Share Name Share Symbol Market Type Share ISIN Share Description
Calnex Solutions Plc LSE:CLX London Ordinary Share GB00BMBK7016 ORD GBP0.00125
  Price Change % Change Share Price Shares Traded Last Trade
  -2.00 -1.65% 119.00 280,731 14:36:39
Bid Price Offer Price High Price Low Price Open Price
118.00 120.00 121.00 119.00 121.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mobile Telecommunications 17.98 3.65 4.68 25.4 104
Last Trade Time Trade Type Trade Size Trade Price Currency
16:20:02 O 170,000 119.00 GBX

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Date Time Title Posts
02/12/202108:32CALNEX: telecoms testing/measurement ready for 5G rollout543
20/10/202015:20calyx group is it worth buying86

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Calnex Solutions Daily Update: Calnex Solutions Plc is listed in the Mobile Telecommunications sector of the London Stock Exchange with ticker CLX. The last closing price for Calnex Solutions was 121p.
Calnex Solutions Plc has a 4 week average price of 109p and a 12 week average price of 102p.
The 1 year high share price is 152.50p while the 1 year low share price is currently 91.50p.
There are currently 87,500,000 shares in issue and the average daily traded volume is 114,407 shares. The market capitalisation of Calnex Solutions Plc is £104,125,000.
pensioner59: You may have noticed on Wednesday the 24th huge trades at 121ish pence (published at the end of the day). The price went down to 119-122 spread between 11 am and 1pm. Then it went back up and closed at 122.50 mid price. I was wondering what those 121p trades were, appearing as sells but smelling heavily of buys. Guess what? ;-) A warm thank you from Close Brothers Asset Management to the MMs. Usual corruption in the city to our expenses. hTtps://uk.advfn.com/cmn/chrt/chrt_wrap.php?epic=LSE%3ACLX&name=&type=1&sprd=0&size=2&period=d&freq=1&ind_type1=0&ind_type2=0&ind_type3=0 The usual manipulation once again. The presentation to the institutional investors was the day before. The day after, promptly, Close Brothers Asset Management bought heavily but asking of course for a black Friday discount. Nothing new under the sun, but we now know the way is only in one direction and as soon as the buys start again this will move very rapidly toward 140p (Close Brothers would not be happy otherwise, they are already heavily in the red), especially considering that the shares available to the public is now about only 40%. I am 100% sure the price has undergone today, again, the same manipulation and we will see again huge buys at the end of the day. Once all these Institutions have filled their corrupted boots the share price will fly. I see 2 quid by Easter.
hew: A few thoughts re Jack Brumby’s Edit comment - thanks Rivaldo - re TC being “focused on the business of network testing, much more interested in new product development than the share price, for example.” With his 21% holding I believe that Tommy Cook is as well coupled into the financial performance of CLX as any other such holder would be, but his background in the skills and fundamentals of and his ongoing involvement in the business clearly shows in his communications re CLX – very much his own creation. Hence for me its major attraction: the successful building of a business that is thriving on its capabilities and its fit with the needs of - and clearly the respect gained from - its top ranking customers. “The numbers” re investment market norms are not at this relatively early stage what CLX is primarily about, or form the drivers of its development. (As opposed to plenty of other companies where “the numbers”, even quarterly, are supreme - don’t ask much about how and why they “emerge”. For a while.) As CLX develops, ditto TC will have to. Or not, as the case may be. With such development appropriately should/will also his emphases in communications. From the H1 Results I see a strong pointer. To me, a new “VP Operations” is a title embracing considerably more than that say “Manufacturing Manager” would do, whatever the initial tasking. Is that recruitment step 1 in TC’s own growth programme? I take it as so - but in any case I’m relaxed about expecting to be a long term investor, largely irrespective of the share price fluctuations.
petewy: Thanks Riv. (a recurring phrase) Off topic. Calnex dropped yday despite results along with two/thirds of my portfolio yet FTSE went up, again today. I can understand the FTSE boys having a shakeout or dropping a share price if an II wants to buy 5 million... I don't mind taking a hit but yday was a biggy for no reason. FTSE is overvalued at 7300 should be under 7200?
