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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Bond Intl.Soft. | BDI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 124.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 124.00 | 124.00 |
| Top Posts |
|---|
Posted at 13/1/2017 13:46 by snape Does the distribution class as a dividend for income tax purposes? |
Posted at 13/1/2017 13:34 by eezymunny Indeed received in 2 of 3 accts holding BDI.Just FYI |
Posted at 13/1/2017 13:19 by eezymunny I've had 1st distr of 126p/sh today from one of the brokers I hold BDI with.Good stuff. |
Posted at 13/12/2016 11:11 by eeza Had a letter from Share Centre saying BDI shares are no longer eligible to be held in an ISA because it has delisted. So the shares will be transferred out of the ISA wrapper, on January 6th, into either an ordinary share account or converted to a paper certificate (£25 charge). |
Posted at 31/10/2016 14:11 by boadicea Hi Eeza - You beat me to posting that by a minute!So we now have an answer to the final moves for BDI and should expect the first cash distribution shortly. [Edit: See below.] |
Posted at 19/10/2016 20:40 by boadicea I certainly don't recall a situation in which a BOD has advised shareholders to outvote them although I fully understand how it has arisen.I suppose there is still time for STG to increase its offer, or even for a further party to enter the auction, particularly bearing in mind that the price now differs little from the original 105p bid at that time for someone with a pocket full of dollars! In general terms, many British companies will now look cheap to foreign buyers and we can expect an increase in predation as a result. Perhaps one should reinvest the proceeds from BDI with that in mind..... Suggestions? I am sure readers here will have some. I would start with companies in relatively new expansion fields and not encumbered by legacy db pension deficits - say SCT, PAYS, and DOTD as good examples among those I am acquainted with. |
Posted at 10/10/2016 16:59 by boadicea Indeed, and as one would expect, we now have confirmation that AXA have withdrawn their (conditionally) irrevocable undertaking to accept the Constellation offer as the conditions for withdrawal have been met.This should more or less seal the fate of BDI unless ..... |
Posted at 03/10/2016 13:37 by aishah Techinvest advises readers to accept the 115.5p offer. They've cleared BDI out of their Trader Portfolio at 111p. |
Posted at 03/1/2015 18:34 by glasshalfull Please see my investment rationale below & now captured in the header. I would direct you to the excellent AIM PROSPECTOR which provides a great summary on BDI (link in the post).--- Web Site - Bond supports more than 100,000 staffing professionals in 42 countries and has over 400 employees worldwide, with offices in the United Kingdom, the USA, Australia, South Africa, Hong Kong, China, Peru, Singapore and Japan. Background The excellent AIM PROSPECTOR publication carries a good background article on Bond's development in the May 2014 issue, providing the investment rationale. Bond has transformed itself since the dark days of 2009 when recruitment software spending fell off a cliff following the downturn in the UK & US which were Bond's major markets. This highlighted the cyclical nature of earnings and essentially Bond required to diversify into other Human Resource areas to mitigate this downturn in the core recruitment software side, acquiring businesses that offered high levels of recurring revenues. Bond is now an entirely different concern having moved its recruitment software business to a Software as a Service model (SaaS) over recent years and built up an Outsourced HR & Payroll Division in addition to a smaller HR & Payroll software business. At 30.06.2014 the Divisional breakdown was as follows:- Recruitment Software (49% of revenue) HR & Payroll software (14%) Outsourced HR & Payroll services (37%) The Outsourcing Division is clearly the engine of growth in the new Bond and I would anticipate that it now comprises c.40-45% of company revenues at the current revenue run-rate and offers higher operating margins. Major Shareholders Constellation Software Inc 20.9% (also has 4,720,558 non-voting convertible shares) Liontrust Investment Partners Llp 19.0% S R Russell (CEO) 14.7% Axa Investment Managers Uk Ltd. 10.7% Fidelity Investments International 6.0% Octopus Investments Ltd 5.20% T Richards (Exec) 3.2% This is where Bond gets very interesting. The acquisition of VCG in 2010 that was supported by Constellation Software Inc, led to Constellation increasing their stake in Bond to c.24% and entering into a standstill agreement that they would not increase their holding from this level (or 29.9% from 20 October 2015). As the AIM Prospector update acknowledges, with 80% of the shares in Constellations, institutional & management hands, it's not too fanciful to suggest that Constellation Software with a $7.3 billion market cap may well decide the time is ripe to acquire