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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Croma Security Solutions Group Plc | CSSG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 86.50 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 86.50 | 86.50 | 86.50 | 86.50 |
| Industry Sector |
|---|
| SUPPORT SERVICES |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 04/11/2024 | Final | GBP | 0.023 | 05/12/2024 | 06/12/2024 | 18/12/2024 |
| 07/11/2023 | Final | GBP | 0.022 | 30/11/2023 | 01/12/2023 | 15/12/2023 |
| 11/11/2022 | Final | GBP | 0.021 | 01/12/2022 | 02/12/2022 | 16/12/2022 |
| 21/10/2021 | Final | GBP | 0.02 | 11/11/2021 | 12/11/2021 | 26/11/2021 |
| 21/10/2020 | Final | GBP | 0.012 | 12/11/2020 | 13/11/2020 | 27/11/2020 |
| 13/08/2020 | Interim | GBP | 0.0075 | 20/08/2020 | 21/08/2020 | 04/09/2020 |
| Top Posts |
|---|
Posted at 04/12/2024 14:59 by smithie6 well, recently it has risen 20p/sharebeats the 2.3p/share divi, 'hands down'! |
Posted at 04/12/2024 08:33 by rivaldo A very confident AGM statement, particularly bearing in mind there was no trading statement at all from last year's AGM. Given today's positivity it would seem there's something to shout about....Current trading is good: "From the outset of the current financial year, trading has been positive and in line with market expectations with good levels of organic growth across our core markets in the education, utilities, health and leisure sectors. Customers are seeking both traditional security services and more complex, integrated solutions reflecting a general demand for greater security in today's risk-conscious environment." Against an £11.4m m/cap, CSSG has "has a strong balance sheet with no debt and cash of £4.1 million as at 30 November 2024 with a further £2.9 million due from the disposal of Vigilant." And an acceleration in growth is on the cards given (a) the introduction of Martyn's Law and (b) the "good pipeline of opportunities to acquire profitable locksmith stores some of which are close to completion. These stores will be transformed into modern security centres, boosting the Group's revenue and customer base, and adding to the overall network of centres". |
Posted at 04/12/2024 07:21 by battlebus2 Happy with that AGM statement. Dividend of 2.3p too. |
Posted at 18/11/2024 09:33 by rivaldo Zeus forecast 5p EPS this year, up 28% from last year.That's a PEG of only 0.59, which is bargain territory in itself. The P/E of 16.6 might be considered ambitious if taken on its own - until you take into account the current £4m+ cash pile, which is forecast to rise to £5.1m, i.e 45% of the current £11.2m m/cap. Of course (and hopefully) a decent proportion of that cash will likely be spent on earnings-enhancing acquisitions to convert into fully fledged security centres. So imo there's still good upside from here. Zeus have a current fair value of 92p with upside to 119p, and as CSSG crystallise their promised pipeline of potential acquisitions that current fair value should increase. |
Posted at 12/11/2024 11:49 by rivaldo Brief notes from this morning's presentation:- revenues could be £20m-£25m within 3 years, but could exceed that too - expansion will be in Fire & Security as well as Locksmiths - NAV is 112p per share - the cash pile is now £4.4m, up from the "over £4m" quoted at 1st November - the 15% ROI target from new stores is a minimum, whereas actual is more like 40% - typically acquired store revenues will be from £0.2m-£1m - iLoq is now in 1,200 student accommodations, with discussions under way for more - Fire & Security should be boosted by Martyn's Law, now in its final stages and introduced after the Mancheter bombing, which aims to keep the public safe in any venues with more than 100 people, including schools - CSSG get at least 5% better prices via discounts etc than their smaller competitors |
Posted at 11/11/2024 08:22 by rivaldo Hybridan's analyst reviewed CSSG in his Friday night Small Cap summary as follows:"8th November 2024 Croma Security Solutions 79p £10.7m (CSSG.L) In June 2023, Croma sold Vigilant, its lower margin man guarding business for £6.5m to be paid in stages. At the June year-end net cash was £2.14m and since then a further £2.2m has been received so net cash is around £4.3m with no borrowings. This is being invested in growing the Croma Locksmiths and Croma Fire & Security division with a buy and build strategy to create the UK’s first nationwide network of branded Security Centres. Croma designs, installs, and maintains a wide range of security systems, from Intruder