rivaldo: Jack Brumby on Stockopedia is a CLX shareholder and summarised the results yesterday in his daily Small Cap round-up. Overall he concluded that CLX is "a good long term growth prospect, with multi-year drivers", but the interesting info is from an edit he made following a call with management, which extract I hope he won't mind me sharing: "Edit – call with management A brief catch up with CEO Tommy Cook and CFO Ashleigh Greenan. Impressions are that they’re very down to earth and focused on the business of network testing, much more interested in new product development than the share price, for example. I mentioned the high ROCE figures and it doesn’t seem to be how the company thinks – rather it just identifies areas for improvement or growth and the good metrics follow common business sense. From the notes: It all boils down to new things to sell to people, building them, and investing in teams where there is more opportunity to accelerate business growth. No surprises in the period, business has been strong. The update spends time on the new products (which are being well received) and opportunities, but the established customer base has also been doing well. Calnex has now seen an extended period of good growth and the sales funnel fills nicely, with new deals coming through and underpinning confidence. The group is excited about the new applications for its products. When asked to elaborate, Cook talked about how time is an increasingly important consideration. It wasn’t always the case but a shift has occurred and this increasing importance was Calnex’s big ‘lucky break’, appearing at just the right time to capitalise. The emphasis on time and the new applications come from data communications and finance. Datacomms – accurate time syncing is important as it requires less ‘handshakes217; (an automated process of negotiation between two participants through the exchange of information) and enables greater throughput in data centres. Financial – this is to do with high frequency trading and MIFID. Are there any big trends beyond the stated ones (Cloud, 5G, Data)? Can you quantify these trends in terms of scale and persistence? It keeps changing. Hard to quantify, but it’s promising. The catalyst for the testing world is change, and there is a huge amount of evolution. Cook sees 5G as more of a euphemism for the future networks of smart cities, which suggests a huge implicit demand for increased levels of data. Networks will have to innovate to meet this demand, and as the picture keeps shifting, demand for testing should continue to grow. The cloud migration is also a strong driver. Where do you see the industry heading over the next 10 years? The challenge is to always find something new – mentality is to continually enhance the product and assume a need for new products every two years (even if that’s not the case). They’re always looking for the new emerging opportunity and keep close to the industry and market thought leaders. ORAN network (the bit behind the radio towers) is a good example as it has been opened up. It was dominated by three big players, but five big networks have cracked it open, leading to new entrants and a disrupted market structure. More competition should be a good thing for the market and Calnex. Mamp;A The company has form here, but the list of likely candidates is not huge (‘in the tens’) so the group is ready to act if an opportunity comes up. But there’s nothing immediately on the horizon and management seems focused on internal investment and organic growth."
masurenguy: caucic - 505: Why the sell off? No logics. Well there is a logical explanation. On current forecasts the shares are valued at a PER of circa 29x next years earnings. Some people would view that as a bit rich for a small AIM listed company, particularly short term PI investors and traders. Furthermore Otus Capital Management reduced their holding by nearly 40% some 3 weeks ago when the share price was around 145p. I view CAL as a long term investment and having invested here over a year ago I'm happy to sit on my holding, at an average cost price of 65p, and ignore the short term vacillations in the shareprice. I may even add further if the price should dip much lower.
rivaldo: Agreed. I particularly liked: (1) Last year the CEO wasn't ready to call CLX's excellent results more than a single good trading period. Now he's happy to call the continued strength a trend which is unlikely to stop any time soon (2) He emphasised a few times that more and more different markets are now looking at and buying CLX's products, i.e the finance sector for one. Given the confidence shown in the presentation I suspect the share price will bounce soon after this initial profit-taking.
