-premises edge – IoT networks that have the luxury of gateways that can run in near-edge environments like server rooms, telco points-of-presence, or even data centers.

Edgility provides a Linux-based operating system that runs on any hardware platform, including IoT gateways with Raspberry Pi-level capabilities. In addition, the Edgility software manages and orchestrates each of the Edgility-powered boxes across distributed, global edge deployments far more efficiently than traditional approaches.

These boxes can run business applications as well as virtual routing and firewall capabilities, dramatically reducing the number of boxes that customers require to support complex IoT deployments.

They are also in. Las Vegas



Clip at the bottom of that page

"Edgility enables us to efficiently manage vast numbers of physical edge devices which is critical, as our network rollout continues to scale.
CityFiber
David Tomalin, Group CTO, CityFibre"

[resistance1] 05/3/2024 08:59

For whatever reason (covid, leadership or both) Ador seemed to lose its way between the start of 2019 and till the appointment of the Eran Zahavy as Ador CEO in mid 2022. It seems now the development is being properly driven towards certification, post clinical trials approx 1-year from now. At which point it should be sold or a JV set up with a big player similar to what Oxford Nanopore have done with bioMérieux

[kooba] 04/3/2024 17:30

I’m not sure how they apply a book value but if this was a listed investment fund and valuations were taken from last fundraise there could be a large write down in the book value of the holding…it might also question the strategy of investing into separate vehicles they don’t control ..though they do have a director on the ADOR board , the Chairman a Dr Zvi Marom.

[echoridge] 04/3/2024 11:31

that 500k was included in the Stifel total I mentioned, wilske

[wilske] 04/3/2024 10:30

Just to add another 500k trade went through right at the last minute before 18.00 on Friday evening. Very strange. I would expect a couple of TR-1 RNSs tomorrow

[gbenson1] 04/3/2024 07:56

If the 10+m trade from Friday is kosher then it's 2.3 ish % of the company so a RNS must be due!!

[echoridge] 02/3/2024 18:57

Yeah, maybe, fse. Will check Monday when if the main part of that, the 10.4m share bargain, was legit in the sense of a real seller/real buyer. It’s possible, but for now, I’m skeptical.

[fse] 01/3/2024 18:08

Well another 12M squirrelled away somewhere ahead of results.

[paulisi] 01/3/2024 17:07

I've signed up for the webinar and asked questions, but realised I'm in the office that day, so may struggle to log in...

[wilske] 01/3/2024 14:03

I agree with you that Zvi is the main problem with BATM. He has been there since 1992 and is a product development person not a business leader. He really needs to retire and step away completely. I would have thought he would like to see his 20% share worth a lot more and the business actually go places. I think all we can do is ask awkward questions at the results and AGMs etc and encourage the biggest shareholders to be more activist to press for real change. There is so much potential if they can only be persuaded to grasp the nettle and sell the non-core businesses, acquire a complementary business to Telco and put in place a new integrated management team then they could really drive revenues and get a lot more out of their R&D spend at the same time.

[kooba] 01/3/2024 12:56

Much to be said for that strategy..focused and the cyber and telco side esp Edgility sit neatly together…..they did tee up a US acquisition to get in front of ‘blue chip” companies in the states as part of the strategic review, but thats the last we heard on that. The real issue across the group is sales and for a company apparently at a commercial inflection point then sales should be the focus after years of development.
I can never see anything so radical as you suggest..ZVI is still on the board of BVC and ADOR and holds 20% of the group so still has enormous influence, i never really expected much to come of the review to be fair and thought we would get more of the same from a 8 year in FD promotion..he was already part of the furniture when BVC needed a new broom imo. Hopefully the results should clarify on strategy and progress, and all questions fully answered.

[wilske] 01/3/2024 12:30

I have already posted questions about the progress on the planned disposals of non-core businesses that they talked about at the Capital Markets Day. I really beleive they have reached the point where they have to be radical and make major changes to the structure of the business or the opportunity with Edgility /Celare will be lost. They are investiing in new sales people but its too slow. They need to find a way to exit the ADOR investment and everything that is not Telco or Celare and reinvest in a synergistic acquisition (s) that allows them to immediately get in front of a lot more customers that they can cross sell to and then rebrand as something else. BATM needs to go in the bin - its been around too long and they need a fresh start to get some traction with investors. They should also move to NASDAQ

[paulisi] 29/2/2024 11:34

There is a webinar on the wed evening that you can apply to join and ask questions in advance.I suspect the market sensitive questions will be avoided/talked around i.e sale of non core businesses, edgility forecasted sales.

[kooba] 29/2/2024 09:38

No trading update and at the interims said was trading in line with market expectations for 2023. So one should expect them to be on track to meet Shore capital shop broker forecasts for FY2023. Which are ( from Oct 2023.)
2023E turnover $131.6M ($116.1M) EBITDA $10M ($8.3M) Adj PTP $3.4M($1.9M) giving EPS OF 0.4C.
Expecting cash of $28M at year end.
So even on current forecasts we are not looking at much of a bounce back from successive warnings and the pe multiple is still high..the only justification would be future high growth rates ( and the strength of the balance sheet) or there’s always the discount to the sum of the parts point…which really needs testing since refocusing the business is stated strategy from new CEO.
For 2024 the forecasts are not predicting some high real growth rates..
2024E T/O $153.6M EBITDA $$13.5M adj PTP $6.9M net cash $28.9M

Not a business that is expected to grow revenues or free cashflow to any great degree in the near term or demonstrating that the company has reached any inflection points in terms of the new products that have been heavily invested in.

Hoping there is a full and frank update across all divisions and that they can have some demonstrable facts to back up their perpetual confidence in where the company is going. Because at the moment if one stands back it is difficult to really justify a share price much higher without some real traction on Egility and the real prospect of ADOR releasing commercial large market products. Unfortunately its likely the same old BATM , apparently great products addressing big markets that they can’t find a market for..hope they prove me wrong.