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BLTG Blancco Technology Group Plc

225.00
0.00 (0.00%)
15 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Blancco Technology Group Plc LSE:BLTG London Ordinary Share GB00B06GNN57 ORD 2P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 225.00 222.00 228.00 - 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Blancco Technology Share Discussion Threads

Showing 451 to 472 of 750 messages
Chat Pages: 30  29  28  27  26  25  24  23  22  21  20  19  Older
DateSubjectAuthorDiscuss
22/7/2017
16:46
I see that 2.3m shares traded on Friday-3.5% of total so perhaps we will have a change of ownership RNS on Monday
cerrito
19/7/2017
10:34
Once again I have reached out for a falling knife and cut myself. This share looked cheap to me at 120p !
The generous emoluments to which PJ1 refers must leave a sour taste in the mouths of shareholders who held through the fall from 300p. Luckily for me I didn't.
I still believe, however, that BLTG's erasure business is essential and that profits will recover after recent setbacks. I like to think that there is a decent chance of a takeover bid.

varies
18/7/2017
12:59
An established business with an EBITDA margin of 30% that is eating cash...........either the model is wrong or execution is poor. Difficult to take a view on what price would represent a good entry point with further dilution down the line.
strange1
18/7/2017
10:41
Getting ready to break 100p? Need some positive news from somewhere otherwise it feels kind of inevitable.
its the oxman
18/7/2017
10:39
Good post chasbas - I agree with that. I've been buying as it's fallen and been wrong so far. However, in it's favour now is this:

- cheap on P/sales and EV/EBITDA and PE
- Financial mismanagement rather than operational, new finance team now in place
- Core product still looks excellent, and still growing substantially. Has to be a great market given data protection laws
- Stock must now look very attractive to a foreign buyer

If it falls below 100, I'll pick up a few more.

GLA

ilovefrogs
18/7/2017
09:26
Agree with everyone. The bears got this right.
However, Finncap is still forecasting increasing revenue and profits but not cashflow.
His forecast for year to June 2019 are sales £41.8m, Adj EBITDA £13.1m, Adj PBT £9.9m, DPS 2.3p.
This gives at 108p a PER of 11.9x. Page 3 of his report shows Blancco to be the cheapest company in a Comps table.
Sell recommendation is due to cashflow and valuation of 80.3p.
Newsflow has been terrible but to me the jury is out on future company fundamentals.

chasbas
18/7/2017
09:06
GHF,
Thanks for the FinnCap summary.
This might make an excellent investment at some stage, but I expect October's figures will clear the deck, so for now it's one for the watch list.

eagle eye
17/7/2017
23:43
Another brutal note out on BLTG from finnCap today. Can't recall a similar initiation note or update so scathing of a company before.

Also surprised that the shareprice failed to react, but then again, perhaps an indictment that most retail investors are now by & large out of the stock.

Snippet,

"In view of provisional results, we downgrade both FY18 and FY19 forecasts after reviewing our cost assumptions: FY18E EBITDA £9.1m (prev: £11.0m), meaning that (ex provision) EBITDA will be flat y-o-y.

Furthermore, we expect continuing cash pressure, with expected FCF of £-3.8m in FY18 vs. £-5.2m in FY17, suggesting that Blancco might need an additional £4m cash in FY19. In view of revised forecasts, we adjust our target price to 80p and reiterate our Sell recommendation."

Best of luck to holders. I won't be joining you unless a new management team is appointed.

Kind regards
GHF

glasshalfull
11/7/2017
23:23
In terms of acquisitions no cash spent on acquisitions in H2 calendar 2016 ie they have made none in the last 12 months +.
cerrito
08/7/2017
02:15
Hi Stockscanner
Just wondering where you got the bit about Blancco's "growth is not organic – its either fx related or due to acquisitions. Kevin Ashton from Cantor estimated organic growth at less than 10% yesterday."

Don't suppose you could either post a link/summary to/of Kevin's report on the BB, or stick it online somewhere?

BG

brummy_git
07/7/2017
09:40
I find most of the posts here really helpful and informative and that, taken together, they present a well-balanced appraisal of the investment merits of BLTG shares at the present price.
In spite of many misgivings I remain a buyer, having bought at 126p and 118p yesterday. I am relieved to see calmer conditions so far this morning.

Edison Investment Research produced a 16 page analysis on 15 March 2017 when the share price was 250p. This included a Discounted Cash Flow valuation at 340p. The figure would obviously be much lower now after subsequent disclosures.
It provides a thorough and informative explanation of the Erasure business and BLTG's dominant role. It makes no reference, however, to the quality of our receivables !
Edison (of whom BLTG is a research client) estimated that the total adjusted operating profit (TAOP) for the year to 30.06.2017 would be £7.9m. Their corresponding figures for 2017/18 & 2018/19 are £9.89m and £11.95m.
Assuming (and please correct me if I am wrong) that TAOP and EBIT have the same meaning, then Edison's figure for 2016/17 is very near BLTG's latest forecast allowing for the £2.2m charge on this doubtful receivable.
It is annoying that we shall have to wait until 3 October for the accounts but, as we all know, it does usually take about 3 months from the year-end for accounts to appear. IF these contain no further shocks and if BLTG enjoys the support of its bankers, then I believe today's price of 118p will look a great bargain.
Fingers crossed !