Bond in 2015. As an aside, they undertook 30 acquisitions in 2013! Mark Leonard, Constellations CEO, left his non-Exec role in Bond during March 2014 and it's unclear whether this indicates a change in Constellations intentions on Bond either in terms of it's investment or as an acquisition target. This article provides a brief overview of Mark and Constellation Fundamentals Market Cap:- £32.5m @ 86p (01.01.2015) Shares in issue:- 37,843,216 Last Annual:- December 31st, 2013 Last Interim:- June 30th, 2014 Free Float:- 20.6m (54.4%) Interim results (15.09.2014) FINANCIAL HIGHLIGHTS * Revenue of £18.4m (H1 2013: £17.0m) now represents 98% of fixed operating costs (H1 2013 94%) * Operating profit up 25% to £1.7m (H1 2013: £1.3m) * Operating Margin increased to 9% (H1 2013: 8%) * Adjusted Profit before Tax increased by 31% to £1.4m (H1 2013: 1.1m) * Adjusted earnings per share up 29% to 3.41p (H1 2013: 2.65p) Highlighted the transition of move to a SaaS model with revenues resuming a growth trajectory in 2014. H1 sales increased by 8% to £18.4m including a small maiden contribution from Eurowage which was acquired in April 2014 and provides significant economies of scale to their existing payroll division. Importantly recurring revenues of £12.4m represent 67% of total sales revenues and covered 98% of the group’s fixed operating costs (94% in 2013). Operational gearing self evident with company delivering a 25% rise in adjusted operating profit to £1.68m. Pleasingly they reported 14.3% organic growth & the operating margin rose from 8% to 9%. With the purchase of Eurowage this provides Bond with an excellent strategic fit for their existing Payroll Outsourcing division as it brings a blue chip customer base which extends Bond’s reach outside the UK and also enhances the recurring revenue profile of the Group. The acquisition of FMP was immediately accretive to forecasts, 30%+ in FY14, and given its expected contribution in H2, the momentum in the rest of the Group and the turnaround in Japan we will hopefully observe a strong finish to 2014. Bond should deliver on forecasts for year just ended (31.12.2014) of 8.6p adj EPS which at 86p provides for a PER 10 and 30% earnings growth for 2014. Moving into 2015, brokers are estimating that Bond will deliver further 15% earnings growth and 9.9p EPS or PER 8.7 @86p Earnings (EPS listed below on a fully diluted basis) •31/12/1 •31/12/13 - 3.52p (+50%) - £1.45m PBT (Dividend 2.2p) Forecasts •31/12/1 Dividend Yield 2.8% (@86p) •31/12/1 Dividend Yield 3.1% Conclusion In conclusion Bond appear to have been successful in the transition from cyclical recruitment software business to one that delivers high levels of recurring revenue and growth via the outsourcing payroll offering. It also offers increasing operating margins (c.16&) and improved scale following the Eurowage acquisition earlier in the year. The shareprice has come off significantly this year & has fallen from a peak of 151p at the end of May 2014 to 86p at the time of this write-up...a 43% fall. I can't see anything in the interim statement that would warrant such a material pullback in the shareprice, especially with brokers indicating that Bond will deliver earnings of 8.6p for the year just ended and further 15% earnings growth this year, and dividend yield c.3%. Looks a good risk/reward play to me although with the 80% of equity held by significant parties, the shares are very illiquid. Might explain why they fell so far...but conversely could also lead to substantial gains. Illiquidity works both ways. I have taken a small holding here and await a trading update of preliminary results for 2014 before commenting further/ Please DYOR. Regards, GHF |
Posted at 01/1/2015 13:24 by glasshalfull Web Site - Bond International Software (AIM: BDI) are a leading global provider of Recruitment software and HR and Payroll software and services. Their solutions are designed to streamline processes and improve business performance. Bond supports more than 100,000 staffing professionals in 42 countries and has over 400 employees worldwide, with offices in the United Kingdom, the USA, Australia, South Africa, Hong Kong, China, Peru, Singapore and Japan. Background The excellent AIM PROSPECTOR publication carries a good background article on Bond's development in the May 2014 issue, providing the investment rationale. Bond has transformed itself since the dark days of 2009 when recruitment software spending fell off a cliff following the downturn in the UK & US which were Bond's major markets. This highlighted the cyclical nature of earnings and essentially Bond required to diversify into other Human Resource areas to mitigate this downturn in the core recruitment software side, acquiring businesses that offered high levels of recurring revenues. Bond is now an entirely different concern having moved its recruitment software business to a Software as a Service model (SaaS) over recent years and built up an Outsourced HR & Payroll Division in addition to a smaller HR & Payroll