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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Croma Security Solutions Group Plc | LSE:CSSG | London | Ordinary Share | GB00B5MJV178 | ORD 5P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.50 | 0.61% | 83.00 | 73,236 | 14:56:38 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 80.00 | 86.00 | 83.00 | 82.50 | 82.50 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Srch,det,nav,guid,aero Sys | 8.74M | 543k | 0.0395 | 21.01 | 11.33M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 16:20:51 | O | 5,200 | 86.00 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 28/11/2024 | 07:00 | UK RNS | Croma Security Solutions Group PLC Notice of AGM |
| 05/11/2024 | 11:10 | UK RNS | Croma Security Solutions Group PLC Director Dealing |
| 05/11/2024 | 07:00 | UK RNS | Croma Security Solutions Group PLC Notice of Investor Presentation |
| 04/11/2024 | 11:27 | ALNC |  Croma Security annual profit doubles as civil unrest drives demand |
| 04/11/2024 | 07:00 | UK RNS | Croma Security Solutions Group PLC Final Results |
| 29/10/2024 | 14:38 | UK RNS | Croma Security Solutions Group PLC Director/PCA Dealings |
| 14/8/2024 | 06:00 | UK RNS | Croma Security Solutions Group PLC Holding(s) in Company |
| 22/7/2024 | 15:26 | ALNC | TRADING UPDATES: Croma Security trading well; Fonix to up final payout |
| 22/7/2024 | 06:00 | UK RNS | Croma Security Solutions Group PLC Trading Statement |
| 15/7/2024 | 06:00 | UK RNS | Croma Security Solutions Group PLC Change of Adviser |
Croma Security Solutions (CSSG) Share Charts1 Year Croma Security Solutions Chart |
|
1 Month Croma Security Solutions Chart |
Intraday Croma Security Solutions Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 02/12/2024 | 16:36 | Croma Security Solutions - The Long Story | 480 |
| 07/11/2019 | 20:18 | Croma Group | 553 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 16:20:52 | 86.00 | 5,200 | 4,472.00 | O |
| 16:16:40 | 85.88 | 33 | 28.34 | O |
| 15:31:08 | 86.00 | 8,000 | 6,880.00 | O |
| 14:56:24 | 85.00 | 4,200 | 3,570.00 | O |
| 14:46:54 | 85.00 | 4,000 | 3,400.00 | O |
| Top Posts |
|---|
Posted at 03/12/2024 08:20 by Croma Security Solutions Daily Update Croma Security Solutions Group Plc is listed in the Srch,det,nav,guid,aero Sys sector of the London Stock Exchange with ticker CSSG. The last closing price for Croma Security Solutions was 82.50p.Croma Security Solutions currently has 13,729,720 shares in issue. The market capitalisation of Croma Security Solutions is £11,395,668. Croma Security Solutions has a price to earnings ratio (PE ratio) of 21.01. This morning CSSG shares opened at 82.50p |
Posted at 02/12/2024 10:07 by rivaldo Nice bit of Monday morning buying having a decent effect on the share price. |
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 30/10/2024 09:40 by rivaldo Very encouraging to see the CEO and his wife transferring over £332,000 of CSSG shares from their trading accounts into their ISAs.Thereby protecting them from CGT on future gains, and no doubt prompted by the likely tax rises in today's Budget. They must have a solid expectation of gains to come here given that future losses will now be unable to be used to set off other gains.... |
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." |
Posted at 08/6/2023 08:29 by rivaldo For the record here's WH Ireland's summary of the deal - the sale "looks to us like a good outcome for CSSG" on a historic EBITDA of 9.46:"Croma Security Solutions (CSSG) – Corporate – Successful disposal of Vigilant, subject to shareholder approval Market Cap: £7.1m Share Price 47.5p CSSG’s announcement this morning brings to a successful conclusion, subject to shareholder approval, the disposal process for Vigilant, its manned guarding operation, announced at the company’s AGM at the start of December last year (2022). The overall strategy behind the disposal recognises the disparity between the ongoing CSSG businesses (Security Systems and Locks) on the one hand and Vigilant on the other, and the relative lack of cross-selling opportunities between the sides of the business prior to the disposal. In addition, in terms of the fundamentals, notably, firstly, the ongoing businesses are higher margin operations than Vigilant, which operates at the upper end of the mid-single digit operating margin level typical of manned guarding businesses. Secondly, we note the consolidation opportunities which CSSG perceives in the wider locksmith market in particular, lending further logic to the deal from the company’s perspective. The company also updates on FY23E trading in the eleven months to June ‘23, which is said to be ahead both consecutively – H2-23E as against the half year to December ’22 – and on a full year basis, and across the business. Positive news, this suggests resilience / growth in the underlying markets for the ongoing group, with further market penetration a consistent theme. WHI view: In terms of the disposal price, CSSG has disclosed revenues, EBITDA and operating profit for Vigilant of £29.3m, £0.8m and £0.7m respectively for year to June ‘22. Given the effective overall sale price of £7.57m, based on a consideration of £6.5m plus inter-company balances of £1.07m, the implied historical ratio of 9.46x EBITDA looks to us like a good outcome for CSSG. Subject to details of the final deal structure, CSSG within the overall £7.57m will receive on completion either £3.4m or £2.1m in cash, with further cash payments starting at March 31st 2024 and over the following nine quarters. Following the recent Safecell announcement, the company has already announced its intention to continue to take advantage of the consolidation opportunities in its markets as it grows its national footprint, with further acquisition opportunities identified. With no forecasts in the market at this point, we await developments post-the General Meeting announced for June 30th." |
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