varies
06/7/2017
23:57
Fall in price is almost the same as the cut to the valuation from the Equity Development note I got today. Be interesting to see if this holds above 100p before the next set of results. There will be a few fund managers with some difficult conversations if they don't at least cut their positions. Paul Scott has been proved correct on this one.
its the oxman
06/7/2017
17:35
ilovefrogs thanks for your view. Conspiracy theories are unlikely to be true. The only thing that matters is whether there is a good business in there that will emerge. We will probably have to wait until well into 2018 to find out for sure. Management credibility may have been blown but at 118p IMHO value is there. Decent balance sheet. Profitable. Fast growing. Strong IP. Potential bid target. Only uninvestable for the fearful.
Good luck all.

chasbas
06/7/2017
17:28
An announcement that a significant debt is not collectable so soon after a placing put in place to fix a cash hole is slightly worrying on a number of levels.The more worrying aspect here is how that debt was booked. It feels like they are applying judgement calls on the use by end users without full information or lack of audit and while they can take a more conservative approach moving forward, the nature of this means that wrong judgements will sit hidden in receivables. Slightly third hand but I was speaking with someone recently who mentioned that last year they had approached a CFO from one of the better tech stories on AIM.......apparently they took one look under the bonnet and walked away.
strange1
06/7/2017
17:10
That was May 2016, over a year ago, and was the old management selling out before leaving the Firm post the sale of the depot business. There was nothing fishy about that IMV, and indeed, the stock went to £3 after that.
ilovefrogs
06/7/2017
16:56
Sphere - yes, that was my initial thought when I saw the announcement - stuffing the channel to get the 240p gift away...
supernumerary
06/7/2017
14:34
I won't be surprised if a US suitor pops up here with a mkt cap now only 75m.
aishah
06/7/2017
14:25
Few things:
- I agree this is a legacy management issue, but they've all gone - seems odd to tarnish the new management with the same brush
- Seems like a one-off to me based on one large contract
- Software Company growing at 30%+ on P/sales of 2x not 'particularly cheap'? I disagree with that statement, whilst acknowledging the risks which the Company still face.

ilovefrogs
06/7/2017
14:01
Paul Scott today: "I don't like this company at all. Today is yet more bad news, from a very accident-prone company. The red flags have been obvious for some time, so it would have made a good short.

Previous management were dreadful in my opinion, so the hope was that new management would be better, but there's not much sign of that so far. I think problems are often left behind by outgoing poor management, not least in terms of company culture (e.g. aggressive accounting, etc). So it's usually best to wait for new management to kitchen sink the numbers. The company bolstered its balance sheet with a placing at 169p in May 2017, raising £9.45m after fees. With the share price now 27% down on that fundraising just 2 months ago, I imagine there must be some very miffed shareholders here. There could be grounds for legal action there, perhaps? (for possible misrepresentation).

I don't like this company at all. Today is yet more bad news, from a very accident-prone company. The red flags have been obvious for some time, so it would have made a good short. Previous management were dreadful in my opinion, so the hope was that new management would be better, but there's not much sign of that so far. I think problems are often left behind by outgoing poor management, not least in terms of company culture (e.g. aggressive accounting, etc). So it's usually best to wait for new management to kitchen sink the numbers. The company bolstered its balance sheet with a placing at 169p in May 2017, raising £9.45m after fees.

With the share price now 27% down on that fundraising just 2 months ago, I imagine there must be some very miffed shareholders here. There could be grounds for legal action there, perhaps? (for possible misrepresentation). It's possible that there might be a decent company here, struggling to get out. For me, with a long track record of dodgy accounting, and weak management, I can't see any reason to get involved here. Why take the risk? It doesn't even look particularly cheap, after the big share price falls."

masurenguy
06/7/2017
13:42
Yes good that we get some clarification from ED which does suggest it would be a one off; it seems we will have to wait for the AGM to get more clarity hiven that as haroldthegreat has said we are not all that the wiser
Here are two excerpts from the interims which refer to this contract.
One
A large customer payment of £2.2 million delayed from H1 2017 to H2 2017 due to staging of contract delivery in the larger contract between IBM and the end user.
Two
Firstly, we are finding that large orders from sophisticated clients are on occasion coming with longer payment terms which may straddle the period end. In the period just ended, collection of a single debtor from a LATAM IBM Government contract before 31 December would have increased operating cash flow conversion from 22% to 81%. This particular piece of business is a good example of the types of opportunity Blancco is increasingly able to win, with Blancco subcontracting a multi-million dollar erasure service to a very large enterprise IT firm, which is in turn contracting to a government body, on a data security project with a duration of across our financial year and various payment stage gates. It is also in a developing market where customary payment terms are longer than in our US, European or Japanese businesses. While there is no doubt that this is good business for Blancco, it introduces more volatility into our cash flow profile.

cerrito
06/7/2017
13:12
Risk reward looks attractive here and so I have added. Valuation benchmarks look good 2 years out. dyor
aishah
06/7/2017
13:05
Interesting that ed say we might get some of the money if the customer uses it more. does that mean the amount owed was based on the predicted amount of use from this customer rather than the actual use for which payment was due ? Too much for my little mind ! The assumed customer should be good for a payment of debt due .
haroldthegreat
Chat Pages: 30  29  28  27  26  25  24  23  22  21  20  19  Older

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