software business. At 30.06.2014 the Divisional breakdown was as follows:- Recruitment Software (49% of revenue) HR & Payroll software (14%) Outsourced HR & Payroll services (37%) The Outsourcing Division is clearly the engine of growth in the new Bond and I would anticipate that it now comprises c.40-45% of company revenues at the current revenue run-rate and offers higher operating margins. Major Shareholders Constellation Software Inc 20.9% (also has 4,720,558 non-voting convertible shares) Liontrust Investment Partners Llp 19.0% S R Russell (CEO) 14.7% Axa Investment Managers Uk Ltd. 10.7% Fidelity Investments International 6.0% Octopus Investments Ltd 5.20% T Richards (Exec) 3.2% This is where Bond gets very interesting. The acquisition of VCG in 2010 that was supported by Constellation Software Inc, led to Constellation increasing their stake in Bond to c.24% and entering into a standstill agreement that they would not increase their holding from this level (or 29.9% from 20 October 2015). As the AIM Prospector update acknowledges, with 80% of the shares in Constellations, institutional & management hands, it's not too fanciful to suggest that Constellation Software with a $7.3 billion market cap may well decide the time is ripe to acquire Bond in 2015. As an aside, they undertook 30 acquisitions in 2013! Mark Leonard, Constellations CEO, left his non-Exec role in Bond during March 2014 and it's unclear whether this indicates a change in Constellations intentions on Bond either in terms of it's investment or as an acquisition target. This article provides a brief overview of Mark and Constellation Fundamentals Market Cap:- £32.5m @ 86p (01.01.2015) Shares in issue:- 37,843,216 Last Annual:- December 31st, 2013 Last Interim:- June 30th, 2014 Free Float:- 20.6m (54.4%) Interim results (15.09.2014) FINANCIAL HIGHLIGHTS * Revenue of £18.4m (H1 2013: £17.0m) now represents 98% of fixed operating costs (H1 2013 94%) * Operating profit up 25% to £1.7m (H1 2013: £1.3m) * Operating Margin increased to 9% (H1 2013: 8%) * Adjusted Profit before Tax increased by 31% to £1.4m (H1 2013: 1.1m) * Adjusted earnings per share up 29% to 3.41p (H1 2013: 2.65p) Highlighted the transition of move to a SaaS model with revenues resuming a growth trajectory in 2014. H1 sales increased by 8% to £18.4m including a small maiden contribution from Eurowage which was acquired in April 2014 and provides significant economies of scale to their existing payroll division. Importantly recurring revenues of £12.4m represent 67% of total sales revenues and covered 98% of the group’s fixed operating costs (94% in 2013). Operational gearing self evident with company delivering a 25% rise in adjusted operating profit to £1.68m. Pleasingly they reported 14.3% organic growth & the operating margin rose from 8% to 9%. With the purchase of Eurowage this provides Bond with an excellent strategic fit for their existing Payroll Outsourcing division as it brings a blue chip customer base which extends Bond’s reach outside the UK and also enhances the recurring revenue profile of the Group. The acquisition of FMP was immediately accretive to forecasts, 30%+ in FY14, and given its expected contribution in H2, the momentum in the rest of the Group and the turnaround in Japan we will hopefully observe a strong finish to 2014. Bond should deliver on forecasts for year just ended (31.12.2014) of 8.6p adj EPS which at 86p provides for a PER 10 and 30% earnings growth for 2014. Moving into 2015, brokers are estimating that Bond will deliver further 15% earnings growth and 9.9p EPS or PER 8.7 @86p Earnings (EPS listed below on a adjusted fully diluted basis) •31/12/1 •31/12/13 - 3.52p (+50%) - £1.45m PBT (Dividend 2.2p) Forecasts •31/12/1 Dividend Yield 2.8% (@86p) •31/12/1 Dividend Yield 3.1% Conclusion In conclusion Bond appear to have been successful in the transition from cyclical recruitment software business to one that delivers high levels of recurring revenue and growth via the outsourcing payroll offering. It also offers increasing operating margins (c.16&) and improved scale following the Eurowage acquisition earlier in the year. The shareprice has come off significantly this year & has fallen from a peak of 151p at the end of May 2014 to 86p at the time of this write-up...a 43% fall. I can't see anything in the interim statement that would warrant such a material pullback in the shareprice, especially with brokers indicating that Bond will deliver earnings of 8.6p for the year just ended and further 15% earnings growth this year, and dividend yield c.3%. Looks a good risk/reward play to me although with the 80% of equity held by significant parties, the shares are very illiquid. Might explain why they fell so far...but conversely could also lead to substantial gains. Illiquidity works both ways. I have taken a small holding here and await a trading update of preliminary results for 2014 before commenting further/ Please DYOR. Regards, GHF |
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