rivaldo: Confirmation of CLX's nomination for IPO of the year at the Small Cap Awards: Https://masterinvestor.co.uk/latest/discover-the-candidates-for-the-small-cap-awards-2021-ipo-of-the-year/?mc_cid=184d4cc91e&mc_eid=db9f9bbaf2 "Calnex Solutions designs, produces and markets test instrumentation and solutions for network synchronization and network emulation, enabling its customers to validate the performance of the critical infrastructure associated with telecoms networks. To date, Calnex has secured and delivered orders to over 600 customer sites in 68 countries across the world. Customers include BT, China Mobile, NTT, Ericsson, Nokia, Intel, Qualcomm, IBM and Facebook. Founded in 2006, Calnex is headquartered in Linlithgow, Scotland, with additional locations in Belfast, Northern Ireland and California in the US, supported by sales teams in China and India. Calnex has a global network of partners, providing a worldwide distribution capability. The Company commenced trading on the AIM market of the London Stock Exchange on 5th October 2020, having raised £22.5 million following an oversubscribed fundraising process. The Company has made considerable progress since listing, successfully delivering robust trading performance, exceeding initial expectations. Share price has steadily increased from an initial listing price of 55p to a price of £1.10p today. Calnex continues to benefit from the evolutionary trends affecting the telecoms sector, notably in 5G and cloud computing, and The Board looks forward with confidence to making further progress moving forwards."
rivaldo: Cheers Lammylover, good to see CLX getting tipped in the IC. Much of the article is about CLX's chart attributes, but here's the relevant part about the business: "One stock that I have entered a position in is Calnex SolutionsCalnex Solutions (CLX). It’s relatively new to the market (IPO October 2020) and it provides test and measurement hardware along with software solutions that check the standards and test the performance of telecommunications infrastructure. Basically, it tests networks. The 5G network is expected to be a key driver of growth for Calnex due to datacentre expansion along with bigger networks. The company is renowned worldwide and has an advantage because it already dines at the table of big network operators such as Vodafone, Verizon, Nokia, Google, Facebook and more. These companies need the best in the business and so there is a risk that standards slip at Calnex leading to it being replaced, but so far Calnex has kept its customers happy and business is booming. This is evidenced by the fact that the top 10 customers in terms of revenue have on average a nine-year relationship with Calnex. The business is profitable and cash-generative, nd has a relatively fixed cost base. This means it benefits from operational gearing because as more kits are sold, the percentage of profit rises."
masurenguy: I approve of senior management option schemes where the exercise price is based around the current share price. It aligns executive performance and reward with the interests of the external shareholders. Award of Options Calnex Solutions (CLX) has issued a total of 50,000 share options over new ordinary shares (the "Options") to a PDMR of the Company, Stephen Edmiston: VP Operations, exercisable at a price of 112p. The Options can be exercised for a period of 10 years from the date of grant.
rivaldo: I've just come across that myself. It seems somewhat overblown considering the de minimis amounts involved in the historic acquisitions which comprise the main thesis of the case. Since we're not privy to the ins and outs there may be very good reasons for the impairments, which may be as simple as a tidying up of the books prior to IPO - certainly the matters discussed are disclosed in detail in Note 27 on page 72 of the IPO prospectus. The writer is actually extremely positive about the prospects of the business itself, its organic growth to date and of course about the potential of 5G sector in which CLX is a leading light. In addition, CLX - via the CEO who always comes across imo as prudent and sensible - have always said that the preferred route is organic growth, and that acquisitions which may come along on the way are likely to be relatively small. Acquisitions will always carry risk. But some of my most profitable and multibagging investments - KWS, IDEA, SDI, VLE etc - have carried out dozens of acquisitions without problems. Kelvinside's status as a major partner does indeed carry more of a risk. But in these times I'm not bothered about accounts being late - the pandemic must have caused similar delays for probably thousands of companies. And CLX can terminate their agreement with Kelvinside on 90/180 days' notice dependent on the circumstances. CLX post-IPO have a healthy cash pile to enable the necessary scaling up, and a good EBITDA cash conversion rate. The report is decently written, and brings to light matters which are worth thinking about. But this looks like a case of mountains out of molehills to me. It reminds me a little of PTSG, where similar minor issues were listed in a report which caused PIs to exit and miss the wood for the trees - just weeks later the company was acquired at around a 230% premium to the share price!
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