Alarms, CCTV, and Access Control systems, to Biometrics, Door Entry, and Automatic Door systems, and offers 24/7 Remote Monitoring. The strategy is to acquire traditional locksmith stores at moderate valuations and transform them into modern Security Centres. These will have a wide in-store product range and a broader range of services with much greater profit potential. The target is to acquire 3-5 shops per year with a target ROI of at least 15% as they become Security Centres. Finals to June 2024 reported an 8.9% increase in revenue to £8.74m, with EBITDA on continuing operations up 13% to £1.06m, giving an EBITDA/EV 6x. FY25 trading, is reported to have started well with good demand from its commercial and retail customers increasing security, perhaps scared by summer’s civil unrest. A £0.4m contract was won in April for the installation of a hospital’s security systems as part of a growing relationship with this NHS Trust where there is potential for further projects. Comment: The valuation seems to ignore the likely profit potential for a branded national network of security centres with a wide range of products and services." |
Posted at 05/11/2024 13:27 by rivaldo RNS just out - the CFO has bought another 10k shares at 80p and now has 25k.For most directors this would be a pretty small amount. But for someone who's had 15 years at CSSG and worked her way up from Financial Controller I'm guessing she like most CFOs (and unlike other directors) doesn't necessarily have much personal wealth, so any share buying is much more meaningful: |
Posted at 04/11/2024 13:27 by rivaldo Nice 10k buy at the full 80p offer just reported.Zeus's update today forecasts 5p EPS and £0.92m PTP this year, plus a 2.4p dividend, with a closing £5.1m cash pile at 30th June (against a £10.6m m/cap at 77.5p). That's assuming no earnings-enhancing acquisitions, which is unlikely, though even so, with £4m cash as of today and further Vigilant sale instalments due I suspect this figure may be conservative as Zeus say their other forecasts are. Nicely put Truffle. I can see lots of potential growth ahead as CSSG mop up and improve a fragmented market, using their in-place platform and proprietory software to enable synergies and cross-selling. |
Posted at 08/8/2024 08:57 by rivaldo Zeus's 27 page note from 16th May is well worth a read if you can access it. The section on the synergies from acquisitions is particularly interesting and reflects on the potential to grow quickly from the historic £1.06m EBITDA:"Roll-up at low multiples and clear synergies driving attractive ROIs Of the roughly 6,500 locksmith stores operating in the UK (Source: MLA), the vast majority are owner-operated or part of small enterprises of between one and three stores. With a large number of these stores facing succession issues, there are numerous stores available to acquire at highly attractive valuations – CSSG targets multiples ranging from 1-5x to 3x EV/EBITDA – with clear opportunities for synergies on day one to improve margins immediately post-acquisition. Having made a number of acquisitions in recent years (see Table 5 above), CSSG has built up a clear picture of the opportunities, which extend to i) cost savings and ii) sales growth. On the first score, given some inevitable cost duplications, together with a low level of professionalisation in the market as whole (in terms of financial and business management software adoption), the integration of CSSG’s proprietary software systems post-acquisition provides an immediate time/cost saving for small operations. Bulk purchasing rebates/discounts of more than 5% are typical once stores are brought into the group. On top of this, we note significant opportunities for cross-selling to large customers, which could be serviced by multiple stores in the CSSG group. On this basis, we assume a post-acquisition improvement in EBITDA (pre-central costs) margins from ca.8% to 14% once operating within the group. Indicative scenarios Below, we present indicative scenarios to demonstrate the potential impact of the proposed roll-up strategy. With a base case of five acquisitions per year of typical stores with £350k-£500k turnover, we project an ROI in excess of the company’s target 15%, with scope for this to improve with cross-selling, and an EBITDA run rate of £2.4m by FY27E. Indicatively, if the roll-up is slower than anticipated, we expect EBITDA to reach £2.0m by FY27E, if three sites are acquired per year. We project EBITDA of ca.£2.6m by FY26E, if the group could accelerate acquisitions to 10 a year" And the section on valuation, with a 92p current core valuation and an indicative valuation post-acquisitions of 119p: "Valuation The current market valuation of CSSG seems, to us, anomalous, when the accumulating cash deriving from the sale of Vigilant is taken into account. With the company’s market capitalisation currently standing at £9.6m (based on 13.7m shares in issue, Treasury Shares excluded, and a 71p share price), this is well ahead of the £2.1m actual net cash balance at end-FY23; and, indeed, the net cash forecast for FY26 equates to as much as 65% of the current market cap, assuming all payments for Vigilant are received. With this context taken into consideration, we feel on balance that EV/EBITDA is a better guide to value for CSSG at this point than the P/E ratio, while also noting the ex-cash P/E ratio of below 5x. Valuation based on organic growth prospects combined with cash Following this through, we premise our basic valuation for CSSG on our core EBITDA forecast, which is entirely driven by organic growth in the group’s existing businesses. Our forecast for the balance sheet includes the proceeds of the sale of Vigilant, with cash consideration expected to be received over the next approximately three years, bringing net cash at y/e F026E to £6.3m, prospectively. With no directly comparable companies operating in the locksmith and security centre market, we base our valuation on a broad group of operators in the wider security markets (listed in Table 9, below) together with a basket of stocks representing the overall Support Services sector, discounted to allow for size disparities, given the small size of CSSG. Based on a CY25E EV/EBITDA multiple of 5.8x (6.4x peer group average discounted at 10%), we arrive at a current core valuation of 92p (24% upside); noting that, in practice, variables around the reinvestment of the Vigilant proceeds will be a dominant element in the valuation in the future (see p. 15 below). On a final point, we note (a) the capacity for CSSG to operate with minimal net cash, and (b) its ability to borrow against freehold properties (£1.6m, as at June 2023, currently estimated to be ca.£2.0m)." |
Posted at 22/7/2024 10:03 by rivaldo Zeus Capital have summarised today as follows:"Strong cash position for roll-up This morning’s update from CSSG highlights positive trading in FY24E (year to June) together with a healthy cash position following the payment earlier this month of a £1.76m tranche in respect of the Vigilant disposal. CSSG has leading market positions and is increasingly a national player in the fragmented UK locksmiths market / security services / products. Having disposed of its former low-margin manned guarding business for a good price, the company has a real opportunity in our view to mop up the disaggregated UK market for its services, which in turn will enhance earnings and the valuation as increased efficiencies flow through. With now 16 centres, CSSG has already built a strong platform underpinned by efficient proprietary software. Fair value ignoring plans to translate cash into business (acquisition) opportunities is assessed at 92p (30% upside), but these plans do offer significant further upside beyond this in our view." "Well-positioned and a healthy market: With sixteen centres and effective technology, CSSG can capitalise on a security market which shows inherent growth as crime has continued to rise and historic cuts to police budgets remain a drag on crime resolutions. Well-placed to fulfil its core strategy: Sitting on £4m of net cash and with further payments on the way as highlighted above, we view CSSG as very well placed to exploit the consolidation opportunity inherent in the key market in which it operates, security centres for electronic security and locksmiths. It has acquired no fewer than seven sites since November 2022, and sees further M&A-based potential. Valuation positives: With further Vigilant receipts expected, forecast net cash is rising as a proportion of market cap (FY2025E forecast net cash of £6.3m will represent around two thirds of current market cap by the time all the Vigilant receipts are in), our forecasts ignore the company’s earnings enhancing plans, although we do in practice expect to see further deals. Fair value, ignoring these plans, is assessed at 92p (30% upside), but they do offer significant further upside beyond this in our view. See our note of May 16th for detailed commentary on the roll-out potential / potential synergies and an indicative valuation stretching to 119p." |
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